debt

Musicians and bankruptcy: Wayne Newton

Wayne Newton
Next
Slide 5 of 7
Back
Wayne Newton

Creative success: While a recording artist early in his career, Newton's real success came in his role as "Mr. Las Vegas." With regular headlining stints at various Vegas hotels over the years, Newton has earned as much as $25 million a year, with his net worth once estimated at around $100 million.

Financial failure: Newton declared Chapter 11 bankruptcy in 1992 with an estimated $20 million in debt, including an IRS lien of more than $300,000. While he was in (much) better financial shape within several years, he was sued by the IRS in 2005. The agency alleged he and his wife owed around $1.8 million, partially for failing to report the sale of a horse. Since then, Newton has been sued several times, including a successful 2009 suit for back wages that earned a former pilot a judgment of more than $500,000 -- leading to the garnishment of Newton's wages -- and a 2010 suit for more than $3 million over a loan.


Next
Slide 5 of 7
Back

advertisement

Show Bankrate's community sharing policy
          Connect with us
advertisement
CREDIT CARDS WEEKLY NEWSLETTER
Credit cards on a table

Get advice for managing credit cards, building your credit history and improving your credit score. Delivered weekly.

Debt Adviser

Is power of attorney status risky?

Dear Debt Adviser, I am so glad you recently posted a question about an elderly mother. My mother has dementia. Eight years ago, she opened a credit card for a family member who has now declared bankruptcy. My mother only... Read more

advertisement
Partner Center
advertisement

Connect with us