Media: Johnny Depp went bankrupt due to the fault of his sister. How the actor squandered his fabulous fortune
Former business managers of Hollywood star Johnny Depp found excuses against them in response to the actor’s lawsuit. The Management Group (TMG), which previously managed the American actor’s finances, now accuses him of wastefulness and asks Captain Jack Sparrow to face the truth: his spending is off the charts, and he has been living beyond his means for many years, spending more than $2 million a month.
Representatives of The Management Group (TMG) are not going to tolerate the star’s accusations and claim that if anyone is dishonest, it is not them, but Johnny Depp himself. Ex-managers urge him to look back at his extravagant lifestyle and, in a normal mind, remember all the expenses, and also admit his weakness to waste a lot of money. The star's financiers have prepared an evidence base to justify their reputation, thereby once again confirming that they know how to professionally count other people's and their own money.
Management Group, defending its name, filed a counterclaim in court after Johnny Depp demanded $25 million from them through the court and called them scammers. Ex-managers claim that they did not get into Depp's pocket, and he made the hole in it himself. Managers claim that Depp himself is to blame for the deplorable state of his finances. Court documents filed by TMG indicate that over the past few years, the actor has spent tens of millions of dollars on extravagant purchases, for example, a total of 14 different properties cost the actor $75 million, Depp spent another $18 million on a yacht and spends $30 thousand monthly for collection wines. The documents also say that Johnny Depp led an extravagant lifestyle, the maintenance of which often cost him more than $2 million a month, which the star could not afford.
The documents they submitted to the court speak of thoughtless spending of money:
- $18 million for the purchase of a 45-meter yacht;
- $4 million to acquire a failed music label;
- $3 million to scatter the ashes of writer Hunter S. Thompson from a cannon;
- $300 thousand per month to maintain a staff of 40 people;
- $200 thousand per month for flights on private jets;
- $150 thousand per month for 24-hour security;
- $30 thousand per month for the purchase and import of wines.
As Vesti.Economy reported, American actor Johnny Depp decided to recalculate the budget at the beginning of the year and was furious when he was missing $28 million. The Hollywood actor is convinced that this is exactly the amount that went into the pockets of his managers from the Management Group company.
Background
Johnny Depp is convinced that funds in this amount were appropriated by his assistants from the Management Group company, who dealt with financial issues and solving tax problems. The American film star claims that company employees improperly paid taxes for him, took out loans that were not agreed upon with him, and also inflated amounts for a number of services.
As the star’s lawyer noted, for 17 years, company employees made payments without his consent. In addition, due to the negligence of his ex-managers, the actor lost another $5.6 million for late payment of taxes.
The Management Group itself shrugs and claims that the actor’s claim does not have any compelling arguments, and is confident that it will be rejected. Company employees claim that over all the years of joint collaboration with Johnny Depp, they, on the contrary, have reduced many costs and saved the star’s budget from unnecessary expenses. According to company representatives, Depp bears full responsibility for all the financial problems that he is currently facing. “He refused to live within his means, despite repeated warnings about existing financial problems,” the counterclaim states.
In Hollywood, there is an unwritten protocol for when a star finds himself deeply in debt. It mandates that financial managers be immediately charged with theft or fraud. And during legal proceedings, we constantly light candles so that this turns out to be true. Very few celebrities have the courage to admit that they have blown their money on extra houses and cars, art collections that should be in museums, and extravagant indulgences. Johnny Depp couldn't get enough.
In January of this year, the 54-year-old actor sued The Management Group, which managed his affairs, saying that consultants stole $25 million from him and now must return it. The managers responded with a counterclaim, in which they demanded that Johnny be recognized as the sole culprit for his plight. And since then, from time to time, funny documents have been leaked to the press, shedding light on how Depp managed his millions.
Cinema, wine and casino
At the end of June, TMG handed over to the court correspondence between Depp and his business assistant Joel Mandel, dated 2009. Joel informed the actor that he owed banks about $4 million, and asked him to sell something unnecessary to pay off the debt.
