Music History Events: Money Problems
April 1, 1996 After blowing through more than $30 million, MC Hammer files for bankruptcy protection.More
July 3, 1995 The members of R&B group TLC file for bankruptcy despite continued success.More
February 2, 1993 Willie Nelson settles his $17 million tax debt with the US Internal Revenue Service by paying them $9 million in cash and assets already seized. Some of the cash was raised through sales of his 1991 album The IRS Tapes: Who'll Buy My Memories, released specifically to fund his payout.
June 3, 1991 In an effort to pay off his tax debt, Willie Nelson releases Who'll Buy My Memories: The IRS Tapes. Available by mail order at (800) IRS-TAPE, it's part of a deal Nelson made with the IRS to help reconcile his whopping $32 million tax bill.
October 17, 2007 The state of California announces that Dionne Warwick owes nearly $2.67 million in back taxes.
April 28, 2006 ABBA member Bjorn Ulvaeus is accused by the Swedish government of $12 million US in delinquency of back taxes.
December 14, 1992 Merle Haggard, 55, files for bankruptcy on the same day that his wife gives birth to his sixth child, a son named Binion (Ben). Haggard, whose tax problems led to the filing, sells the copyrights to many of his songs to pay off the debt.
August 14, 1992 Wayne Newton, with debts of over $20 million, files for bankruptcy. Newton made millions entertaining in Las Vegas, but made some bad investments in the '80s that led to the filing.
November 9, 1990 The IRS comes after Willie Nelson, who owes $16 million in back taxes. His assets, including master tapes, clothing and gold records, are seized. Nelson saves his favorite guitar, Trigger, by having it sent to Maui before the feds arrive.
November 8, 1988 Jerry Lee Lewis declares bankruptcy.
April 9, 1985 Frankie Goes to Hollywood open a European tour in Copenhagen, then spend the rest of the year in tax exile from the United Kingdom.
March 28, 1984 Mick Fleetwood, whose band Fleetwood Mac had the biggest-selling album of all time just seven years earlier, files for bankruptcy.
May 12, 1983 Meat Loaf files for bankruptcy.
October 9, 1980 Despite years of hits in the UK, Gary Glitter declares bankruptcy.
July 14, 1980 Former Beatles and Rolling Stones manager Allen Klein begins a two-month jail term for income tax evasion.
February 3, 1980 Studio 54 throws one last bash with A-list regulars Diana Ross, Andy Warhol and Richard Gere before the owners, Steve Rubell and Ian Schrager, go to jail for tax evasion.
January 18, 1980 Famous Southern-rock record label Capricorn files for Chapter 11 bankruptcy.
January 18, 1980 Studio 54 owners Steve Rubell and Ian Schrager are sentenced to 3 ½ years in jail on charges of tax evasion, which soon brings the legendary disco to an end.
July 10, 1979 Chuck Berry is sentenced to jail for tax evasion. He would serve four months.
October 7, 1978 Billboard magazine reveals that Marvin Gaye has declared bankruptcy twice in the past year, claiming debts of over seven million dollars.
March 4, 1978 The IRS raids Jerry Lee Lewis' home at dawn and repossesses $170,000 worth of automobiles to pay off his tax debt.
September 29, 1977 In the middle of a tour, James Brown's backup band, the JBs, walk out before a gig in Hallendale, Florida, complaining of being underpaid. Most of the band returns to complete the tour.
December 22, 1976 Isaac Hayes files for bankruptcy.
January 27, 1976 Glam rocker Gary Glitter announces his retirement and begins traveling the world, spending time in Paris, Thailand, and New Zealand before a 1977 bankruptcy forces him back into action.
November 25, 1975 Deep in debt, Elvis Presley takes out a $350,000 loan from the National Bank of Commerce in Memphis, Tennessee. His Graceland estate is put up as collateral.
April 30, 2019 Dipak Rao, director of Deep Purple's royalty management firms, is sentenced to six years in jail for stealing £2.2million from the group's accounts, which he put toward money-losing schemes.
September 12, 2016 The #HotInHerreStreamingParty hashtag takes off as Nelly fans try to help him out of a $2.4 million tax debt by repeatedly streaming his hit "Hot In Herre." Based on an estimated Spotify royalty of $0.007 per stream, it will take about 342,857,142 listens to play off the debt.
May 17, 2016 Alanis Morissette sues her former business manager, Jonathan Schwartz, claiming he stole $4.7 million from her from 2009-2016. The following year, Schwartz admits to that theft and also to stealing another $2 million from other clients. Morissette is compensated in a settlement.
May 6, 2013 Lauryn Hill is sentenced to three years in prison for tax evasion. She begins serving the sentence in July.
December 20, 2012 Rapper Fat Joe pleads guilty in federal court in New Jersey to tax evasion charges. He is charged with failing to pay taxes on over $1 million of income in both 2007 and 2008 and is expected to serve about two years.
©2024 Songfacts®, LLC