Johnny Depp’s Lavish Spending Led Him to Brink of Financial Ruin, Ex-Managers Claim in Lawsuit

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Johnny Depp spent $3 million to blast Hunter Thompson’s ashes out of a cannon. He spent $18 million on an 150-foot yacht. He spent $4 million on a failed record label. He spent $30,000 a month on wine, $200,000 a month on private planes, $150,000 a month on round-the-clock security, and $300,000 a month to maintain a staff of 40 people.

 

All of these expenses — contained in a blistering countersuit filed Tuesday by Depp’s ex-managers — led him to the brink of financial ruin, the suit alleges.

The suit comes in response to Depp’s own lawsuit on Jan. 13, which accused the Management Group (TMG) of defrauding him out of tens of millions of dollars. Depp alleged that TMG had mismanaged his finances, took out loans without his approval, and hidden the parlous state of his affairs from him.

Depp claimed that he only realized the gravity of the situation when TMG advised him to sell a large piece of property in France to pay his debts. He ultimately fired TMG and hired a new manager, at which point he alleged that the misconduct came to light.

However, TMG alleges in its countersuit that Depp was kept fully informed that he was spending more than he was taking in.

 

“Depp often responded by rebuking and cursing his business managers for issuing such warnings and advice, while increasing his extravagant lifestyle and spending, and demanding that his business managers find some way to pay for it all,†TMG alleges. “Depp, and Depp alone, is fully responsible for any financial turmoil he finds himself in today. He has refused to live within his means, despite the best efforts of TMG and the repeated warnings about his financial condition from TMG and his other advisors.â€

TMG — led by Joel and Robert Mandel — also alleges that Depp still owes the company $4.2 million. The company has filed a non-judicial foreclosure proceeding on Depp’s home in an effort to recoup that debt. TMG claims Depp’s lawsuit was merely a means to forestall the foreclosure proceeding.

Adam Waldman, Depp’s personal attorney, issued this response to the countersuit: “How cataloguing alleged spending by Mr. Depp of his own money could somehow absolve the defendants of their large and multi-faceted mosaic of wrongdoing will ultimately be determined by the Court.â€

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what an idiot

seunglord would never

 

 

 

anyways is it just me or do korean stars manage their money better??

 

 

[literally tilted]

anyways is it just me or do korean stars manage their money better??

 

I'm pretty sure the most an average idol can do is buy a building

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I'm pretty sure the most an average idol can do is buy a building

 

I rarely see korean stars going bankrupt tho they usually invest in somethings & buying a building is a good investment too

but you have hollywood stars who made so much money and yet.........

[meh.]

No matter how big an idol, like GD, they have their company to manage them. Their idol image is the company image.

Hollywood star, they do whatever they want, even when they have a lot of manager.

[kimchidiablo]

No matter how big an idol, like GD, they have their company to manage them. Their idol image is the company image.

Hollywood star, they do whatever they want, even when they have a lot of manager.

Agreed. K-idols are more controlled than Western acts.