"What?! – Johnny answered. – I have houses, cars, books, paintings and some semblance of a soul. What do you recommend selling first?”
It is interesting that the actor did not rule out the possibility of selling his soul, but did not even want to consider the prospect of getting rid of a private plane, the maintenance of which costs $200 thousand a month, and transferring to commercial flights.
“This is going to be a fucking nightmare!” – Johnny wrote, meaning that in this case he would be provoked into conversations, touched and photographed throughout the flight. Mandel's proposal to spend money more carefully in future also did not meet with understanding. Johnny continues to insist that he only buys what he needs. He can’t imagine how he can manage the household without 13 houses, an island in the Bahamas, an $18 million yacht and 45 cars. Or spend less than $30 thousand a month on luxury alcohol. When asked to explain the latest figure, Depp said he views wine as an investment because it gets better and more expensive over the years.
“All the liquor Johnny buys is consumed immediately,” Mandel countered. “I don’t understand how you can make a profit from empty bottles, even aged ones.”
Sometimes Johnny has unexpected one-time expenses. In 2005, he spent $5 million on the funeral of writer Hunter S. Thompson. Most of the money was consumed by the production of a special cannon, from which Depp shot his friend's ashes in the direction of the moon. His recent divorce from his wife cost him only $2 million more. Since Johnny did not heed the manager’s advice in 2009, by the beginning of this year the debt had increased to $40 million, and he finally had to start selling off his property. The actor's career is at a deep peak, and there is no point in expecting salvation from there. As follows from court documents, Johnny believes that all financial troubles are the result of a worldwide conspiracy against his person. The managers' alleged contribution to the deliberate destruction of his reputation and wealth was that they evaded paying his taxes and lent his money at interest for personal gain.
MANY STARS SHARE JOHNNY'S MISCONCEPTION THAT THEIR WEALTH DOES NOT DEPEND ON SPENDING OR EARNING.
MONEY TO THE WASTE
A few years ago, 53-year-old Nicolas Cage also missed the point when his earnings stopped covering his expenses. And he also tried to make a scapegoat of the manager, who worked wonders trying to keep a wasteful client afloat. The peak of Nicholas's fame did not last long, but during this time he managed to purchase 15 houses in different parts of the world, including an ancient castle in Germany and a haunted house in New Orleans. 30 motorcycles and 50 cars proudly gathered dust in his garages; in addition, he owned four yachts and an airplane.
Cage frantically bought everything that caught his eye: first editions of comic books, exotic animals, paintings and jewelry. In his Los Angeles mansion there was a display case with dried pygmy heads, and the mantelpieces were decorated with dinosaur skulls. In 2009, all of Nicholas's creditors lost patience at once. Fortunately, by selling all the extras at half price, he was able to pay off his debts, plug his tax holes and avoid going to jail like, say, Wesley Snipes. Now Cage lives in a modest house near Las Vegas, stars in third-rate action films, and satisfies his passion for meaningless shopping at village craft fairs.
IT'S ALL ROCK AND ROLL
In 1994, Courtney Love, the widow of Nirvana leader Kurt Cobain, inherited the rights to his image, name and songs, in other words, an inexhaustible source of money. In 2010, Courtney, who was on the verge of bankruptcy, said that someone had stolen about $530 million from her. As a result, the poor thing was forced to first put her hand into the trust fund of her daughter Frances Bean Cobain, and then still declare herself bankrupt, sell her house and 25 % of her share in her husband’s creative heritage.
A little later, the rocker remembered where at least $27 million of the “missing” money had gone. As it turned out, Courtney personally took them on all sorts of luxury and industrial quantities of drugs. Most likely, the rest of the inheritance flowed in the same direction.
“I know that for most people this money would last them a lifetime, but I have a generous nature,” said the 52-year-old singer and actress. – Besides, what else should Nirvana spend their money on if not on rock and roll? They wouldn’t have brought me bourgeois happiness anyway, I just had to let them go.”
