“Fool and his money do not stay long” is a phrase that the heirs of large fortunes hear too often, and often learn from their own experience. Whether brought up in luxury or struggling to make ends meet, when people suddenly get a lot of money, sometimes common sense leaves them, and the need to pander to their desire exceeds the desire for financial stability. Edition GoBankingRates made a selection of heirs who squandered his fortune.
In the late 70-ies of the Clarissa Dixon-Wright, now known for his British television show “Two fat ladies”, received an inheritance of approximately $2.8 million British pounds after the death of his mother. Then she held the lucrative post of solicitor in London.
How she lost everything to the early 80s
Despite the fact that she had enough money to live her whole life, her mother’s death was hard for her the emotional impact. She was not only with the mother but with the father. His death shortly after the death of his mother plunged her into a deep depression, which she tried to fix with alcohol. Not only alcohol consumed her inheritance, but lavish spending. She started partying, gambling, buying luxurious yachts, planes and hotels. By 1982, her partying lifestyle prevented her from again to practice law, and after the money is gone, she became homeless.
Famous actress and one of the heiresses of their father’s possessions of Aaron Spelling, a $600 million, because of her lifestyle, prompted his father to limit the inheritance to only $800 000 out of fear that she will spend the money in a few years. A large part of his fortune was left to his wife, candy.
How the actress got into debt
Unfortunately, the reduction of the inheritance had no impact on the costs of spelling. Although she inherited a considerable sum according to most people, she had a penchant for designer clothes and jewelry, she could spend up to $60 000 in one day of shopping. Because of the growing debt because of the expenses she was put up tax bill in excess of $1 million, which led to litigation.
Graham Roos was only 26 years old when he inherited $750 000 after the death of his great aunt. Despite the fact that he knew he was to inherit, his size was a shock, because it was more than he expected.
How did he get into debt in a few short years
In that moment, when the check hit the Bank account of the Roos, he immediately quit his job and began to spend the inheritance. The money went quickly, but he wasn’t paying attention to your dwindling account. Expensive vacations and expensive works of art was a large part of its costs, but it is his addiction to partying and drugs led to his poverty. By the time when his Bank account emptied, he had accumulated debts and had to return to work, not to stay homeless.
Maureen O’conner was respected in the political arena, fighting for a place in the city Council of San Diego when we met and married Robert O. Peterson. Peterson was the founder of the fast food restaurants Jack in the Box, and as a result of his death, his wife received an inheritance worth more than $50 million.
How she ruined everything
The diagnosis of a brain tumor and grief for the loss of her husband and several of her close friends led to the fact that she developed a gambling addiction. Although online gambling has led to the fact that she won more than $1 billion in less than ten years, her loss was even greater, leaving her less than she had at first. In addition, she was convicted of money laundering and use of money from the nonprofit organization her husband to cover gambling debts.
“Poor little rich girl” as he was called Barbara Hutton, was a beneficiary of the Woolworth’s. In your 21st birthday in the early 1930-ies she has inherited $50 million, which, adjusted for inflation, today would exceed $900 million — a staggering amount at any point in history. She received an inheritance resulting from the death of her mother, who committed suicide in 1933.
As she was on the verge of bankruptcy
Despite the fact that a young Hatton grew up rich, she grew up quite insecure. Her father was practically absent throughout her life, and her mother struggled with depression. Weakness Hutton was shopping, especially for her favorite, which she generously endowed with expensive gifts such as jewelry, fashion items and even objects of art that once belonged to Marie Antoinette. Her expenses were not the only cause of its depletion. She was married seven times, and divorces her condition declined. At the time of her death in 1979 at the age of 66 years she has almost nothing.
Alex Lazarev different from the traditional heirs and heiresses that she grew up in a wealthy family. After their mother left father at the age of 3 years, she grew up in a modest suburban house in Toronto under the supervision of his mother. She became independent, bought clothes for the money that I earned myself. She inherited more than $1 million after her mother committed suicide.
As she quickly spent the wealth
Alex’s mom was a professional violinist, who made a good living and have spent almost nothing. Only after her death, Alex found several Bank accounts totaling more than $1 million Alex tried to quickly change their impoverished lifestyle and decided to start from the top, moving into a luxury penthouse at an exorbitant price. Although she has spent a lot on clothes and travel in a limousine, a large part of her inheritance had been invested in business ideas that never succeeded. Soon she lost all and returned to where I started.
