With the recent story about Ed McMahon’s financial troubles,  I think most people are surprised to learn that celebrities, who make tons of money, ever end up in debt.  But an accountant friend of mine tells me that he sees it all the time:  the more you make the more you spend.  It’s an interesting phenomenon.

A new tell-all book is coming out in which it is revealed that Sammy Davis Jr. (of the Rat Pack era) died owing the IRS $15 Million.  Deconstructing Sammy talks about how his financial troubles left his estate in shambles.    He was so broke in his final years  that when he was diagnosed with throat cancer in 1989, he opted out of surgery which offered him an 80 per cent chance of survival.  Instead, he chose to undergo radiation treatment, which only offered a 30 per cent survival rate, reasoning that if he couldn’t sing, he couldn’t make money. 

The singer died in 1990 and up to that point had earned $50 Million in his lifetime.

At the time of his death he left behind his wife of 20 years Altovise Davis.  His memorabilia had to be sold off to pay for his funeral.

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Penelope Cruz looks beautiful as she attended the premiere of Vicky Christina Barcelona in Westwood California yesterday.  It’s a Woody Allen film that also stars Xavier Bardem,  Scarlett Johansson, and Chris Messina.  Debbie Mazar and Salma Hayek were also at the premiere.  I didn’t even recognize Scarlett Johansson she looks so different.

Penelope is one busy lady she is in post-production of G-Force which has a release date of 2009, is currently filming Abrazos Rotos, Los (meaning Broken Hugs, or Broken Embraces) which is also scheduled to be released in 2009 and is in pre-production of Nine which has a 2009 release date.  Oh yes, and then there are those rumours of Xavier baby proposing to her next month when they are on holidays.

Photos:  SplashNews