15 Celebrities Who Went Bankrupt

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10. Meat Loaf

Michael Lee Aday is an American musician and actor best known by his stage name “Meat Loaf.” He is noted for the “Bat Out of Hell” album trilogy.

His powerful vocals over a three-octave range have certainly made him famous and very rich.

“Bat Out of Hell” has sold more than 43 million copies worldwide and even now, after 35 years, it still sells an estimated 200,000 copies annually.

So, what’s the tragic flaw of this great rock star?

Namely, Meat Loaf was simply negligent and let his managers have their cake and eat it too. While he was at the peak of his career as a rock star, Michael discovered that his managers, who were supposed to help him score gigs and make more money, were actually stealing from him.

After trying to break off from the team, they froze his assets and began spreading negative rumors about the star. He was forced to declare bankruptcy in 1981 and 1986 after his album “Blind Before I Stop” wasn’t as successful as he hoped.

It would appear Meat Loaf was indeed blind before the truth.