Over the years, many lottery winners have splashed their cash on all sorts of weird and wonderful things which has led them to a hole in their pocket, debts up to their ears and no money to even put a meal on the table.
Well Remortgage.com has scoured the World Wide Web to find the biggest lottery loser and how they went from rags to riches with millions of pounds to spend.

William ‘Bud’ Post
William ‘Bud’ Post won $16.2 million on the lottery in 1988 but now lives on social security.
“I wish it never happened,” Post said. “It was totally a nightmare.”
Many people tried to get hold of Post’s riches, including an ex girlfriend who filed a lawsuit claiming a share of his winnings. His brother was also arrested for hiring a hit man to kill him so that the money would go to the family when he died.
Other siblings pressured him into investing into a car business and a restaurant-two project which failed to bring in any money.
The lottery winner also spent time in jail for firing a gun over the head of a bill collector. And within a year he was $1 million in debt.
Post admitted he hadn’t thought it through properly and was just tried to please his family. He eventually declared himself as bankrupt.
He now lives on $450 a month and lives off food stamps.

Suzanne Mullins
Suzanne Mullins won $4.2 million on the lottery in 1993. Now she is in a considerable amount of debt to a company that lent her money using the winnings as collateral.
She borrowed $197,746.15 which she agreed to pay back with her yearly cheques from the lottery in 2006. When the rules changed and Mullins could collect her winnings in one lump sum, she cashed in the remaining amount but stopped making payments on the loan.
She blames the large debt on the lengthy illness of her uninsured son-in-law who needed $1 million for medical bills.

Ken Proxmire
Ken Proxmire was a machinist when he won $1 million on the lottery. He moved to California and went into the car business with his brothers and within five years he had filed for bankruptcy.
“He was just a poor boy who got lucky and wanted to take care of everybody,” explains Ken’s son, Rick.
“It was a hell of a good ride for three or four years, but now lives more simply. There’s no more talk of owning a helicopter or riding limos. We’re just every day folk. Dad’s now back to work as a machinist,” says his son.

Janite Lee
Janite Lee of Missouri won $18 million in 1993. Lee was very kind with her money and shared it between a variety of causes, such as political party organisations, education schemes and the community services.
Reports later claimed that seven years later, Lee filed for bankruptcy with just $700 remaining in her account.

Evelyn Adams
Evelyn Adams was the lucky double lottery winner who won in both 1985 and 1986, totalling $5.4 million.
Now, Evelyn has no money and says, “Winning the lottery isn’t always what it’s cracked up to be.”
Evelyn won the lottery in New Jersey twice but now lives in a trailer.
She lost the money in slot machines and couldn’t say no to relatives and friends.

Well as much as you may be struggling now, don’t think that those high flying celebs are rolling in the cash pot. Many celebrities over the years have got themselves into hundreds of thousands of pounds of debt, trying to keep up with the lavish lifestyle, the celebrity world brings.

Well to make you feel a little bit better and so you don’t feel as bad spending a few pennies on that gorgeous black dress, or a couple of pints in the pub, take a look at these super spending celebrities and the messy situations they got themselves in.

Kerry Katona

One of the biggest celebrity spenders this year has been Kerry Katona who declared herself as bankrupt last month due to an unpaid tax bill.
The former Atomic Kitten star has just been dropped as the face of Iceland, after being snapped taking cocaine earlier in August 2009.
Kerry earnings over the past few years does not equate to her spending. The star is reported to have earned £1 million for her book, ‘Too Much Too Young,’ £750,000 for her Iceland ad contract, £400,000 annual earnings for her column in OK! Magazine, £250,000 from her diet and fitness video, £100,000 for her reality shows ‘My Fair Kerry’ and £25,000 for winning I am a Celebrity.
The star actually spends £1.5 million on her luxury five-bed house in Cheshire, £115,000 on a Lamborghini for hubby Mark, £90,000 on a top end Range Rover, £70,000 Porsche Cayenne GTS and £12,000 on a motorbike for Mark…again.

