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How MC Hammer Lost His Millions

MC Hammer was once worth $70 million, but excessive spending and a floundering career led to huge financial problems for the famous rapper. MC Hammer spent millions at the height of his career and didn’t save anything. He spent so much that he soon found himself $14 million in debt. MC Hammer’s luxurious mansion featured a gold hot tub, gold toilet, marble statues, and even a swimming pool shaped like MC Hammer’s iconic parachute pants. MC Hammer’s spending problems soon got the best of him and he was forced to sell all his possessions and file for bankruptcy protection in 1996. His former mansion ended up selling for just $5.3 million, which was far less than what MC Hammer had paid for the property. MC Hammer spent millions of thoroughbred horses and expensive supercars. Each of MC Hammer’s horses cost a minimum of $250,000 and many had price tags much closer to $1 million. His horse Dance Floor cost about $1 million. Not surprising considering the colt placed 3rd at the 1992 Kentucky Derby. MC Hammer’s horse Lite Light won the Kentucky Oaks in 1991 and was estimated to be worth $1,231,596. He also owned two helicopters, a private jet, and a luxuruous stretch limo. MC Hammer’s financial problem continued for years. The IRS even came after him for back taxes and MC Hammer had to pay up. Despite all this, MC Hammer didn’t give up. His fortune was gone but he kept going. He eventually started to see success again and now he’s worth about $1.7 million. Keep watching to see how MC Hammer blew his massive fortune. Subscribe for more amazing videos! ► http://bit.ly/Subscribe-to-Richest ◄ Written by: Rob Cramer Narrated by: Craig Freeman Edited by: Marcela Medina Saenko Animated by: Marcela Medina Saenko For copyright matters please contact us at: [email protected] CHAPTERS: 00:00 Intro 00:37 MC Hammer 02:07 Excessive Spending 03:08 Extravagant Mansion 04:22 Horse Racing 05:03 Costly Crew 05:22 Filing for Bankruptcy 06:02 The Taxman Cometh 06:47 MC Hammer’s Comeback