Some of the richest stars in Hollywood almost went completely broke. That includes Rihanna, who got some bad advice from her accountants. As we'll reveal in the following, MC Hammer certainly falls on this list, as the rapper lost millions in quick succession. During the '90s, he went from major rap star, to being completely broke due to some bad spending decisions. In the following, we'll take a closer look at MC Hammer's fortune, and where it all went. In addition, we'll take an interesting look at how Hammer feels about his vanished net worth, surprisingly, the rapper doesn't hold many regrets.Thankfully these days, his net worth is back in the positives, as the '90s star managed to turn things around, thanks to some savvy business moves.
Despite Losing His Net Worth, MC Hammer Doesn't Have Any Regrets
In 1991, MC Hammer had a strong net worth, estimated to be $33 million by Forbes. However, just five years later, the rapper was filing for bankruptcy, in large part, because of bad spending habits.
As the '90s rapper revealed alongside Oprah, he doesn't regret the way he spent his net worth - and neither does he regret anything from his past.
"Some people ask me sometimes, would I go back and change things?" he says. "They are flabbergasted by my answer. My real, true answer is I wouldn't change one thing."
According to MC Hammer, one different decision might have changed his life and wouldn't lead to the point that he's at now.
"I really believe in the butterfly effect. Meaning that if I change one thing, everything else changes. I lose the kids I have now. I lose the relationships I have now. I lose the peace I have now. So I'm very happy with my decision."
MC Hammer Had Bad Spending Habits, Including Giving His Friends $500,000 Per Month
So what happened to MC Hammer's net worth? Well, a few things. Among them, was employing 200 staff members, which in large, were friends. On his payroll, Hammer had $500,000 alone go to his staff.
Again, Hammer shows little regret, given that he was helping out others in need, and not keeping the money to himself.
"I lost my heart," he says.
"I didn't just take the money and say, 'I want to be a blessing to myself.' I took my money and employed 200 people in my community. I had a payroll of a million dollars a month at times."
That wasn't the only reason MC Hammer lost his massive fortune. The rapper had other spending habits, which included the purchase of his $30 million home. According to Thrillist, the house was loaded on the inside.
"It had gold-plated gates, two swimming pools, Italian marble floors, a recording studio, 17-car garage, 33-seat theater, baseball diamond, and multiple tennis courts."
Debts of $13 million, lawsuits and expensive cars would also factor in the demise of Hammer's bank account. However, thankfully, he's back on his feet these days with a positive net worth.
MC Hammer's Net Worth Is Back In The Positives These Days, At $2 Million
Along the way, MC Hammer managed to climb back up the ranks, despite the huge debts. These days, MC Hammer is back up to $2 million, in large part, thanks to changing his identity.
According to Billboard, MC Hammer managed to become an entrepreneur, despite his past mistakes.
“In Silicon Valley, he’s a respected entrepreneur, investor and adviser with a reputation as a savvy early adopter of new technology,” Billboard wrote in 2011.
“It’s a reputation developed during the course of nearly two decades, during which Hammer has invested in or advised dozens of companies."
"He helped Pandora founder Tim Westergren prepare for meetings with music executives when the service was still called Savage Beast. He gave marketing advice to Salesforce.com. He visited YouTube’s offices when it was still located above a pizzeria in San Mateo, Calif."
MC Hammer remains active today on platforms like Instagram and Twitter, while also doing his best alongside charitable causes, such as food distribution in Oakland.