Funnyman Sinbad (pictured) is not doing a lot of laughing these days. Unfortunately, the stand-up comic is once again “broke as a joke” and has filed for bankruptcy a second time after only three years, reports TMZ.
Last month, Sinbad, whose actual name is David Adkins, reportedly filed for Chapter 13 bankruptcy. The sometimes actor and former reality show star reportedly owes a whopping $10,991,715 in debt but only claims to have a mere $131,000 in assets.
According to the court document, which financially breaks down his debts, the 56-year-old Father of two owes American Express $374,979, Bank of America $32,199, and CA Franchise Tax Board $2.3 million.
In addition, Uncle Sam allegedly is demanding $8.3 million in back taxes for the years of 1998 to 2006 and claims that Sinbad is also in debt to the state.
The bottom line seems to be that Sinbad, simply can’t afford to pay his bills, again!
In 2009, Sinbad, who reportedly brings in $16,000 a month, was placed on the top 10 list of the 250 worst tax debtors for the state of California. At the time, he owed the state $2.5 million in personal income tax. By the end of 2009, he filed for Chapter 7 bankruptcy.
A few months later, he reportedly put up his 5,064-sq.-ft. mansion for sale with a $3 million asking price in order to help cut down on some of his tax debt. Sinbad originally paid $1.5 million for the house in 2007.
The man who was a television fixture in the ’80s and ’90s and starred in classic shows, such as “A Different World,” does have some material possessions he can still hold on to — at least for now: A 2006 VW Beetle, 2010 Ford F150, 2010 Lincoln Navigator, $5,000 worth of office equipment, and 200 copies of his book, “Sinbad’s Guide to Life,” which Amazon is trying to unload for $6.25 per copy.