This story is pretty amazing. I didn't realize that Johnny Depp was in such bad shape financially. One of the highest paid actors in Hollywood that has supposedly earned over $650 Million in the last two decades is not someone you expect to face foreclosure. He supposedly spends over $2 million per month on his lifestyle!
He apparently refused to sell his private jet to fix his financial troubles as well.
It will be interesting to see how this plays out.
The Management Group (TMG) filed a motion Monday to foreclose on five of his properties in Los Angeles in order to cover a $5 million loan the company says it gave him in 2012 to cover a City National Bank loan.
TMG claims it took out the loan to cover Depp’s debt and save him from bankruptcy. His former managers also allege that the five houses included in Monday’s motion were used as collateral for the loan, and since Depp has stopped making payments, they want to sell the houses.
The threat of foreclosure is just the latest exchange in what has become a bitter back-and-forth between the actor and his former managers, who he claims mismanaged the $650 million he’s made in the last two decades to the point of depletion.
TMG later filed a cross-complaint against Depp, claiming the actor lived an “ultra-extravagant lifestyle that often knowingly cost [him] in excess of $2 million per month to maintain, which he simply could not afford.”
It's not how much you earn, but what you save and keep.
At least he's still famous!
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