Hollywood stars who lost their fortunes: Nicolas Cage, Kim Basinger, Kelly Rutherford and more

Many of Hollywood's biggest and brightest stars have gone from rags to riches but in some cases, they've struggled financially too. From overwhelming divorce settlements to big studio lawsuits and luxurious spending habits, these A-listers have each been forced to file for bankruptcy over the years.

From Nicolas Cage to Kim Basinger , Kelly Rutherford and more, we're revealing which stars lost their fortunes, and in some cases, recovered them. Keep reading to find out what happened…

Kim Basinger

Batman star Kim Basinger was forced to file for bankruptcy in 1993 following a lawsuit. Ordered to pay $8.1 million, the actress was sued by Main Line Pictures after pulling out of the movie Boxing Helena. The dispute was eventually resolved after four years, with Kim paying a smaller settlement.

The A-lister may have struggled financially in this period, however, by 1997 director Curtis Hanson had convinced Kim to star in L.A. Confidential , which bagged her an Academy Award for Best Supporting Actress and grossed over $126 million worldwide. As of 2024, Kim has a reported net worth of $20 million.

Larry King

Talk show host Larry King was charged with grand larceny in 1971 after allegedly stealing $5,000 from his former business partner and Wall Street financier, Louis Wolfson. The charges may have been dropped but following the scandal, Larry struggled to get regular journalism work for the next four years.

After racking up a debt of $352,000, the star declared bankruptcy in 1978. Coincidentally, that same year he was offered a late-night talk radio show in Washington. Little did he know it would run for 25 years. Upon Larry's passing in 2021, it was widely reported that he left behind a fortune of $50 million.

Burt Reynolds

Burt Reynolds famously filed for Chapter 11 bankruptcy after falling into $10 million worth of debt. In a 2015 interview with Vanity Fair , the late star said: "I've lost more money than is possible because I just haven't watched it.

"I've still done well in terms of owning property and things like that. But I haven't been somebody who's been smart about his money. There are a couple of actors who are quite brilliant with the way they've handled their money. But they're not very good actors."

Burt managed to get himself out of debut two years later but continued to have financial issues throughout his life due to lavish spending habits. He passed away in 2018 aged 82.

Nicolas Cage

According to Nicolas Cage, he never actually filed for bankruptcy despite accruing a debt of  $6 million. "I was over-invested in real estate. The real estate market crashed, and I couldn't get out in time," the actor revealed on 60 Minutes.

Explaining that his financial struggles in 2009 resulted in a "dark" period, Nicolas admitted to taking on a variety of roles to pay back the IRS.

It was widely reported that the actor had particularly expensive spending habits, and had blown around $150 million on his 15 residences, the late shah of Iran's Lamborghini and a pet octopus, among other things.

Kelly Rutherford

Gossip Girl star Kelly Rutherford declared herself bankrupt in 2013 after spending nearly $2 million in legal fees. The actress, who played wealthy socialite Lily van der Woodsen, had been involved in a costly custody dispute with her ex-husband, Daniel Giersch.

A judge had originally granted the exes 50-50 joint custody of their children, Hermes and Helena; but when Daniel's work visa was declined in the US, it was declared that their kids would live with him in Monaco. Kelly had two – either move there herself or travel regularly to see them.

After spending a lot of time and money trying to get full custody of Hermes and Helena in the US, Kelly ultimately decided to move to Monaco. "Sometimes we just need to retreat and be with our kids and just heal and take time for ourselves," she told People in 2024.