10 Filthy Rich People Who Lost Their Fortunes

Throughout history, the advance in technology
and production has also come up with the concentration of wealth among the super rich in society. However just as empires rise so do they fall,
and the same can be said about people. Although athletes and celebrities are the
most well documented cases of squandered wealth, they are not alone. Many prominent people across various industries
have also fell victim to greed, carelessness, and materialism. These are the people who amassed a fortune
only to end up in rags. 10. Mark Twain Twain lost nearly 10 million dollars before
filing for bankruptcy at the behest of financier Henry Huttleston Rogers. The great American author, whose birth name
was Samuel Clemens, penned the great works: The Adventures of Tom Sawyer, Adventures of
Huckleberry Fin, and Pudd’n Head Wilson. Although Twain was a voice for the working
class and the disadvantaged, Clemens lived a life of affluence and extravagance. He seemed to believe that his writing prowess
extended to business, but unfortunately Clemens was a horrible businessman. Most of his wealth was squandered on investments
and projects that proved fruitless. His failed business ventures included: a publishing
company and a Paige typesetting machine that lost him nearly $8 million in inflated adjusted
terms. Ironically, Clemens was offered the opportunity
to invest in the telephone, but he declined thinking that it wasn’t realistic for everyday
people to have one in their homes. At the end of his life, Twain had to go on
a speaking tour to pay off his significant debts. 9. Horace A.W Tabor In the 19th century, Tabor amassed and lost
more than three million dollars. Known as the “Bonanza King of Leadville”,
Tabor was an American prospector, businessman, and Republican politician in the late 19th
century. His wealth originated from the Colorado Silver
Boom; Tabor owned one-third of a mine that had discovered huge amounts of silver. Tabor used his new capital to invest in another
mine that was even more profitable. Tabor soon was a juggernaut establishing newspapers,
a bank, and an Opera House. As it usually does, his wealth led to political
success and in 1878, Tabor was elected Lieutenant Governor of Colorado. However, the Sherman Silver Purchase Act decimated
Tabor’s fortune and his far-flung holdings were sold off. When he became ill with appendicitis in 1899,
Tabor’s requested his wife, Baby Doe, to maintain his mine. According to legend, the wife of the “Bonanza
King” lived in the tool shed of the mine for thirty years and died in that shed. 8. Daniel Drew Drew had a personal fortune worth up to 13
million but died penniless, reliant on his son. One of the most dramatic cases of a rise and
fall on our list goes to Daniel Drew. Author and financier, Henry Clews, summed
up his life with the following, “Of all the great operators of Wall Street … Daniel
Drew furnishes the most remarkable instance of immense and long-continued success, followed
by utter failure and hopeless bankruptcy.” Drew made and lost his fortune in the 19th
century; it began with his entrance into the steamboat business. His success led him to start his own brokerage
firm in 1844, where he began to speculate on stocks. In 1857, Drew became a member of the board
of directors of the Erie Railroad and used his position to manipulate the railroad stock
price; he colluded with Cornelius Vanderbilt to prop up company’s finances. However, Vanderbilt would soon turn to his
antagonist as Drew attempted to sell a company’s stock short and Vanderbilt and his associates
bought every available share, causing stock to spike up. After a small victory over Vanderbilt, Drew
was betrayed by his fellow colluders as he attempted to manipulate the stock price of
another railroad company. By 1876, Daniel Drew filed for bankruptcy
and died dependent on his son. 7. Sean Quinn Astonishingly, Quinn went from a net worth
of 4.7 billion euros to nearly 3.5 billion in debt. One of our more recent cases of riches to
rags goes to Sean Quinn. He also leads our list with the quickest turn
in fortunes, going from the richest man in Ireland in 2008 to filing for bankruptcy in
2011. In 2008, Quinn’s net worth was estimated
to be £3.73 billion; he accumulated his wealth through several avenues beginning with Quinn
Cement. Like many others on this list, he used his
capital to enter other industries and founded Quinn Group which played a significant role
in Ireland’s hospitality sector. However, Quinn soon made an investment that
would lead him to bankruptcy. With more and more capital, Quinn increased
his family’s stake in the Anglo Irish bank in 2008. As a result of the 2008 financial crisis and
the losses sustained under Quinn Insurance, Sean Quinn soon filed for bankruptcy reporting
debts of of €194m. To make matters worse, the Quinn family was
sued on multiple fronts for misusing their stake in the Anglo Irish bank to secure loans
on properties. Eventually Sean Quinn was sentenced to prison
for a sentence of nine months. 6. Jack Whittaker Whittaker lost all of his lottery winnings:
113 million dollars. One of the saddest cases in our list goes
to Jack Whittaker – it an example that demonstrates the fickle nature of luck and chance and how
it can sometimes lead to disaster. Whittaker won the largest lottery payout in
West Virginia – an unprecedented $314 million. After taxes, Whitaker took a $113 million
onetime payment. Before winning the lottery, Whittaker was
the President of Diversified Enterprises Construction, and already had a net worth of upwards of
16 million dollars. After winning the lottery, a series of incidents
