MC Hammer net worth: MC Hammer, whose real name is Stanley Kirk Burrell, is an American rapper, entertainer and dancer with a current estimated net worth of $1.5 million. Once reputed to be a multi-millionaire, he lost most of his wealth when he filed for bankruptcy in 1996. MC Hammer achieved immense popularity in the late 1980s with his innovative presentations of "pop rap." He is also the first rap artist to achieve Diamond Status for an album. Considered a sellout by many in the rap community for his mainstream approach to rap, he is nevertheless one of the best-known rappers of all time and an entertainer who is also known for his flamboyant dance techniques. MC Hammer scored his biggest hit with the single, "U Can't Touch This." He also had a very public bankruptcy, but has since recovered with new album releases, his record label management and other entrepreneurial ventures. He is currently an ordained preacher and has been a TV show host and a dance competition judge. IN 2008, he helped create the dance website, Dance Jam. He is also CEO of his own record label and Executive Producer of his own short-lived reality TV show, "Hammertime." He is now working on a new tech start-up, a search engine called WireDoo.
MC Hammer Bankruptcy:
Hammer's peak earning year was 1991 when he took home more than $33 million. Despite these mega earning years, Hammer was able to wrack up $14 million worth of debt forcing him to file for bankruptcy in 1996. Hammer blew his money on dozens of luxury sports cars, airplanes, a record company and a 12 acre home in Fremont, California. He spent $30 million building the home from scratch in the hills above the rough neighborhood where he grew up. The 40,000 square foot mansion featured a bowling alley, Italian marble floors, two swimming pools, multiple tennis courts, recording studio, a 17 car garage and a baseball diamond. After declaring bankruptcy, the property was eventually sold for $6.8 million. Hammer was also notorious for having a huge entourage. He reportedly spent $500,000 a month on his entourage alone at the peak of his fame.
As of December 2013, Hammer still owes the IRS $800,000 in back taxes and penalties related to income from 1996 and 1997. According to recently released legal documents, every dollar that Hammer earns to this day must first go to the IRS before being distributed to him personally.