How 14 Mega-Rich Millionaires Lost It All

If you had millions of dollars, could you hold on to your wealth? I’m sure most of the mega-rich millionaires on this list thought they would be living the good life forever. But that wasn’t the case.

The events leading to these mega-rich millionaires’ financial ruin show the importance of solid financial management strategies, finding the right people to handle your money, and maintaining a slightly cynical mindset toward risky investments. If you’re lacking in these areas, your problems are only magnified by the millions.

People from all walks of life have found a place on this list, from celebrities to white-collar criminals, wealthy heirs, and once-successful entrepreneurs. We’ve scoured every industry to find some of the biggest financial burnouts in history so we can all learn from their money mistakes.

Clint Murchison Jr.

Where are all the Cowboys fans? Sadly, establishing one of the winningest football franchises in NFL history is the only positive claim to fame for Clint Murchison. Born and raised in Texas, Murchison inherited his mega fortune of $200 million from his oil baron father in 1969.

Though highly educated at Duke University and MIT, Murchison struggled to make savvy investment decisions. He squandered millions in failed restaurants, suspicious real estate deals, and even an unlicensed radio station called Radio Nord. Just two years before his death, Murchison was forced to sell off his childhood home and file for bankruptcy to the tune of $397 million.

Mark Twain: Mega-Rich Millionaires Lost It All

You’ve undoubtedly heard the name and know some of his work, but were you aware that Twain filed for bankruptcy? It seems he wasn’t as talented an angel investor as he was a writer. After making his fortune with the written word, he began investing hundreds of thousands of dollars in various businesses, from publishing houses to typesetting machines. Sadly, none of his investments flourished as he had hoped.

Fortunately, Mark received help from a wealthy financier who advised him in his bankruptcy proceedings. But that didn’t prevent him from having to work hard to correct his situation. Until close to the end of his life, his family traveled modestly through Europe while he gave lectures to earn money.

Elizabeth Holmes

The story of Elizabeth Holmes’ rise to prosperity was one of the biggest flash-in-the-pan debacles of recent history. Touted as a brilliant biotechnology innovator, Holmes left Stanford University to pursue the development of her blood company, Theranos. By 2016, there were talks of an unprecedented deal with CVS that would revolutionize healthcare.

Instead, Holmes was found guilty of multiple counts of fraud. The technology didn’t work as advertised, and investors were not happy. Shortly after landing herself on Forbes’ list of billionaires, her net worth was tallied and relisted as a whopping goose egg. Holmes is currently serving her prison sentence in a federal prison with an estimated release date in 2032.

William Fox

Though the man is all but forgotten, part of his legacy remains in his namesake 20th Century Fox studios, which he established in 1915. This Hollywood mogul’s success was short-lived due to a culmination of factors.

By 1930, the financial markets were unstable, and he had just lost an expensive antitrust case over his stake in competing film house Metro-Goldwyn-Mayer. To make matters worse, he suffered lasting injuries from a car crash that would leave him disabled. However, the cherry on top that landed him in prison was an attempt to bribe a judge during his bankruptcy hearing in 1936.

Vijay Mallya

Even billions won’t give you immunity from losing it all. Vijay Mallya inherited his father’s liquor business, which he expanded. His net worth was estimated at nearly $1.5 billion at his peak. However, things took a nose dive after he acquired Kingfisher Airlines and began sinking millions into the company.

Today, Mallya is living in the U.K., fighting extradition by Indian Authorities on accusations of fraud and money laundering. A court issued a non-bailable warrant against him for violating the Prevention of Money Laundering Act to the tune of $1.1 billion for defaulting on loans after a money laundering probe investigation in 2016. Vijay’s affairs are still unsettled, and it’s unclear what will come of the “King of Good Times.”

Veronica Lake

Known as one of the classic old Hollywood beauties, Veronica Lake’s notoriety far outlived her financial means. Through her roles in blockbuster films like Sullivan’s Travels and Blue Dalia, Lake was able to make a modest fortune. But she quickly garnered a reputation for being difficult to work with, and her budding alcohol habit likely didn’t help.

Sigurdur Einarsson

If you’ve lived through a stock market crisis or two, you know how devastating it can be to see the people responsible for or involved in the cause of a crash walk away free and clear. That was not the case for the infamous banker Sigurdur Einarsson. The former head of failed Icelandic bank Kaupthing was sentenced to four years in prison after being convicted of market manipulation.

Later, in 2015, problems continued to spiral for Einarsson as he filed the largest bankruptcy case in Iceland’s history, totaling close to $2 billion. He was charged with back taxes on stock options in addition to fines on loan money he received and used to buy shares in his own bank.

