History is often characterized by stories of amazing and heroic people, who stood against all odds to shape and define history. However unlike what we are made to believe many of these historical figures are often normal human beings with their own personal problems like family, mental health, and financial troubles. For the sake of humanizing these heroes, we have compiled a list of famous historical figures from various periods in history who faced bankruptcy.
It is imperative to note that this article does not in any way diminish the enormous contribution of these people to history, as the majority of these folks had greater success and fame even after their bankruptcies. So without further ado, here are the 10 most famous people in history that went bankrupt.
1. Abraham Lincoln (1809-1865)
Abraham Lincoln was the 16th President of the United States. He is considered by many the greatest American president of all time, as he successfully led the country through a civil war, abolished the slave trade, expanded the power of the federal government, and modernized the country’s economy.
Before becoming the 16th President of the United States, and achieving these feats, Lincoln operated a general store in New Salem, Illinois, along with a friend. He however struggled with the business venture accumulating significant debt. Lincoln lost his assets to the debt and filed for bankruptcy in 1833. He however continued paying off his debts until well into the 1840s.
2. Ulysses S. Grant (1822-1885)
Ulysses S. Grant, the 18th president of the United States from 1869 to 1877 is one of the famous people in history that went bankrupt. He began to contribute to history as the commanding general of the Union Army, leading the force to victory in the American Civil War in 1865. And thereafter briefly served as U.S. secretary of war.
As president, Grant was an effective civil rights executive who signed the bill that created the Justice Department. Grant however faced financial ruin after being swindled in a financial scam. He wrote his memoirs, which became successful posthumously, to provide for his family after declaring bankruptcy in 1884.
3. Henry Ford (1863-1947)
Henry Ford was an American industrialist and business magnate, known for revolutionizing the automobile industry. He was the founder of Ford Motor Company and chief developer of the assembly line technique of mass production. His conversion of the automobile from an expensive luxury into an accessible conveyance profoundly impacted the landscape of the 20th century.
Before creating the Ford Motor Company in 1903, Ford had 2 unsuccessful car manufacturing companies. In fact, his first company the Detroit Automobile Company, filed for bankruptcy as the company was unable to produce automobiles of a lower quality and price than Ford wanted. He also filed for personal bankruptcy in 1901 after the company failed.
4. Walt Disney (1901-1966)
Walter Disney was an American animator, film producer, entrepreneur, and one of the most famous people in history that went bankrupt prior to their fame. He is widely considered to be one of the most influential cultural figures of the 20th century, as he was the pioneer of the American animation industry, introducing several developments in the production of cartoons
Before creating the iconic Disney empire, Walt Disney began his first animation company in 1920 Laugh-O-Gram Studio. As a result of various issues, Disney alongside his company filed for bankruptcy in 1923. He moved to Hollywood to start anew with a loan from his parents and brother, eventually leading to the creation of Disney as we know it today.
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5. P.T. Barnum (1810-1891)
Phineas Taylor Barnum popularly known as P.T. Barnum was an American showman, businessman, and politician, widely considered by many as the great American showman. He was known for promoting celebrated hoaxes and founding the Barnum & Bailey Circus with James Anthony Bailey. He also served in several political positions over the course of his life.
In 1871 he filed for bankruptcy because he had losses from numerous unsuccessful businesses. After bankruptcy, he started his famous circus, “The Greatest Show on Earth” which merged with the circus run by James A. Bailey. The circus which was called Barnum and Bailey performed for 146 years until it closed in 2017.
6. Mark Twain (1835-1910)
Mark Twain, was an American writer and humorist. Praised by many as the “greatest humorist in the United States” and the father of American literature. Mark had a successful career as a writer, publishing numerous books and stories, before venturing into public speaking which earned more success and friendships with presidents, artists, industrialists, and European royalty.
Twain earned a great deal of money from his writing and lectures but invested in ventures that lost most of it. He filed for bankruptcy in the wake of these financial setbacks, but in time overcame his financial troubles with the help of Henry Huttleston Rogers. Twain eventually paid all his creditors in full, even though his declaration of bankruptcy meant he was not required to do so.
7. Frank Baum (1856-1919)
Frank Baum was an author of children’s books and was best known for writing “The Wonderful Wizard of Oz “in 1900. The book was an immediate success and sold about 90,000 copies in the first year. He made numerous attempts to bring his works to the stage and screen; the 1939 adaptation of the first Oz book became a landmark of 20th-century cinema.
Because of his lifelong love of theatre, Baum often financed elaborate musicals, often to his financial detriment. He put together an expensive traveling slide show and orchestra based on The Wizard of Oz, which was a financial failure. He, however, ran into trouble and could not pay his debts to the company that produced the films, eventually claiming bankruptcy in August 1911.
8. Marvin Gaye (1939-1984)
Marvin Gaye was an American singer, songwriter, and producer who gained prominence in the Motown era during the 1960s and 1970s. He is one of the most iconic and influential figures in the history of soul music. His music often explored themes of love, relationships, social justice, and the human condition, and was known for his ability to convey deep emotions through his singing.
Marvin Gaye filed for bankruptcy in 1976 as a result of an expensive divorce and significant tax problems. The bankruptcy did not stop him from being successful. In the 1980s, he released some of the most well-known songs of his career, including the Grammy-winning “Sexual Healing.” He died in 1984 at the age of 45. His contributions to music continue to be celebrated, and he is remembered as one of the greatest soul singers of all time.
9. Burt Reynolds (1936-2018)
Burt Reynolds was an American actor, considered a sex symbol and icon of 1970s American popular culture. He first rose to prominence when he starred in television series such as Gunsmoke (1962–1965), Hawk (1966) and Dan August (1970–1971). As a successful TV star, Burt owned mansions on both coasts, a helicopter, and a lavish Florida ranch.
He however went broke and was more than $10 million in debt when he filed for bankruptcy in 1996, after his much-publicized divorce from Loni Anderson. Reynolds’ dinner theater was foreclosed on by the mortgage lender and his ranch was sold. After his bankruptcy, he continued to act and was awarded the Golden Globe for Best Supporting Actor in the film “Boogie Nights
10. H.J. Heinz (1844-1919)
Henry John Heinz was an American entrepreneur, who started a small company at the age of 25 which sold horseradish, pickles, sauerkraut, and vinegar. The company failed and wasn’t as lucrative as Heinz hoped. In 1875, Heinz was in substantial debt and filed for personal bankruptcy. However,, Heinz’s passion for condiments remained strong.
Shortly after filing for bankruptcy, Heinz got together with his brother and a cousin to start a new company in Pittsburgh, Pennsylvania. The reorganized group started making ketchup, and the business took off. One of the company’s first products was Heinz tomato ketchup, which is still popular. Last year the H.J. Heinz Company had over $10 billion in revenue.
