American actor Stephen Baldwin had his big break in the critically lauded suspense flick The Usual Suspects. The actor is probably best recognized as one of the four Baldwin brothers, of which Alec Baldwin is the most well-known.
Baldwin hasn’t been as regularly seen on reality series and panel games like Celebrity Big Brother and 8 Out of 10 Cats as he used to be because his fame has declined since the mid-1990s. How much did he earn from his career and what is his net worth now?
Stephen Baldwin’s Net Worth
One million dollars is the estimated net worth of American actor, director, producer, and author Stephen Baldwin. Stephen Baldwin’s acting career has been somewhat unusual. His brothers Alec, Daniel, and William are also actors, so naturally, he followed in their footsteps.
After gaining experience in the industry as a guest star on popular television shows like “Kate and Allie” and “Family Ties” in the late 1980s and early 1990s, he eventually made the switch to feature films.
Even Baldwin Felt the Effects of the 2008 Recession
If you were an adult in 2008, you probably remember the widespread economic crisis that year. Nothing changed for Stephen Baldwin in 2009. During this time, Stephen Baldwin distanced himself from the Hollywood establishment in order to focus on creating religiously inspired works. It’s not shocking that Baldwin’s income took a big swing.
Here is a tweet related to Baldwin’s Bankruptcy:
Stephen Baldwin Files for Chapter 11 Bankruptcy: Stephen Baldwin has filed for Chapter 11 Bankruptcy in the stat.. http://twurl.nl/74ldmy
— Chris Montcalmo (@ChrisMontMusic) July 22, 2009
In 2009, Baldwin declared bankruptcy. Among his many other debts was a tax bill of $1 million. About $700,000 was owed on credit cards by Baldwin. He had mortgages totaling $1.2 million on a home worth significantly less.
Although he had finally solved his tax problems, his financial problems were far from over. Baldwin had fallen behind on his mortgage payments and was now more than $800,000 in the red. Baldwin’s business connections have led some to speculate that he planned the foreclosure.
Stephen Baldwin’s Financial Troubles: A Tale of Foreclosure, Bankruptcy, and Tax Evasion
Stephen lost his Rockland County, New York, home (which he had bought for $515,000 in 1997) in a foreclosure auction in 2009. He owed the bank more than $800,000. It was also uncovered that he owed thousands of dollars in back taxes to both the state and federal governments.
In July 2009, Baldwin sought protection under Chapter 11 of the Bankruptcy Code. In his legal documents, he claimed the star owed him millions of dollars. Stephen failed to file his New York state income taxes for three straight years (2008, 2009, and 2010), and he pleaded guilty to the charges in 2013. He was sentenced to pay $300,000 in back taxes and penalties.
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Stephen Baldwin Loses $3.8 Million Lawsuit Against Kevin Costner
Baldwin filed a $3.8 million lawsuit against Kevin Costner’s Costner in Nevada Corporation (CINC) in 2010 for patent infringement related to oil-separating technology. After the Deepwater Horizon oil spill, Stephen and Costner allegedly agreed to let Baldwin and their friend Spyridon Contogouris pitch the technology to BP.
However, when Kevin met with BP, he did so without Baldwin or Contogouris present. It was claimed by Stephen that soon before BP paid $52 million for the CINC technology, Costner bought out Baldwin and Contogouris with the $18 million down payment that BP agreed to in that meeting. Costner was found not guilty by a jury in June 2012.
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