This Is How Gary Coleman Lost All of His Money

This Is How Gary Coleman Lost All of His Money
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In 1989, Gary Coleman Sued His Parents and Claimed They'd Mismanaged His Finances, Cnn Reported. at the Time, Coleman's Trust Fund Should Have Been Worth up to $18 Million Dollars, People Noted. However, When He Was 17 and Wanted to Utilize It, He Found Merely $220,000, Biography Detailed. Coleman Pursued a Judgment of $3.8 Million, and the Suit Was Settled in 1993 for $1.3 Million (Per Abc News).

An insightful review of This Is How Gary Coleman Lost All of His Money—uncover the main takeaways.

In 1989, Gary Coleman sued his parents and claimed they'd mismanaged his finances, CNN reported. At the time, Coleman's trust fund should have been worth up to $18 million dollars, People noted. However, when he was 17 and wanted to utilize it, he found merely $220,000, Biography detailed. Coleman pursued a judgment of $3.8 million, and the suit was settled in 1993 for $1.3 million (per ABC News).

That judgement didn't tide Coleman over for long. He maintained the mismanagement issues caused ongoing financial problems, and he filed for bankruptcy in 1999. Legal issues and medical problems continued throughout Coleman's adulthood. He married Shannon Price in 2007, but a "Divorce Court" appearance revealed this didn't help Coleman's financial status or mental health.

"People will stab you in the back, mistreat you, talk about me behind your back, steal from you. And they're not really your friends. They're only there because you're a celebrity or because they want to get something from you," Coleman explained (via ABC News).

When he died, ABC News noted that Coleman's assets were minimal. Despite that, a war over his estate brewed. His Utah home, residuals, licensing rights, and a Screen Actors Guild pension were enough to prompt a battle between Coleman's ex-wife Price and an ex-girlfriend. Both in life and death, Coleman's successes were overshadowed and squandered via a difficult life and people who took advantage of him.

Elena Rostova
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Elena Rostova

Elena Rostova holds a Master's degree in Public Health Journalism. She covers groundbreaking medical research, holistic wellness trends, mental health awareness, and nutritional science.