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15 Artists Who Lost It All

Many people believe that the life of a famous musician is all champagne, Learjets, and a steady flow of royalty payments to pay for it all. This is certainly true for some, but there are also those who have reached the upper echelons of megastardom, only to lose it all in the blink of an eye.

Some managed their money badly. Some lost everything to the managers and promoters who were supposed to be looking after their affairs. And some spent all their money on lavish mansions, expensive cars and various addictions. However, what they all have in common was a steep plunge from household name status into chapter 11 bankruptcy protection.

Click ahead to see the musicians who had it all and lost it all.

By Daniel Bukszpan
Posted 29 Oct 2010

Photo: Ofer Wolberger | The Images bank | Getty Images