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Former “Lifestyles of the Rich and Famous” host Robin Leach on celebrities such as Michael Jackson and Whitney Houston mismanaging their money and...
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Celebrities athletes lottery winners in most cases they have two things in common fame and -- -- -- -- But some of them aren't so lucky joining me now you know him from me.
Crowds of the rich and famous he's the current host -- Vegas deluxe that sounds -- Robin -- with us Robin thanks for coming -- we appreciate it.
Now you've seen a lot of them with the jury -- spending right what did you fired up about it.
Well.
It's it is it's the first -- all the tragedy that they can't manage their money properly.
Or worse that they don't have -- but war help them suddenly deal with the sudden influx of -- And and analyze the big problem here is one frame.
Strikes it strikes -- glitz glam mop mommy.
And claim.
Because they suddenly think there impervious to failure and that the gravy train of money will keep rolling in so you generally find that the people who got tons of -- Have no.
Understanding of how they should handle it how they should husband -- and therefore.
Suddenly when they turn -- there's nothing left.
And lots the hangers on who would like they'll be spent some of that money to I think that's what happened.
So -- have people that's -- -- one of the very big problems of course is the entourages -- hangers on.
You you see that specifically you know in the in the world of athletics we've.
Possible -- as -- boxes and old cars people who who are literally on the payroll to say the would yes.
You know the money goes very quickly really quickly and.
Well you know we get started on this because of Whitney Houston in her untimely demise.
Arial this past week she spent a hundred million dollars the police are looking back.
Lots of people Michael Jackson died with 400 million dollars of debt at the time of his death what what was happening there.
What are about that that the time that was the biggest bankruptcy of a -- when he'd have to file for bankruptcy.
But you know to extraordinary lawyers in Los Angeles.
Have sort of completely turn that around off to Michael's death from they wiped out the 400 million dollars in debt from now.
The estate is actually in a profitable.
Position where it is now looking -- Michael's children.
But Michael was not an accountant Michael was not a CPI.
Michael had no idea of the money that was coming in and going -- You know pop stars who are on the road traveling doing -- so it's making recordings.
Thank can't -- cost to the books so they trust people who look -- -- the books for them and some very unscrupulous people that sort of look in the shadows -- show business somehow managed to get their hands for.
You know -- -- into the into the Paul.
Without what happened to Wayne Newton.
Well I think going it was a really different because -- of course Yahoo! is love to hear him -- of this -- Got involved in in in a major hotel investment here we're -- when our planet Hollywood was known as -- lab in.
And some of the people that work.
Silent partners in that transaction what exactly the greatest people in the world -- impact where it's.
And wind lost his mommy in that the old by investing too much in -- hotel.
That he should have been performing in on not being managed wow what we know it's not just famous they're trying to obtain wind and wind is -- on the on the good side of he's used.
Led -- -- like when they come back I really do you know it's not just think -- sort -- America.
It's not just famous people let's happens to Jack Whitaker I -- to get to -- lottery winner hill.
Major truck that was made the most massive what is that 350 million dollars in -- -- and Walton yeah.
How can you do lose 300 and the first thing that I will tell you give me that I would I would lose -- could -- could have given it to our bomber -- we would map for fiscal mess we have done.
Well terrible things happen to this -- man he is wife divorced him is grad daughter overdosed on drugs he was sued for bouncing checks.
He -- 500000 dollars stolen out of his car where he left it can you imagine them.
Crazy money money doesn't bring -- -- happiness does it but.
Who leaves half a million dollars and in the trunk of -- Kanye finally finally sent there now we have banks that -- kind of money we have Fort -- that takes care of gold we -- drive it around enough from the -- -- pleasure you must come back.
There -- any time thank you thank you great to have BI are right.
