People who inherited millions, but spent it all

By Business News Updates on September 26, 2021

People who inherited millions, but spent it all

Daniel Coughlin

14 hrs ago

The heirs who squandered millions

Going from riches to rags, a shocking 70% of high net worth families lose their fortune by the second generation, according to wealth consultancy the Williams Group. Here are eight heirs with the reverse Midas touch who frittered away their inheritance money (adjusted for inflation). Read on to find out what went wrong.

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Tori Spelling: $1 million inheritance

Up to her eyeballs in debt, Tori Spelling just couldn’t stop burning the cash. The actress and reality star’s free-spending ways prompted her late TV producer father Aaron Spelling to leave his daughter just $800,000 out of a $500 million legacy after his death in 2006. This inheritance would be just over $1 million in today’s money.

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Tori Spelling: $1 million inheritance

Spelling would close a designer store and drop $60,000 in one session, according to her mother Candy, who has had to come to the rescue and shored up her daughter’s finances on more than one occasion. Needless to say, Spelling’s inheritance was gone in no time.

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Tori Spelling: $1 million inheritance

In fact, Spelling is said to have blown her inheritance, along with a further $17 million, by 2014. Since then, the big spender’s finances have been in rough shape. In 2016, Candy Spelling revealed she was covering her daughter’s rent and bills.

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Tori Spelling: $1 million inheritance

In October 2016, the hard-up celebrity was ordered to pay an outstanding American Express credit card debt. But she didn’t repay it and it grew to $88,478.25 by March last year when the bank asked the Los Angeles Sheriff’s Office to step in to force Spelling to pay up. The Sun reported that the Sheriff’s Office had asked Sony Pictures Entertainment to withhold her earnings. And that’s not the end of Spelling’s money issues: in 2017, Spelling and her husband Dean McDermott were hit with a $1 million tax bill, which they reportedly still owe, according to The Sun. And she was the subject of another lawsuit over an unpaid credit card to the sum of $5,054.32 in September 2018, which is also reportedly still unpaid.

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Clarissa Dickson Wright: $17.6 million inheritance

One-half of 1990s UK TV cookery sensation the Two Fat Ladies, Clarissa Dickson Wright inherited £2.8 million – which would be $17.6 million today – after her mother died of a heart attack in 1975. A high-earning London barrister, Dickson Wright was flush with cash during the late 1970s.

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Clarissa Dickson Wright: $17.6 million inheritance

Yet the sudden death of her mother, to whom she was especially close, followed by her father’s passing not long after, plunged Dickson Wright into a deep depression, and she turned to alcohol, drinking two pints of gin a day at her lowest ebb.

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Clarissa Dickson Wright: $17.6 million inheritance

Dickson Wright’s spending went off the scale too, and she splashed obscene amounts of money chartering yachts and private jets, staying in luxury hotels, partying and gambling 24/7. By the early 1980s, the money had completely dried up and Dickson Wright, who was barred from practising law in 1982, was effectively homeless.

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Clarissa Dickson Wright: $17.6 million inheritance

After reinventing herself as a cook and getting sober, the reformed alcoholic managed eventually to claw back some of her wealth thanks to her successful TV and writing career in the 1990s and 2000s. However, following Dickson Wright’s death in 2014, a number of her personal items had to be sold to settle an outstanding tax bill.

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John Hervey, 7th Marquess of Bristol: $28.5 million inheritance

The half-brother of model Lady Isabella Hervey and socialite Lady Victoria Hervey, John Hervey, 7th Marquess of Bristol, inherited a cool £5 million by his 21st birthday in 1975, around $28.5 million in today’s money. A flamboyant character, Hervey modeled himself on Oscar Wilde and embraced a suitably decadent lifestyle. His family home was Ickworth in Suffolk, England.

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John Hervey, 7th Marquess of Bristol: $28.5 million inheritance

During his 20s, Hervey managed to increase his fortune by investing successfully in oil, real…

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2021-09-25 18:00:00

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