Worst Celebrity Business Investments That Didn’t Quite Worked Out
Not even Spider-Man or the Incredible Hulk could save… some celebrities have a knack for making really poor business decisions. In the worst of situations, celebrities have lost their life savings to bad business investments, ending up with major money problems.
Remember The Kardashian Kard? No? Exactly. It’s always cute when celebrities try something new… Sometimes it works, but a lot of times it doesn’t.
Kim Basinger – Buying the small town of Braselton, Georgia, some 1,691 acres in 1989 for $20 million, with the dream of turning it into a tourist attraction with featured movie studios and a film festival.
In 1993, five years after she and her partner Ameritech Pension fund bought the town, she sold it for $1 million and later declared bankruptcy. The town of 7,646 residents is now owned by a developer Wayne Mason.
Stan Lee – The former editor of Marvel Comics who helped revitalize the super hero genre, his Internet-based company was founded in 1998. A mere two years later, it was filing for bankruptcy protection after quickly burning through more than $20 million in cash and only producing $1 million in revenue.
Jim McMahon – a former American football player and Chicago Bears quarterback, his McMahon’s Steakhouse closed in 2003 after being open for just one year.
Naomi Campbell, Elle MacPherson and Claudia Schiffer – These supermodels are gorgeous, but their idea for a Fashion-themed restaurant turned ugly. They decided to open The Fashion Café, a restaurant in New York City… resulting in $15 million worth of lawsuit settlements.
The Kardashians – The Kardashian Kard was a credit card embossed with a photo of Kourtney, Khloe and Kim Kardashian. It failed miserably, with only 250 people buying the prepaid debit card. The Kardashians left the project, triggering a $75 million breach-of-contract lawsuit.
Paris Hilton – All Paris Hilton had to do was behave herself in order to receive part of a $2.3 billion inheritance from her grandfather Conrad Hilton (the founder of the Hilton Hotels chain), but she just couldn’t seem to do that.
The 29-year-old socialite take: $5 million, according to calculations by the New York Daily News. Making matters even worse, the 29-year-old socialite is being sued for $35 million for wearing the wrong hair.