MC Hammer Blew $70 Million in 5 Years! You Won’t Believe What He Bought with His Fortune
Most average people dream of having the life of a celebrity, thinking it’s the easiest and quickest way to earn a massive fortune. Just look at how much some of the A-list actors get paid for film and television projects.
The highest-paid television stars take home $1 million paycheck per episode; film star, Dwayne Johnson made a cool 119 million from his blockbuster movies last year — who wouldn’t want that life?
Most stars who are enjoying their fame and glory are able to multiply their wealth rapidly thanks to the back-to-back projects and endorsements they get.
While this assumption may be partly correct, Hollywood celebrities have a short lifespan when it comes to their popularity and demand, and if they aren’t careful enough with their finances, they could end up penniless.
One notable example of TV personalities who burned through their massive wealth and ended up broke is MC Hammer. In just five years, the renowned rapper blew off his enormous $70 million net worth!
How did this happen? Let us uncover Hammer’s heart-wrenching story of how he lost his fame and massive wealth in a snap.
MC Harmer comes from a poor family of eight siblings who spent their childhood crammed up in a small three-bedroom apartment they rented in East Oakland. Due to harsh living condition, Hammer was forced to fend for himself and rest of the family at a very young age.
Some of his earliest entrepreneurial ventures included selling baseballs or dancing on the beat of a beatboxer in Oakland Coliseum’s parking lot to earn cash.
While the money he made back then was hardly enough to get him through a single day, it did teach him a valuable lesson on hard work and dedication — unfortunately, the one lesson he failed to learn was how to manage his wealth, as you’ll read later on.
Fortunately, Charles Finley, Oakland’s owner noticed how his fantastic dance moves, enthusiasm, and wittiness captured the crowd’s attention. He then decided to hire Hammer to become his clubhouse assistant.
Hammer considered his first job as a once-in-a-lifetime opportunity to change his life. The money he earned enabled him to pursue his education, although he did drop out of college later on after he started on his journey to find success in Hollywood.
The Big Break
It wasn’t until Hammer left the Navy after three years of service that he discovered his passion for performance arts and made it a goal to become the most famous rapper on the planet. Right then and there, he started making music, taking small gigs and doing live shows around the Bay Area.
When his talent started to make some noise, Hammer borrowed $20,000 each from former A’s Players Dwayne Murphy and Mike Davis to launch his record company.
Hammer released two albums namely “Feel My Power” in 1987 and “Let’s Get It Started” the year after. His records sold 60,000 copies each, enabling him to land an astounding $1.75 million deal with Capitol Records.
The famous rapper then got his biggest break when he debuted his album “Please Hammer Don’t Hurt ‘Em” which sold a staggering 10.5 million copies in the United States and another 11.5 million worldwide! Since then, Hammer has become a household name in the music industry that paved a way to fame and glory.
Despite his massive wealth accumulation, Hammer quickly depleted his wealth thanks to his lavish lifestyle. He thought his fortune was going to last forever, so he went on a massive spending spree, bought 17 luxury cars, 21 racehorses, a private jet, and lavish homes which are reportedly worth $1 million each.
Hammer also travelled with an astounding entourage of 200 people whenever he went on music tours. In no time, Hammer burned through $70 million, and ended up with nothing but a huge debt.
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