Recently it became known that Johnny Depp is selling another property from his extensive real estate collection. The actor put up a farm in Kentucky for auction. Set on a 17-acre plot of land, there is a 500 sq. ft. main house. m, as well as a guest house and three large barns. This is the fifth property that Depp has put up for sale over the past year.
Other real estate
Prior to this, Johnny sold a villa in France for $50 million and three luxury apartments in Los Angeles for $2.5, $3 and $1.8 million. The last apartments were located in a luxurious building of the 30s of the twentieth century, built in the art deco style.
The actor has another apartment in the same building. Depp has already put it up for sale and hopes to raise at least 2 million to pay off his debts. Otherwise, Johnny will face bankruptcy.
Divorce
The massive sale of the actor's real estate began after his divorce from famous artist Amber Heard last year. In accordance with the terms of the agreement that Johnny entered into with his ex-wife, who accused him of beating, he paid as much as 7 million.
Financial waste
Depp has another problem: he owes 4 million to the company that handled his finances. The actor's debt arose due to exorbitant spending. Moreover, experts repeatedly warned Johnny to moderate his financial appetite and not exceed expenses. But Depp did not want to listen to anything and continued to spend huge sums. For example, I purchased an island worth $3.6 million.
Fast news today
How the actor squandered his fabulous fortune
Johnny Depp is included in the ratings of the highest paid artists in Hollywood year after year: in 2016 alone, the Pirates of the Caribbean star, according to Forbes, earned $48 million. And suddenly, like a bolt from the blue, the news is that the actor is on the verge of bankruptcy and lives on loans that he cannot repay.
Recently, 53-year-old Johnny sued his former financial advisers from The Management Group for allegedly setting him up for years and profiting from his fortune. The artist demands $25 million in compensation for “ineffective management.”
The financiers did not remain silent: they filed a counterclaim against the actor, and at the same time published a list of his expenses in recent years. Depp's ex-managers call him a rare spender and assure him that he squandered his fortune.
“Mr. Depp responded to repeated requests to handle his money carefully and not waste it with obscene language,” the consultants write in the lawsuit documents. “He refused to change his lifestyle and live within his means.
How should you spend it to lose millions? According to financiers, living on a grand scale costs Johnny $2 million a month. He spent 30 thousand dollars a month on wine alone. And also yachts, mansions, collections of rare items, gifts for relatives and ex-wives (see our diagram for a detailed breakdown).
The star's list of expenses also includes some very extravagant expenses, for example, $3 million to scatter the ashes of the American writer Hunter Thompson by firing a cannon over the Grand Canyon.
To stay afloat, Depp has already put up some of his real estate for sale, including a chateau and winery in France, a horse breeding farm in Kentucky and penthouses in Los Angeles. But there are no buyers for them yet - the crisis is taking its toll.
How much does Jack Sparrow spend?
WHO ELSE?
Al Pacino went broke on a financial pyramid
Many A-list stars are experiencing financial difficulties.
Nicolas Cage invested his royalties in real estate. He bought two castles in Germany and England, the repair of which cost him more than their price. And also an island in the Bahamas for 2.6 million euros, yachts, expensive cars... When the 2008 crisis struck, Cage’s real estate fell in price. And a year later he himself was declared bankrupt and a habitual tax evader.
Al Pacino lost almost his entire fortune by investing in a Ponzi pyramid scheme.
The refusal to film “Elena in a Box” cost Kim Basinger dearly: the producers demanded $9 million from her for non-compliance with the contract. The actress sold the small town of Braselton (Georgia), from which she was going to turn into a tourist center. And she quickly declared herself bankrupt. The producers took pity and reduced the fine to $3.8 million.
Don Johnson, star of the TV series "Miami Vice" and father of actress Dakota Johnson ("50 Shades of Grey"), has declared bankruptcy to preserve his $20 million estate. His status as a financial loser allowed Don to gradually pay off his debts.
Koschey the Immortal himself, languishing over gold, would have committed suicide upon learning about the fabulous extravagance of John Depp. And it seems that the famous Hollywood actor, who once had a fortune of $350 million, is confidently heading towards bankruptcy...
