People mostly remember the American comedian Ray Combs as the host of the popular show Family Feud from 1988 to 1994. However, because of his poor financial decisions, Ray Combs had a negative net worth at the time of his demise.
When he hosted Family Feud, his career was at its peak, and at the time, reports stated that he was earning around $1 million per year. He faced many financial difficulties despite earning such a huge amount of money.
According to the reports, he had poor financial knowledge, which resulted in a lot of debt. He owed $100,000 to the government, $150,000 in loans and credit card debt, and $470,000 on his mortgage.
People still wonder how a person earning a million every year can get into so much debt.
But that wasn’t all. Ray also invested in two comedy clubs in Hamilton, Ohio, thinking it would be a good investment. Unfortunately for him, the venture didn’t go the way he had planned.
Even though he had hoped for success, both comedy clubs failed, worsening his financial struggle. However, his family and the rest of the world learned about his debts only after his death.
Ray Combs didn’t even tell his wife that he had a below-zero net worth!
Comedian Ray Combs took his own life in June 1996, and that’s when his wife, Debbie, discovered the amount of debts he had accumulated in his life.
At first, the newfound information shocked her as she wasn’t sure what to feel: the death of her husband or the stress of dealing with the finances.
Due to the debts, the comedian’s wife lost their family home in Glendale to foreclosure. However, this was not enough to clear the debts.
Unfortunately, she had to sell the television host’s signed photos and many other things.
Despite Combs’ struggle with money, he made many friends. This came in handy after he was gone as people from the entertainment industry came forward to help his family.
Firstly, a benefit was held at the Laugh Factory in Hollywood, raising $10,000 for the family. Additionally, Ray helped Johnny Carson get his first significant break in show business. As a thanks, Carson gave Debbie a check for $25,000.
In summary, even though he earned a huge amount of money, his poor financial decisions led to significant debt, which caused him to suffer all his life. Moreover, Ray Combs’ spending habits contributed to his negative net worth.
Additional Information
- Raymond Neil Combs Jr. started his career in the late 1970s, and his success in the stand-up circuit led to him being signed as the second host of the game show Family Feud.
- Combs was born on April 3, 1956, in Hamilton, Ohio. Additionally, he went to Garfield High School and graduated there in 1974.
- Ray got into a car accident in July 1994, which caused him a back injury.
