x Abu Dhabi, UAESaturday 22 July 2017

Toni Braxton goes for broke, again

Few people can afford even one bankruptcy. Yet the singer Toni Braxton is filing for her second.

To lose one fortune may be regarded as bad luck; to lose two looks like carelessness. In the case of two-time loser Toni Braxton, who was responsible for the song Un-Break My Bank - sorry, Heart - it appears to be a matter of A-list tastes coupled with less than A-list earning capacity. Braxton first filed for bankruptcy in 1998, claiming to be about $5 million (Dh18.4m) in the hole. This time, the 43-year-old singer says she's racked up debts of up to $50m. Her creditors reportedly include the Four Seasons Hotel, Tiffany & Co and Neiman Marcus. Hard times indeed.

Braxton is not the first celebrity to have taken the plunge from penthouse to pavement. The list of bankruptcy-filing high-fliers over the years includes Mike Tyson, Larry King, MC Hammer, Burt Reynolds, Kim Basinger, George Best, Willie Nelson and Meatloaf. The money bug hasn't only afflicted today's celebrities, either - the big-spending 17th-century painter Rembrandt went bankrupt, as did the former US president Abraham Lincoln and the 19th-century wit Oscar Wilde.

While these unfortunates may have provided fodder for drawing-room gossip-mongers, they were at least spared the rigours of the internet. There are tens of thousands of tut-tutting reports making the rounds about Braxton's plight, including one claiming that the singer hit the town in designer togs and top-end bling a mere two days after becoming officially destitute. "Being $50m in the hole never looked so good," it added.

 

This article has been altered as Donald Trump was incorrectly included in a list of celebrities who had previously filed for bankruptcy. Mr Trump has clarified that he has never been bankrupt.