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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