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Posted On: March 25, 2011 by Scott Sagaria

Hollywood Files Bankruptcy

Despite the glamorous and luxurious lifestyles of America's film and music stars, appearances can often be deceiving. The high profile, big spending lifestyles of the Hollywood giltterati isn't equally sustainable for everyone. Before his death, reports indicated that Michael Jackson was on the brink of bankruptcy. Ironically, it was his death which saved him, as he his estate has netted more since his death than he ever did alive. Steve Baldwin, brother of Academy Award-winning actor Alex Baldwin has also had trouble with financial solvency. In 2009, Steve was forced to declare bankruptcy due to poor borrowing and real-estate decisions. Donald Trump has appeared in the homes of millions as the image of financial success. However, before his role on apprentice, the real estate mogul was on the verge of declaring chapter 11. Despite their size and global prominence, Hollywood film studios are not exempt from financial difficulties. In 2010, MGM was forced to declare bankruptcy following a 2005 leveraged buyout. Even though the world of Hollywood may seem glamorous on the surface, often times the lives of the rich and famous are not as effortless as they appear.

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