Steve Harvey is known as an entertainer who works hard and enjoys his fortune. But not so long ago, Harvey learned a hard lesson about the importance of staying on top of his finances in the midst of a divorce.
During a recent interview with former pro football player Shannon Sharpe on his popular weekly podcast called “Club Shay Shay,” Harvey revealed how his second divorce and not keeping abreast of his finances left him with a mere $1,700 in the bank in 2005.
It’s called a divorce,” Harvey said in the April 24 interview when Sharpe asked him how the man behind the high-grossing “Kings of Comedy” tour could be broke.
“I got jumped on. I’m not saying who did it but they got into cahoots with my financial planner. I was giving them tax checks to turn in and they were keeping them,” explaining how he found out he had a massive IRS tax debt.
It wasn’t until his accountant passed away that someone discovered a box of Harvey’s paperwork – with checks worth seven years of unpaid taxes. It was then that he realized that he owed the IRS $22 million. Over the next seven years, Harvey paid the IRS $650,000 a month.
“I was in a world of trouble,” he told Sharpe.
But his financial troubles continued. He was also was on the heels of a divorce from his second wife, Mary Shackleford. Harvey was married to Shackleford from 1996 to 2005.
“Then, I had saved some millions but before I could split the assets, she took all of that out of the bank. The divorce was over. Let’s just split the assets, but you took all the assets and I was stuck with a tax bill,” he recalled about the battle over his assets with Shackleford.
Shackleford and Harvey’s post-divorce relationship has been acrimonious, with the two suing each other at different times over various claims, including Shackleford accusing the comedian of alienating their son Wynton from her. She has disputed many of Harvey’s claims about events in their marriage and their divorce settlement.
From Sleeping In His Car To Running An Entertainment Empire
Harvey broke into the entertainment industry as a comedian. Harvey often recounts sleeping in his car when he could not afford a hotel early in his career. However, after becoming a finalist in the Johnnie Walker National Comedy Search, Harvey landed a job as a host on “It’s Showtime at the Apollo.” This led to Harvey spearheading the “Kings of Comedy” tour with fellow comedians, starring in “Me and the Boys,” and then the popular TV show “The Steve Harvey Show.”
The days of being a standup comedian who toured extensively are over. Today, Harvey hosts a syndicated radio show, “The Steve Harvey Morning Show.” He also is the host for “Family Feud” and “Celebrity Family Feud.” For four seasons, he hosted “The Steve Harvey Show,” a syndicated talk radio show all while expanding his fortune as an entrepreneur. He released best-selling books such as “Act Like a Lady, Think Like a Man,” which spent 64 weeks on The New York Times bestseller list. Other books such as “Straight Talk, No Chaser,” and “Act Like A Success,” followed.
For all of his work, Harvey now has an estimated net worth of $200 million.