While you may think that celebrities are rich and couldn’t possibly have money problems, this is actually often not the case. They often spend ridiculous amounts of money on things and even sometimes file bankruptcy, and Kim Basinger is a case in point for both of these.
At the height of her fame, after playing roles in a few box office hits, Basinger made the decision in 1989 to buy the town of Braselton, Georgia around the time she dropped out of the film Boxing Helena. Basinger intended to turn the town into a tourist attraction with a film festival and movie studios, having developed an interest in Braselton while stuck in a traffic jam and had the luxury of making the decision to drop 20 million dollars to own it. Dropping that money may have been a good investment had she not dropped out of the film. Leaving Boxing Helena may have been a good decision in terms of her career, but she ended up having to suffer severe financial consequences, as she was sued for breach of contract. Main Line Pictures sued Basinger for 8.1 million dollars, and she settled for 3.8 million dollars three years later. However, because of the distance between Hollywood and Braselton and everything she was having to deal with financially, she was forced to sell the town for only $1 million.
As all of this happened in 1993, many people may not know about this. However, the truth is that Basinger did have to file for bankruptcy when she had a net worth of about 5.4 million dollars. She did end up recovering from this hit, but it just goes to show what kinds of financial problems celebrities can have, as well as the exorbitant spending habits that the public often sees from them.