From the outside it sometimes seems that “Jack Sparrow” has set out on an insane goal to buy up the whole world. His managers and lawyers shout in unison: “Stop it, Johnny!” And when they lose patience, they even hint at his mental disorder. And Depp, without further ado, calls them thieves. Although the lawyers who helped the Hollywood star deal with Amber Heard and save the star actor’s millions from her greedy hands warned Johnny that his sister Christie Dembrowski was shamelessly withdrawing decent sums from Depp’s account. But is it possible to stop a presumptuous spendthrift, overwhelmed by the thirst to melt away all his hard-earned dollars? Depp, apparently, has started a game known only to him, which smacks of imminent collapse and bankruptcy. And eloquent evidence of this is his last five purchases, characterized by an empty and useless waste of his acquired fortune.
1. Personal islands
Now Depp is wondering why his fortune has decreased by a hundred million dollars!
Johnny Depp's passion for acquiring unknown places in the ocean was well known to his friends and family. The island of Little Halls Pond Cay in the Atlantic Ocean, purchased for $3.6 million, is the size of 13 football fields. The star actor came here to snorkel in complete privacy. The island resembled the future home of Robinson Crusoe: it was uninhabited and covered with wild forests. And from a practical point of view, it was impossible to squeeze any material benefit out of it.
And the recent purchase of another island, Strogillo, caused bewilderment even among the Greeks who do not know how to save money, who sold this place in the south-eastern part of the Aegean Sea for 4.2 million euros. And I must admit that the purchase was not worth that kind of money, because Johnny Depp’s main condition was not met - to achieve complete privacy. According to Greek law, all beaches on the island of Strogillo are public. And now crowds of Greek people will consider this their most favorite vacation spot. Because Johnny Depp himself bought it.
2. Personal collections
The actor has 70 expensive guitars in his collection!
When you have a lot of dollars, why not amuse your soul and consider yourself a great intellectual. Maybe it’s good when Johnny buys up paintings by famous artists, of which he has about two hundred in his gallery. But does he have time to assess the cultural value of the paintings, and will they go under the hammer when he feels like it? By the way, in addition to 70 rare guitars, his collection contains personal belongings of Marilyn Monroe and Marlon Brando. All purchases of rarities are valued at several million dollars. However, Johnny habitually forgot about the amount of expenses, trying on the move to another coveted object that urgently needed to be purchased.
3. Real gun
Depp considers the role of Hunter Thompson one of the best in his career.
Hunter Thompson was a friend of Johnny: the actor met the writer and founder of gonzo journalism when he was preparing to play Hunter himself in the film adaptation of his novel Fear and Loathing in Las Vegas. The news of his colleague's death shocked Depp, and the star actor decided to give him his last respects. Including firing Hunter's ashes from a cannon that stood in the writer's yard. This was the will of the deceased, confirmed in the will he left. Depp installed the cannon above the Statue of Liberty: they say, if Hunter finds out that it is located below the symbol of America, then he will simply hate Johnny. The cannon shot, which ended with a grandiose fireworks display, cost the Hollywood star three million dollars. This crazy act of Depp was talked about for a long time in Hollywood...
4. Luxury real estate
Johnny loves chic and luxury: he spends several tens of thousands of dollars a month on wine alone!
There is probably so much of it that Johnny no longer remembers where or what he bought. This information is easier to obtain from agents and lawyers entering into purchase agreements. For example, it is known for certain that there are 14 mansions scattered around the world that are the property of the star actor. And Johnny Depp has already spent $75 million on repairs and maintenance of numerous houses alone.
Particularly worth mentioning is the huge and luxurious housing in the very center of Los Angeles, where the Hollywood star lives. This spectacular azure building, which can accommodate five penthouses, is striking in its architectural beauty. There is nothing to say about the interior: there is a swimming pool, several bedrooms and other amenities of civilization that can only be purchased for fabulous money.
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