The lives of the rich and famous often seem glamorous, but even the biggest celebrities have issues with money.
Despite many inspiring stories of celebrities who came from nothing and worked their way out of financial hardship, the opposite also happens. From musicians to athletes to movie stars, sometimes fame and wealth result in a disastrous spending spree.
In this post, we’ll be discussing how some of the most high-profile and prolific celebrities have had to undergo bankruptcy, restructuring, and ultimately adjust their lifestyle considerably. Read on to learn more about some popular Mzansi cases of celebrity bankruptcy and how you yourself can avoid such a predicament.
Tinah Mnumzana is a South African poet and actress best known for her roles in soap operas including Generations and the roles of Florence in Isidingo and Constance in Scandal!. She also has a starring role as Silindile Mahlangu in the SABC1 political thriller television series Ihawu le Sizwe.
In 2005, the actor lost her home when she failed to make payments as expected. Her house was foreclosed.
Pitch Black Afro
One of South Africa’s most popular Kwaito and hip-hop artists is Thulani Ngcobo, better known as Pitch Black Afro. When his first record was a commercial success, it set off a chain reaction in the music industry. Because of his alcoholism, he spent all of his money on the habit and was unable to make ends meet. Thulani had apparently lost everything and was squatting in the house of his mother in Soweto. In the end, he had no choice but to become homeless due to his rising debt.
Masinga, a former football star, has struggled since his reputation and money vanished in 2011. His previous business ventures included nightclubs, gas stations, and high-end apparel boutiques.
Keoagile Gerald Makhene was a well-known performer in the 1990s who made a lot of money from his performances. Due to its infinity, he could not recoup from his waste. People who were once privileged are now living on the streets, and it’s hard to comprehend. There are others who have died as a direct result of their own actions, such as drug and alcohol abuse. Well-known South Africans such as Brenda Fassie, Stitch, Shoes, Prokid, and Baby Dash have all gone bankrupt due to bad financial decisions.
Leaving her marriage and living in her car led to the ex-actress becoming homeless. She allegedly traded in her valuables for food and cigarettes.
While some of these South African celebrities have bounced back after losing so much, for others, the loss of their house was too much and we can only hope that life will treat them fairly again in the future!