Many famous singers, actors, and players have landed on other jobs. Business is a field on which they want to splash millions of dollars. Some celebrities have shown to be successful while others have a knack for making bad business decisions, crash and burn. The following are worst celebrity business owners who have not been bale to emulate success in business.
Stan Lee is famous for his collaboration with many artists in co-creating Spider-Man, the X-Men, Iron Man, and Daredevil. However, he did not succeed in business. The comic book writer burned with Stan Lee Media during the dot-com stock boom. He set up an Internet-based company in 1998 and filed it for bankruptcy protection in 2000.
His company gained only $ 1 million in revenue.
Reality TV star Heidi Montag debuted her fashion line, Heidiwood, at a fashion show at the Hollywood and Highland shopping center in November 2008. Her clothing line lasted less than a year. Although the prices ranged from only $ 10 to $ 60, the flimsy clothes did not attract customers.
Heidi Montag is known for starring on the former MTV reality series The Hills.
Heidi Fleiss ran a highly-successful prostitution ring. She was sentenced 20 months in a California prison. She announced plans to open a brothel, Heidi Fleiss’ Stud Farm in 2005 and laundromat called Dirty Laundry in 2007. She also struck out with Laundromat and a pet grooming shop.
Heidi Fleiss latest venture is a pet spa in Las Vegas.
Kim Basinger splashed $ 20 million to buy the small town of Braselton in 1988 but suffered from massive failure. She aimed to turn this town into a tourist attraction which featured a film festival and movie studios. However, the town was too far from Hollywood. In 1993, she put it for sales of $ 1 million and later declared bankruptcy.
Kim Basinger dreamed to turn the small town of Braselton into a tourist attraction.
Jim Bakker started “Praise the Lord” ministry in 1974 and had never thought of turning it into a business. The show got its heyday with 2,000 employees and $ 129 million a year in revenue. However, his financial empire crumbled after his problem with church secretary Jessica Hahn. He asked 25,000 supporters to donate money for his vast theme park with a water park, campground, motels, and hotels. In turn, supporters would be entitled as “lifetime partners” and enjoy three nights free lodging annually for their whole lives at the park.
The ministry the filed for bankruptcy and Bakker was imprisoned and paid a $ 500,000 fine.
Paris Hilton could not seem to behave herself to inherit part of $ 2.3 billion from her grandfather. Hilton encountered many legal problems, recently being felony drug possession for cocaine in her purse, no doing her job after receiving $ 1million to promoted a film in 2008, being sued for about $ 160,000 for refusing interviews to promote the movie “National Lampoon’s Pledge This” and $ 35 million for wearing the wrong hair.
Paris Hilton may be the smartest or dumbest businesswoman in promoting herself.
Suzanne Somers, best known for her television roles as Christmas Snow AKA Chrissy Snow on Three’s Company, got failure in business. Her “Suzanne’s Kitchen” make-it-yourself meal preparation franchise failed after nearly three months.
Suzanne is currently selling a teeth whitening system for $ 50.
Former American football player Jim McMahon did not succeed in business after his retirement from professional sports. His McMahon’s Steakhouse opened in 2002 and closed after just one year of operation. In addition, he did not succeed in running a restaurant which closed in 1990 after being opened for only three years.
Jim McMahon was a two-time All-American at Brigham Young University.
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Economics is the study of our lives,our jobs, our homes, our families and the little decisions we face every day. Thus, I am keen on reading and studying economic issues.