Bankrupt Celebs, Then and Now
Donald Trump
After sinking a reported $1 billion into the construction of his third and most famous casino, The Taj Mahal, high-interest junk loans backfired on Trump, forcing him to file Chapter 11 Bankruptcy and near personal bankruptcy in 1992. Bonds holders lost millions, but opted not sue for fear of losing more money. By 1994, “The Donald” had significantly hacked away much of his $3.5 billion in company debt. Today, Trump Hotels and Casinos has since bounced back to become one of the top-ranked Entertainment Resorts in the world.