Great entertainers don’t always make the best of investors. In fact, more than a few celebrities have fallen into bankruptcy after a few bad investments. Which famous actors and musicians should you NEVER follow into investing? These are the three worst celebrity investors!
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Terrel Owens made over $80 million over 15 seasons in the NFL and is arguably one of the greatest receivers to play the game…but that didn’t translate when it comes to making money. After a string of bad investments including a failed casino, number 81 was forced to file bankruptcy just one year after retirement.
Kim Basinger paid $20 million to buy the entire town of Braselton, Georgia to turn it into a tourist hotspot…only to sell it five years later for just $1 million. She was also among Bernie Madoff’s most high-profile clients, losing millions to the scammer. Basinger was also one of the most high-profile clients of Bernie Madoff, losing millions in the investment scam.
But the worst celebrity investor? Rock god Bono used his fortune to start a private equity firm called Elevation Partners, with one investment in PDA maker Palm reported to lose over $435 million and a majority stake in struggling publisher Forbes for $264 million.
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Joseph Hogue, CFA spent nearly a decade as an investment analyst for institutional firms and banks. He now helps people understand their financial lives through debt payoff strategies, investing and ways to save more money. He has appeared on Bloomberg and on sites like CNBC and Morningstar. He holds the Chartered Financial Analyst (CFA) designation and is a veteran of the Marine Corps.