Shane Ritchie

Shane Ritchie may be a famous star on the TV screen but don’t expect to see him splashing his cash on expensive furniture or buying everyone a drink at the pub.
Despite the rumoured £200,000 wage packet during his time at Eastenders, the lovable Alfie Moon faced arrears on the £8,000 a month mortgage of his £2million mansion. Ritchie had to sell his dream home to avoid bankruptcy and clear up his debts.
The TV star bought the house complete with a pool and cinema in 1996 for £400,000, but had to remortgage five times over the years running up £500,000 in debt after his career nosedived.
Returning to our TV screens as the lovable Alfie Moon, he used his new income to splurge £250,000 in a 40th birthday party and fund a movie called Shoreditch starring Joely Richardson.
“I bankrolled it to the tune of half a million,” he says. “Every penny I had went into it. Last summer my car was repossessed. I could not pay the mortgage for a year and bailiffs were threatening to come round over a £2,000 bill.”
His friends helped him clear up his immediate debts and will no doubt be expecting to see their cash returned now Ritchie is back in the money.

Bill Roache

Another soap star who got caught up in the celebrity stardom is Coronation Street’s Bill Roache who plays Ken Barlow.
The long standing Corrie actor was made bankrupt in 1999 and was ordered to pay legal costs despite winning a libel case against the Sun newspaper. He was awarded £50,000 in damages but because the figure was exactly the same that the paper had offered him in an out-of-court-settlement, he had to meet the legal costs of around £120,000 and his debts are believed to have spiralled to £600,000.
Not like the Ken we know and love in the street then!

Mike Tyson

Former boxing champion Mike Tyson became a household name during a career which earned him more than £165 million.
However, the famous boxer is now longer throwing his money around after being declared bankrupt with debts of more than £70 million.
His luxurious mansions have long since been sold along with his collection of classic cars.
The boxing champion now lives in a modest rented home in Phoenix.

Adam Faith
Former 1960s singer, Adam Faith made a living out of telling others how to handle their money… I bet many wish they didn’t take advice of him.
After the collapse of the satellite television channel he founded, The Money Channel saw him declared bankrupt with debts of £32 million.
Faith unfortunately died in 2003 and left his widow, Jackie to deal with pressure from creditors demanding she moved out of their marital home.
Agents for an insolvency firm handling her late husband’s affairs claimed half of the family possessions along with 50 per cent of a ‘paltry’ life insurance policy.

George Best

Former footballer, George Best, lived his life surrounded by women, gambling, fast cars and alcohol.
At the height of his career, Best was taking home £3,500 a week while the average footballer would bring home £75.
But the large wage packet and the alcohol fuelled lifestyle failed to support the footballer and his life and health.
He took up gambling after he gave up football, claiming that it was his way of filling the void in his life.
In November 1982, George was declared bankrupt, owing creditors £22,000. His most famous comment on his lifestyle was, “I spent a lot of money on booze, birds and fast cars. The rest I just squandered.”

Kim Basinger

In March 1993, the stunning Kim Basinger pulled out of Boxing Helena, four weeks before shooting.
The studio sued the star, which resulted in Basinger declaring she was bankrupt to settle the £6 million claim. This terrible decision also came after her ill-fated move in 1989 to buy the town of Braselton, Georgia, for £12.5 million, which was later sold.
The late 80s also brought further bad news for the star as her first husband, makeup artist and Basinger’s manager, filed for a divorce. He reportedly demanded a £15 million settlement.

Most celebs have and will continue to be lavish spenders as long as the money keeps rolling in. What they forget to realise is that money does run out if you don’t keep on working, or you spend in excess on things you don’t necessarily want or need.

We mere mortals may have to learn the hard way sometimes but at least we don’t come down with a bump with debts of £6 million! Kind of makes you feel a little bit sorry for these not-so-clued-up celebs living in a fantasy world!