Why is Cornel West broke?

Edward Carson, a history teacher and Dean of Multicultural Education at The Governor’s Academy in Byfield, Mass., recently wrote this on his Facebook page:

Cornel West and I are no longer on speaking terms. I am still a fan and I do believe this will pass when I get the apology that I am seeking. He agreed to visit my campus and he gave me an unreal discount — well below his rates thanks to a partnership I thought we had. Since I learned from others and in a recently published article by Forbes that he is broke. I am convinced, according to other sources, that he vacated his visit for a bigger pay. I do not like to delve into other folk’s personal lives as we are all imperfect, but this recent story is worth a listen.

According to Forbes Magazine, West, the independent presidential candidate, is broke.

He made A LOT of money over the years on books and speaking fees, but West is broke today because:

1. He did not pay taxes on speaking fees.
2. He owes alimony and child support to his five ex-wives.
3. He lived a lavish lifestyle, including a suite at the Four Seasons Hotel in New York City.

Here is a taste of Zach Everson’s December 2023 piece at Forbes:

Cornel West has been a fixture of American society for more than three decades, publishing books, teaching at Ivy League institutions, commenting on cable news, collaborating on music with Prince—even popping up in sequels to the Matrix. Ubiquity provided liquidity, with West earning an estimated $15 million or so over the last 30 years. But oddly, as he mounts an independent run for president, his net worth resembles that of a first-year adjunct professor. “I live paycheck to paycheck,” says West.

A review of federal filings and property records confirms that West’s net worth is near zero. Other outlets have previously reported on his troubles paying taxes over the years. But no one so far has explained how someone so successful became so broke. With West in position to affect who becomes America’s next president, Forbes set out to answer that question, digging into heaps of legal and tax documents filed in various jurisdictions over six decades. Turns out much of the damage was self-inflicted.

West burst onto the national scene in the 1990s with Race Matters, a compilation of essays that sold more than 500,000 copies. He traveled the country to deliver speeches, hauling in more than $500,000 a year. Much of the money flowed to him with no taxes deducted. West blew it—on many things, especially women—leaving little left for Uncle Sam by the time tax season arrived. The liens piled up: $144,000 in 1998, $105,000 in 2000, $205,000 in 2001 and so on. “Almost like a reptile biting its tail,” he says now.

West lived in a Four Seasons condo in Boston, which he later admitted he could not afford, and rode around in a Mercedes or Cadillac. One of his four ex-wives accused West of maintaining a covert apartment in Boston for $5,000 a month to use as a love den. She also alleged that, despite not having any health conditions, he later took a medical leave from his job at Harvard to live a “secret life” with another woman in New Mexico.

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