2. MC Hammer
M.C. Hammer (or simply Hammer), is an American rapper, dancer, entrepreneur, spokesman and occasional actor. He had his greatest commercial success and popularity from the late 1980s until the late 1990s.
He’s best known for his rapid rise to fame and two hit records called “U Can’t Touch This” and “2 Legit 2 Quit.”
Hammer’s superstar-status and colorful showmanship made him a huge hip-hop icon. He has sold more than 50 million records worldwide so far, so how a hip-hop star like this goes broke?
The musician is reported to have earned $33 million in the early 1990s, but quickly blew all his cash due to his lavish lifestyle. According to Forbes Magazine, speculations about Hammer’s bankruptcy first emerged during delays between albums “Too Legit to Quit” and “The Funky Headhunter,” when he spent much of his money on staff and personal luxuries.
Hammer was reported to be $13 million in debt. With his albums sales going down, unpaid loans, large payrolls and a lavish lifestyle, Hammer eventually filed for bankruptcy in April 1996 at a California court.