and tragedies would befall Whittaker – not all of his own doing. In 2003, less than a year after Whittaker
won the lottery, thieves broke into his car while it was parked at a strip club and stole
$545,000 in cash that Whittaker had in a suitcase. Why he would have so much cash on hand is
beyond us. Personal tragedy would hit Whittaker the hardest
as his granddaughter and her boyfriend were both found death with cocaine and methadone
in their systems. Whittaker claims now to be broke as he has
failed to make payments to a woman who successfully sued him while also bouncing checks at Casinos. 5. Mark Brunell A series of poor investments saw Brunell lose
more than 50 million dollars. Although we suggested that our list would
be comprised of non-athletes this particular case has been under-reported and also features
a man that played a premier position in the National Football League. Mark Brunell played quarterback for the Jacksonville
Jaguars and Washington Redskins, making the Pro Bowl in three times. He earned more than $50 million during his
NFL career but was forced to declare chapter 11 bankruptcy. In his declaration of assets, Brunell stated
he owed more than $5 million of loan guarantee to JWB Owner LLC and more than $4 million
in personal loan guarantees to his defunct Champion LLC business. Most of Brunell’s investments were in ill-timed
real estate acquisitions and loans. However, all is not bad for the Brunell’s
by filing for chapter 11, he’ll be able to craft a more manageable plan to repay his
creditors. 4. Rick Burton The developer filed for bankruptcy protection
citing more than 300 million in debts. Filing Chapter 7 bankruptcy is a much more
ominous endeavor and that is exactly what Rick Burton, the Nevada developer declared
in 2012. Things were much different in 2008 when Burton
outbid major players in Vegas for a project to build a private air terminal at McCarran
International Airport. However, the project failed and Burton’s
company was put under significant pressure by the weight of dozens of lawsuits from unpaid
creditors. According to documents, Burton owed more than
310 million and had only 6,000 dollars in assets at time of filing. In addition, Burton’s attorneys listed nearly
100 creditors owed a few hundred dollars and $135 million owed to the state of Arizona
for a land purchase. Burton also owes the IRS more than $6 million. The classic lesson here is don’t bite off
more than you can chew. 3. Clint Murchison, Jr. Murchison, Jr. squandered his inheritance
of nearly 200 million dollars and was forced to sell assets to repay debts of 500 million. It takes an extraordinary person to completely
squander a fortune that they did not create, but that’s exactly what Clint Murchison,
Jr. managed to do. The offspring of Clint Murchison, Sr., who
was a notorious oil baron, had amassed a fortune of half a billion dollars. Junior did not have the business acumen of
his father with his only accomplishment being the establishment of the Dallas Cowboys. However, even this investment, was not made
with great foresight as he sold the team too soon. The fortune would be squandered with a series
of bad investments along with a dip in the real estate market that him into bankruptcy
in 1985, with his assets being sold off to satisfy over $500 million in debt. 2. T. Cullen Davis Davis filed for bankruptcy after inheriting
a fortune of 250 million dollars. One of the richest men on our list, T. Cullen
Davis, also shares the distinction of losing it all. Once a billionaire, Texas oil heir T. Cullen
Davis inherited his fortune and yet managed to lose it all. What makes Davis’s case so dark and interesting
is that he became the richest person to ever stand trial for murder. Cullen Davis inherited tons of oil rich land
from his family, but lost it due to mismanagement and a recession. Davis was also known for having a bad temper
and in 1976 when his wife Priscilla Childers filed for divorce, and was living with a boyfriend;
a gunman broke into their house and shot them both. In addition, Childers’s 12 year old daughter
was killed, but Davis’s ex-wife managed to survive. Priscilla Childers alleged that it was Davis
who had shot her and that his only disguise was a wig. In a dark twist, forensic investigators found
that Childers’s daughter was forced into the basement and shot while she was on her
knees. A jury would later find Davis not guilty. Nonetheless, he filed for personal bankruptcy
in 1986 with debts of over $230 million. 1. Jesse Livermore Livermore’s stock speculation saw him lose
100 million dollars. One of the most riveting stories of rags to
riches then riches to rags twice over goes to Jesse Livermore, known as the “Boy Plunger.” He amassed and lost his fortune in the early
20th century. Livermore was viewed as a genius for his ability
to predict when to short sell a stock. In the crash of 1907, he made nearly $3 million
which adjusted to inflation would be approximately a billion dollars in 2015. However, just as quickly as the money came
Livermore soon lost it. Taking the advice of another trader, he lost
nearly 90% of his fortune on a cotton trade and proceeded to file for bankruptcy in the
following years. However, Livermore was a resilient fellow
and managed to regain his fortune during the bull market of World War I. Not only did he regain his lost capital but
he added to it during the 1929 crash. While the nation was in depression, Livermore
had amassed a fortune of $100 million as a result of the crash. He proceeded to buy mansions around the world
full of servants and housekeepers. Somehow Livermore managed to lose his fortune,
in a manner that still is unclear to historians of the time. Sadly, Livermore committed suicide in 1940.