The seventh Marquess of Bristol, John Hervey
John Hervey, the English Royal family, inherited his fortune on his 21st birthday in the late ‘ 70s. In the present calculations, the inheritance of $6 million is about $65 million of His fortune also increased due to a number of real estate investment and oil.
As he died penniless
Hervey may be able to invest, but he decided to lead a wealthy lifestyle, the cost of which quickly exceeded him a huge fortune. He spent his money on yachts and sports cars, but these costs were nothing compared to the uncontrollable of drug addiction. For 10 years, more than $9 million of his condition went to cocaine and heroin. Costs began to rise, as his addiction to drugs led to many drug-related offences, one of which led to the deportation. By the early 90s he was without a penny in his pocket, and soon he found the polished failure associated with drug use.
Huntington Hartford II
Huntington Hartford II has grown in wealth. From a young age he was spoiled by servants who were paid for his services, and he gave gifts whenever he wanted. He inherited his fortune of $90 million at a young age, at age 11, after his father’s death.He also became heir to a vast Empire A&P, which included grocery chains across the country.
As he left the mansion for rental housing
Hartford was extremely well educated, but not very versed in the management of their finances. He invested his inheritance in several unsuccessful ventures and projects, including a modeling Agency, which turned into a money pit and a real estate deal in the Bahamas, in which the loss exceeded $30 million But the loss did not end the investment. He was married and divorced four times, each divorce cost him more than the previous one. By 1992, he had to file for bankruptcy and lived in a rundown rented house in Brooklyn.
Allison Cintins was only 22 years old when her stepfather died and left an inheritance of $66 000. Her father took care of the future daughter, and left instructions that it would be wise to place money on Deposit with a high interest rate in the hope that one day she will be able to use them to buy their own house.
As it costs lost it after only 2 years
Despite the fact that her father gave her sound financial advice and a solid plan for the future, Alison had other plans for her state. Feeling that buying a home is still far away, and she has a lot of time to accumulate, Ellison spent the money instead of putting it in the Bank. Despite the fact that she agreed to put the first $61 000 to the account of $5000 dollars, which she kept, lasted only one month, and she soon found that uses their savings to buy clothes and other whims. Two years later, she left at least a couple of hundred dollars of the total inheritance.
Clint Murchison, Jr.
The son of oil tycoon Clint Murchison, Jr. received $200 million after the death of his father in late 1960-ies. His legacy will cost more than $400 million today. Murchison, Jr. was raised in a rich environment, and so he quickly spent his fortune.
He became one of the largest cases of bankruptcy in the United States
Unlike his father, who was a major investor, Murchinson Jr. decided to have some fun with his legacy by investing in dubious projects, and not a reasonable investment. His first major investment was the establishment of the football team Dallas Cowboys in 1960. He not only invested millions into a football team, but also invested in several other businesses, including restaurants, oil, real estate, and even a radio station. Many of his investments failed, and the collapse of oil and real estate in the 1980-ies brought him into serious debt. By ‘ 85 he had no other choice but to declare bankruptcy, he died only two years after the sale of all of its assets.
Although Jacob Wade was not a celebrity or a heir to the family fortune, he was not a novice in how sudden unexpected condition may appear or disappear in the blink of an eye. He inherited thousands of dollars due to two accidents — his father died of cancer after receiving a misdiagnosis in the hospital, and he was in a car accident. Insurance payment after the accident began simultaneously with the payment of annuity after the death of his father. Wade spent $100 000 in less than three years.
How he went bankrupt
The money was gone in just three short years due to a serious bad thought out and extravagant purchases. From College courses, which he had never visited, to a double truck, custom, money was gone as quickly as it came. Wade estimated that in total he spent over $35 000 on entertainment, $16 000 for University, loans for not getting a degree and $27 000 for living expenses when he decided not to work for a year. At the end of the three-year period, he found that trying to get out of debt.
Ewan McAndrew was employed with average incomes, who suddenly turned out to be the heir to six-figure sums; an inheritance was just over $128 000 after tax.
He ruined everything
McAndrew didn’t waste any time spending his inheritance on cars, clothing and drugs. It was his new addiction to drugs quickly undermined his Bank account, forcing him to look for ways to Supplement his income and feed his addiction. To achieve this, he turned to the cocaine trade. Even the money received from the trade, quickly disappeared, when he was arrested, he received a 10-month prison sentence.
Good fortune might quickly disappear, and for some people lavish spending, bad investments and extravagant lifestyle can lead to loss of money that others can only dream of.