Kim Basinger’s Bankruptcy and Recovery
Kim Basinger like many other celebrities have made some questionable financial decisions which lead to bankruptcy and a mountain of debt. If it wasn’t for her perseverance this would have been another celebrity tale with a tragic ending, but Kim didn’t allow her mistakes define her and made a dramatic comeback over the years. Being one of the handful of stars who hit rock bottom and rose back up, her story is a worthwhile read.
She was one of the top Hollywood movie stars in the 1980’s. An American actress, fashion model, and singer known for her blonde good looks and comedic skills. You probably know her from the films James Bond: Never Say Never Again, The Natural, Nadine, Batman, The Marrying Man, The Getaway, or L.A. Confidential just to name a few of the films she’s been on. The list of Kim’s successful performances could go on and on, earning her a hefty amount of cash.
But like many other celebrities, she wasn’t too careful with her money. In 1993 Basinger was found to have breached an oral contract with Main Line Pictures when she pulled out of the controversial film “Boxing Helena” and was sued by the studio for $8.1 million due to the breach of contract which ultimately lead to her having to file for bankruptcy. Prior to the case, she made some bad financial decisions that left her unable to afford that amount.
Born on the 18th of December 1953 in Athens Georgia USA, she was the third of five children. During childhood, Kim was extremely shy to a point that she would faint when asked to speak in front of class. Her parents enrolled her to ballet to help with her confidence which proved to be effective.
By mid-teens she grew to become a confident young lady and at the age of 17 she won at the city level of America’s Junior Miss Scholarship Pageant, crowned as Athens Junior Miss. Her beauty was profiled in the national program attracting an offer for a modeling contract with the Ford Modeling Agency earning herself $1 thousand a day. She appeared on the cover of magazines and in countless advertisements throughout the 1970’s alternating her modeling career, schooling, and performing as a singer in clubs.
After five years as a cover girl, Kim quit modeling claiming to dislike it and moved to Los Angeles to act. “It was very hard to go from one booking to another and always have to deal with the way I looked. I couldn’t stand it. I felt myself choking.” Basinger said in an interview for The Hollywood Book of Extravagance. According to Kim, during her career as a model she avoided mirrors out of insecurity.
She started by making guest appearances on TV shows until she accepted her first main role for the television film Katie: Portrait of a Centerfold. Following this was her feature debut on a rural drama called Hard Country followed by the film Mother Lode. Playing the role of the Bond girl Domino Petachi in the 1983 Never Say Never Again was considered to be her breakthrough. He subsequent appearance in the Playboy magazine lead to further opportunities including her role in The Natural where she earned a Golden Globe nomination for Best Supporting Actress.
The blonde beauty became a well sought-after actress admired by directors that several of them were compelled to cast her twice in their films. Tim Burton’s 1989 Batman where she played as Vicki Vale was the highest-grossing film of Basinger’s career. In the same year, some family members urged Kim to purchase a bulk of private land in the small town of Braselton Georgia for $20 million as an investment. She planned to turn it into a tourist hub and establish a film festival. This would soon turn out to be her greatest regret as she has stated that “nothing came out of it”.
Kim met her second husband in 1990 filming The Marrying Man. Her co-star Alec Baldwin who was playing as his lover won her heart but the relationship ended in December 2000 with an intense custody battle over their daughter. Dropping $20 million on an investment that failed to bare fruit and cashing out a huge amount in the custody battle ensued a series of financial difficulties. Further aggravating it was her decision to back out from a role in 1993. This came with repercussions which lead to bankruptcy. She had no choice but to sell the small Northeast Georgia town for $1 million just to pay for the fine.
There isn’t much one can do about bankruptcy but carry on. In 1997 she landed the role of Veronica Lake in L.A. Confidential – won an Oscar and a Golden Globe award for her role on the said film. After that Kim appeared in multiple films including “8 Mile” and “Cellular”. She also signed a contract with IMG Models at 60 years old.
At this point she has appeared in 38 films in her nearly four decade-long career and she now has an estimated worth of $36 million. I think a lesson we could all get from this story is that no matter what problems you face, even if you have to start from scratch, as long as you keep going it is never too late to succeed and get right back on top. Never lose hope. Use every obstacle to your advantage, see it as an opportunity to grow instead of a burden.
Before I have achieved my goals of financial recovery and financial freedom, I also went through several challenges. Similar to Kim there was a point in my life when I have gone broke and had so much debt to pay but I did not let that discourage me. You may be in the same situation as I was before, I hope I could help you achieve financial freedom by sharing with you the method I used. Find out more on my free e-book:
Here’s to your success!