96 thoughts on “10 Filthy Rich People Who Lost Their Fortunes

  1. Win some , lose some.
    If you 'have it' and 'lose it' I can't feel sorry for them, just those they've hurt, & in the last case 'killed' & the guy got away with it, unbelievable.

  2. #2 was found not guilty?? Why?? You gotta do a story on him, if you haven't already, on TIFO or Biographics.
    7:36 T. Cullen Davis

  3. Of all the YouTube videos I watch at my boring desk job, you are the best. I like the times you mispronounce American words. Hilarious you don't even know.

  4. The founder of my company has lost something like $200 million in the past 3 years. He’s still worth a few million but that has to sting.

  5. While Mark Twain did file bankruptcy, that is not the end of the story. His financier took over and made him a lot of money after the bankruptcy. He also paid off all of his creditors even after the bankruptcy!

  6. Unsubbing from this channel. It seems every video is a race to see how fast the material can be presented. It's like a 10 minute long version of that fast talking guy on the radio that spits out the fine print in advertisements. At the end of the video, I find myself sometimes at a loss as to what the video was about. (Luckily, the thumbnail reminds me)

  7. Having worked for a couple of family owned (not my family) businesses that made those people wealthy on the backs and sweat of their workers that were underpaid, lied to and sexually assaulted (the women not the guys) ; it was gratifying to watch the children run the business into the ground. Plus the offspring spent time cheating each other out of inheritance. Probably not an uncommon story in this world that I tell.

  8. If being a billionaire isn’t enough, I don’t know what to say.

    These idiots never stop until they go broke. They had the chance to live off the money and still sought more.

  9. You should do a biographical video on former Basketball player Junior Bridgeman. He took a modest income from basketball and turned it into a billion dollar fast food franchise industry.

