Celebrities have lots of cash to throw around, which is why you see so many crazy investments by the rich and famous. Some are successes, while some are flops. Good thing they have so much money, they barely notice how much they lost! Let’s check out some outrageous celebrity investments.
- Bono: This U2 front man is the managing director and co-founder of the private equity firm Elevation Partners which takes on large-scale investments in media, entertainment and consumer-related businesses, says Bankrate. After turning a $300 million investment in video game creation into more than $620 million back in 2007, his company has really started to tank. They sank $460 million into Palm and $264 million into Forbes with meager ROI.
- Dorothy Hamill: America’s favorite ice skater after she claimed the gold medal at the 1976 Olympics, Hamill went on to appear in the Ice Capades, a wildly successful tribute to the beauty of the sport. She bought the company in the early 1990s and led it in another direction by focusing on the athleticism of the sport rather than the beauty. The company tanked soon after and went bankrupt in 1996.
- Elizabeth Hurley owns her own 400-acre organic farm in Gloucestershire, England where she farms her own organic food and sells her own line of natural snacks. In addition, she partnered with Harrod’s to produce a line of beach products with swimwear for all ages.
- Kevin Costner: He’s not just an actor; he’s an environmental activist. He has invested heavily in oil-water separation equipment that helped clean up the BP Oil spill.
- Kathy Ireland: This supermodel owns Kathy Ireland Worldwide, which is involved in anything from fashion and home décor to weddings and real estate. She makes about $1.5 billion a year in 20 countries.
- Nicolas Cage: He bought the Schloss Neidstein Medieval Castel in Bel Air for $18 million several years ago but had to sell it off not too long after at a big loss.
- Dan Aykroyd: He made his own Crystal Head Vodka, with a signature bottle featuring crystal skulls. Madefrom peaches and cream corn, the vodka is revered for its taste but even more so for the souvenir bottle.
- Burt Reynolds: This dreamy 70s actor bought a chain of restaurants called PoFolks in California, Texas, and Florida but ended up losing $15 million before selling it off.
- Danny DeVito: He crafted his own version of Limoncello, a sweet, 60% proof lemony liqueur. It didn’t last long, due to the presence of many other types of Limoncello on the store shelves.
Your investments likely won’t be this crazy or involve several million dollars, but it’s still important to manage your investments wisely. If you find yourself needing restitution for phony or misleading brokerage advice, contact the stockbroker fraud lawyers of Thomas Law Group for help. We have recovered more than $40 million for investors all over the United States.