The world's biggest pop star Michael Jackson, known for outrageous spending sprees, was in a heavy debt before his tragic end in 2009, rumored to owe about $500 million to different creditors. Jackson's most famous residence, the amusement park-like Neverland Ranch, was close to foreclosure. Above: Michael Jackson, the "King of Pop", seen in a February 14, 2001 file photo in New York, died from a heart attack in Los Angeles on June 25, 2009. He was 50 years old. (UPI Photo/Ezio Petersen/File) | License Photo | Permalink

In 1993, Actress Zsa Zsa Gabor had to file for bankruptcy after being sued for libel and ordered to pay more than one million dollars to actress Elke Sommer. Above: Actress Zsa Zsa Gabor enters the City Line Dinner Theatre in Philadelphia 6/2/1983 carrying one of her dogs with an aide following her. | License Photo | Permalink

David crosby was bankrupt in 1985 because of his solo career's fail, forcing him to sell his sailboat where most of his famous songs were written. Above: David Crosby hides behind a curtain as he attends the premiere of his film "CSNY Deja Vu" at the Eccles Theater during the Sundance Film Festival in Park City, Utah on January 25, 2008. (UPI Photo/Alexis C. Glenn) | License Photo | Permalink

The Trump organization has filed for bankruptcy three times over these past twenty years. In 1991, Donald Trump found himself $900 million in debt and had to give up ownership holdings of the Trump Taj Mahal and Trump Plaza Hotel. The 2009 financial crisis didn't leave Trump unscathed and he was bankrupt for the third time. Above: Donald Trump signs copies of his new book "Think Big and Kick Ass in Business and Life" at Barnes & Noble in New York on October 16, 2007. (UPI Photo/Laura Cavanaugh) | License Photo | Permalink

The purchase of Greek isles Hotel & Casino in Las vegas wasn't a success and actress Debbie Reynolds had to declare bankruptcy in 1997. Above: Debbie Reynolds attends a photocall to promote her new UK tour "Alive & Fabulous" at Sofitel St. James in London on April 1, 2010. UPI/Rune Hellestad | License Photo | Permalink

Tom Petty’s bankruptcy in 1979 involved a record-company feud: ABC Records was sold to MCA Records but Petty refused to be transferred to another record label without his consent and ended up signed with Backstreet Records. Above: Tom Petty and the Heartbreakers perform in concert at the BankAtlantic Center in Sunrise, Florida on July 15, 2008. (UPI Photo/Michael Bush) | License Photo | Permalink

Retired Swedish tennis player Bjorn Borg is known for his bad business decisions. Borg’s company, Bjorn Borg Design Group, filed for bankruptcy in 1989 and Borg was forced to sell his house to pay off his debt. In 1997, Borg's friends helped him avoid bankruptcy after eleven creditors demanded him to pay more than $1 million owed from the failed clothing company. One of Borg's major issues was that he lived in Sweden where tax rate is pretty high. Finally Borg moved to tax-free Monaco. Above: Bjorn Borg awaits the ceremony after the finals match between Rafael Nadal of Spain and Roger Federer of Switzerland at the French Tennis Open in Paris on June 8, 2008. (UPI Photo/ David Silpa) | License Photo | Permalink

Tia Carrere was bankrupt early in her career, when she lost her suit against ABC in 1986. At that time Carrere tried to escape her contract with General Hospital to join the cast of the A-Team. Above: Tia Carrere arrives for the 51st annual Grammy Awards at Staples Center in Los Angeles on February 8, 2009. (UPI Photo/ Jim Ruymen) | License Photo | Permalink

Francis Ford Coppola was shooting "Godfather III" when his Zoetrope company production filed for bankruptcy in 1990 because of the "One from the heart", "Rumblefish", "The Outsiders" successive fails. Above: Director Francis Ford Coppola attends the New York premiere for his new film "Youth Without Youth" held at the Paris Theatre on December 5, 2007. (UPI Photo/Ezio Petersen) | License Photo | Permalink

In the early 1990's, Toni Braxton was $3.9 million in debt from financial mismanagement when she filed for bankruptcy. Above: Toni Braxton arrives on the red carpet before the annual Clive Davis Pre-Grammy Gala in Beverly Hills, California on January 30, 2010. (UPI/David Silpa) | License Photo | Permalink