Sanchez-Vicario Owes $1.5m in Taxes, From $60M to Broke (VIDEO)

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By Brendan Giusti , Christian Post Reporter
February 9, 2012|11:26 pm

Former tennis ace Arantxa Sanchez-Vicario has allegedly had a massive fall from grace financially, going from possessing $60 million in her prime to being reported broke, and it has been reported that she now owes $1.5 million in taxes.

Sanchez-Vicario, the tennis phenom, said her parents lost $60 million in tennis earnings and is now broke after they mishandled the funds.

Sanchez-Vicario, 40, made the announcement in a book published Tuesday.

The four-time Grand Slam winner was paid a monthly stipend from her father, who she trusted to handle the finances while she focused on the sport.

"I never doubted that my father would manage my assets in the most efficient and beneficial way," she wrote.

Sanchez-Vicario, who retired in 2002, is now penniless and in debt.

"They left me with nothing, and I owe the tax authorities," she said. "How can it be that everything I achieved has vanished, that it does not exist?"

While Vicario may be broke and owe $1.5 million, she isn't alone. Several other famous celebrities have made the journey from top of their game to scrounging for change.

Chris Tucker went from staring in "Rush Hour" and other movies to fighting to keep a roof over his head. Sun Trust Bank reportedly filed foreclosure papers last year against Tucker on his $6 million mansion in Florida.

Mike Tyson earned more than $300 million in his boxing career. The champion fighter lost almost everything due to overspending and living beyond his means, according to reports.

In 2007, Tyson filed for bancruptcy after being in debt $27 million. The fighter was forced to give up some of the luxuries he was used to, like his pet tiger.

Singer Meat Loaf filed for bankruptcy in 1983 after finding himself $1.6 million in debt. The move came a shock to many because the singer was topping the charts for years.

M.C. Hammer went from having the hit song "U Can't Touch This" topping the charts in 1990 to filing for bankruptcy in 1996, owing a reported $13.7 million.

It is unclear why some celebrities see their high earnings disappear, but Vicario's situation points to financial mismanagement as the root cause.

See a video of M.C. Hammer's 1990 hit song below.

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