  10. I hope that one day Trump gets on this list…. If you are going to betray your country, it seems like a fitting place to be.

  11. I never understood how we can have such a dislocation from reality as to recognize the dangers and negative aspects of materialism and greed, yet then create an entire global economy that is ran by that and supported by all. Thats what some would call a Disassociative Disorder.

  12. My husband's stupid millionaire uncle spent all his money buying racehorses, which he sent uninsured by horse trailer in hot weather from South Dakota to Texas to race and win him lots of money. Yeah, right. Instead the horses were not rested, checked, or watered/fed for the entire trip. Some died; all were permanently damaged, and the uncle went bankrupt.

  13. I like when the rich are brought down to reality, they shouldn't be allowed to be so disgustingly rich anyway, wage cap is needed at very least for those on the top

  14. Richest person to ever stand trial for murder? What about John du Pont? He was the only member of the Forbes 400 richest Americans ever to be convicted of murder.

  15. It would be interesting to know more about what these people did after they lost all their money (besides going to jail).

  16. Easy come , easy go . I wouldn't mind having a chance to make it on that list, or maybe not. It has been calculated that Trump would have been richer today if he had NOT gotten into risky real estate ventures and lost $1,000,000,000. That billion , wisely invested could have netted way much more than real estate ever could …at least for the "very stable genius".

  17. Ever since Quinn went bankrupt and was removed from his company there has been a series of attacks on the new management. The most significant attack was the kidnapping of Kevin Lunney where they tied him up and cut him several times as well as carving the letters QIH (Quinn industrial holdings) into his chest and told him to resign from the company. His leg was then broken with a wooden post and he was dumped on the side of the road

  18. How is Mike Tyson NOT on this list? I thought he held the record for the quickest , largest loss of income ever. Until I saw a few in this video…

  19. It was reported that Livermore had 2 and half millon dollars in his apartment (he always had a lot of cash on hand for when an opportunity presented itself) and his widow gave it to his son, packed into a couple of carry bags, after he committed suicide. Not a bad stash.

  20. i dont even know what i would do if for some reason i inherited all that money, i would constantly feel that people would be trying to screw me over …… also making the equivalent of 1 billion dollars , then losing 90% of that on a single cotton trade??

  21. The thing that never makes sense in these stories is nobody just chills and enjoys the money. It's like a sickness, "I've got xx-000s dollars in the bank,🤔 I think I'll squander it, risk it on trying to make more."
    I'd buy 1 really nice house, a couple of smaller cribs in exotic but safe locales for wintering and ENJOY THE GOTDAMN MONEY! What's the point if you're laboring like a junkie tryin' to find drugs you're money grubbing so hard?
    I'd make sure all of my family and friends were whole, then it would be the best food, a few excellent clothes and travel. I'd invest in passive income to cover as much of my overhead expenses so I wouldn't really touch my principle income. Lots of rent producing properties, paid off so all of the revenue was mine plus I'd have the equity in the paid off property.
    Netflix, 420, chill.
    Lather, rinse, repeat.🧓🏾🖖🏾🎅🏽🎄

  22. I bet not one of these guys is really broke . You think someone who has that amount of money doesn't hide cash an gold in a secret location plus you could hand cash to relative's lift them up to prop you up .. let's not forget about tax Haven's .. I think half of this information isn't the real truth . Rather the written truth they want you to know .. just remembered just because it's on paper doesn't make it fact .. hundreds of rich people claim to be bankrupt but are seen driving 300,000 luxury car and living a life the only big money brings .. can u make a video on this fact .

  23. I'm sorry but speech is way too fast, it is exhausting to listen to this, there is no room for wonder or emotion. Just made it through 3min mark.

  24. At 7:39, it is not a picture of Thomas Cullen Davis, but of Stan Farr (the basketball player and then Priscilla's boyfriend) and Priscilla.

  25. Number 8 had the best neckbeard i have ever seen. He should have put a patent on the neckbeard and he would have been rich again.

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