The music industry can make you or break you.
If you aren't sure to read the fine print, signing a record deal can quickly go from a dream come true to a total nightmare. Far too many artists end up signing away their lives and royalties. Here are 10 multi-platinum artists who went broke.
- TLC -- As the best selling girl-group of all time, selling 65 millions records worldwide, T-Boz, Left Eye and Chilli were swindled out of millions by their ex-manager Pebbles and had to file for bankruptcy.
- Toni Braxton -- Her baritone voice sold more than 20 million albums, but she filed for bankruptcy twice due to bad financial decisions and a predatory contact with LaFace.
- MC Hammer -- He was the first hip-hop superstar -- worth more $30 million -- but his large entourage and huge mansion ate through is fortune.
- Michael Jackson -- His deal was worth nearly a billion and he's sold more than a billion records worldwide. But the King of Pop filed for bankruptcy in 2007 after defaulting on a $25 million loan for his Neverland Ranch. His estate has since gotten back on solid financial footing.
- DMX -- X owes $1.24 million in child support for his 10 kids, but he says he can't swing it, even after earning over $20 million during his career.
TeeRoy's 2 Cents:
- If there's been one thing hip-hop has learned in the past decade or so, it's that you have to mind your own paper.
- Remember those sad pictures of a cleaned-out Neverland after MJ declared bankruptcy?
- This is why you see reunion albums and reality TV shows.