Willie Nelson

America’s favorite high-flying rock n’ roller was also on the brink of destitution. How could such a beloved household name find himself under IRS scrutiny? Easy. He hired the wrong people to manage his finances and missed several million dollars in tax payments. It’s true: In 1990, it was determined that Willie owed a whopping $32 million in taxes.

To help fix his poor financial situation, he even released an album titled The IRS Tapes, hoping that record sales would be enough to offset his debt. For every album sold, he put $1 toward his tax bill. Luckily, like Twain, he had so many beloved fans and friends that his famous guitar, Trigger, and his ranch were saved from repossession in his hour of need.

Nelson Bunker Hunt

Unlike some of our other financial burnouts on the list, Nelson Hunt was the legacy of his oil tycoon father. He bred thoroughbred racehorses and was even photographed with the late Queen Elizabeth at high-stakes horse events. Hunt was very successful in his own right with oil exploration in the north of Africa, specifically Libya.

However, when Hunt and several of his brothers accumulated massive amounts of silver, things went wrong. In fact, they nearly cornered the silver market with their ownership of almost 100 million troy ounces. By 1985, the silver price that once earned them billions of dollars had collapsed, and the United States Commodity Futures Trading Commission (CFTC) was charging them with manipulating the market and futures contracts for the silver bullion.

Ultimately, he was fined $10 million and banned from trading in addition to having to settle millions of dollars in back taxes. In the end, after being the world’s richest man, he died of modest means.

Patricia Kluge

The former model hit it big when she met and married media mogul John Kluge in the 1980s. After nine years of marriage, Patricia separated from her billionaire husband. She set out to make her own fortune with a fabulous multimillion-dollar estate and an annual alimony settlement of $1 million a year.

With early success developing some of the property near her estate into vineyards, she began rapidly expanding and diversifying. Sadly, disaster struck in 2008 that devastated her finances. By then, it was too late to scale back, and even after the sale of dozens of collectibles, she could not recover and ended up filing for bankruptcy.

Sean Quinn

Similar to Vijay Mallya, Quinn took a family business to new heights and diversified its interests from a simple quarry to having power plants, real estate, and manufacturing.

At its height, Quinn’s wealth was estimated at over $3 billion. However, it all came tumbling down in the reverberation of market instability that started with the 2008 collapse. His heavy investment in the failing Anglo-Irish Bank could not be staunched with his attempts to provide additional cash infusions. In the end, he declared bankruptcy with just over $50,000 to his name.

Boris Becker

The youngest-ever winner of the Wimbledon men’s singles couldn’t sustain his winning streak forever. The fast-paced lifestyle of a champion is hard to sustain when you’re no longer under the spotlights. Perhaps starting young and earning a fortune early isn’t always best.

By the end of two failed marriages with expensive alimony and child support payments, Becker filed for bankruptcy in an attempt to crawl out from under the massive $50 million debt he was under. This was debt accumulated after he blew through his $185 million fortune. Time will tell if this superstar can make a comeback from financial ruin and jail time.

Michael Vick

One-time NFL superstar Michael Vick had it all: money, success, and adoring fans. That is, until it was discovered he had participated in illegal dog fighting activities. Between the public backlash and legal battle, Vick quickly fell from grace. His prison sentence for the dog fighting cost him dearly in salary and endorsement opportunities.

With his lavish lifestyle and outstanding expenses totaling just over $17 million, Vick would file for Chapter 11 bankruptcy. Probably the most admirable thing to come from the situation was his show of fortitude to come back from such an enormous debt. He pledged future income toward his debt and lived a modest lifestyle until he could be completely debt-free again in 2017.

Chuck Feeney

One millionaire, or should we say billionaire, who became famous for losing his fortune in spectacular fashion is the late Chucky Feeney. But what’s interesting about his story is the way he lost his money and the legacy he left behind.

After amassing a significant fortune through the development and management of the airport Duty-Free Shoppers stores, Feeney set out on a mission to blow all his money during his lifetime. Rather than buy exotic cars, lavish properties, yachts, and other trappings of the ultra-wealthy, he poured his fortune into philanthropic initiatives and charitable organizations. He managed to quietly give away $8 billion before passing away at 92 with only $2 million remaining of his vast fortune.

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Truthfully, almost all of the best high-paying jobs that no one wants to work are blue-collar jobs. Working in the trades can sound intimidating, but it comes with great benefits, high pay, and job security.

Despite the pros, not a lot of people turn to the trades. If you’re feeling stuck, you may want to consider one of these high-paying jobs.

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