UK actor John Cleese and singer Toni Braxton are the latest celebrities to face major money woes. Cheese blames his “very naive side” for all the red ink, but Braxton should have no excuse for filing for bankruptcy a second time!
The Grammy winning singer filed her second bankruptcy — the first was in 1998 — claiming she owes between $10 million and $50 million in unpaid debts all over the country, including to two state motor vehicle departments, according to gossip site TMZ.
Cleese, on the other hand, attributes the lion’s share of his financial woes to his costly divorce from ex-wife Alyce Faye Eichelberger, who apparently was able to take Cleese to the cleaners.
The divorce last year cost Cleese $12 million in cash plus his New York apartment, a London property, and a share in a beach house in California. He also has to pay his ex-wife almost a million dollars a year for the next six years.
“There’s a very naive side to me. I don’t plot a great deal, I don’t plot or plan… My ex-wife and I were in therapy for quite a long time, two or three years, so it wasn’t a surprise we were having problems,” he said in a recent interview on Britain’s Daybreak show.
“When we split up, I thought it was going to be as easy and painless as it was the first two times with Connie [(Booth] and with Barbara [Trentham].”
Nonetheless, Cleese says he would remarry. “Not until it would cease to shock and alarm my friends, who’ve formed a little gang who say they’re coming to kneecap [me] if I mention the word.”
As for Braxton, 43, she apparently never bothered to pay the even most mundane bills.
Her creditors include the phone company, the power company, DirecTV and various medical bills. She even stiffed her agency, The William Morris Agency and didn’t pay the loan on her fancy BMW.
Despite selling more than 40 million albums and earning between $1 million and $10 million a year, she claims in her Chapter 7 filing that she owns as much as $50 million.
Braxton filed for bankruptcy back in 1998, and earlier this year, the IRS filed a lien against her for $396,00 in back taxes, according to TMZ.
Last year, Nicolas Cage blamed his business manager for sending him “down a path toward financial ruin” and filed suit demanding $20 million minimum in compensation. The suit was recently settled.
Cage, who earned earned $40 million between June 2008 and June 2009, owed more than $6 million in back taxes and had spent millions of dollars on huge mansions and nine Rolls Royce cars.