Don't worry, it's not that Madonna was overlooked — it's just that she wasn't interested. According to Showbiz CheatSheet, the singer was nominated for a star way back in 1990, but when the committee approached her to make the offer, she turned them down. There's no official word on why she wasn't into the idea, but apparently, the process of getting a star is a long, costly, and grueling one — even after you've been approved. While anyone at all can nominate honorees, once the honoree is accepted, there's a $50,000 fee upfront (via Hollywood Walk of Fame). After all, building and maintaining those sidewalk stars isn't cheap, and while the fee is often covered by the star's label, studio, agency, or fan club, this isn't always the case. Beyond that, there's apparently a lengthy application process, and the star has to commit to attending the unveiling ceremony for the tile (via Latin Times). Contrast that with, say, a Grammy win, where you technically don't even have to show up.
Madonna fans can take solace knowing that while the star turned down the Walk of Fame, she has been honored in at least one similar way: In 2006, she became the inaugural plaque in the Wembley Square of Fame at London's Wembley Arena (via Madonna Tribe).
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