Is Johnny Depp’s Net Worth In Trouble? Actor Denies Bankruptcy Origin Claims
Johnny Depp’s net worth could be heading for a steep decline, according to a recent series of lawsuits. The actor claims it wasn’t his fault that he may become bankrupt despite his early big screen successes working with Tim Burton and Walt Disney Pictures.
Getting his start in Wes Craven’s iconic 1984 horror classic A Nightmare on Elm Street, Depp had almost a perfect run of notable blockbusters to his name. Tim Burton’s Edward Scissorhands had launched him even further after a successful run as a lead in the TV classic 21 Jump Street. It wasn’t until Tim Burton’s take on Willy Wonka that Depp had started his slow decline in the eyes of fans and critics alike.
You can’t blame Johnny’s lack of work for his recent financial woes either, as he is currently filming LAbyrinth (the story of an investigation into the deaths of Tupac and Biggie, not a remake of the David Bowie musical), and has a hefty lineup of films still to be released. The success of Black Mass and Fantastic Beasts and Where to Find Them may help his career recover.
Johnny Depp’s net worth might still be plummeting in spite of this in what court documents reported by People Magazine suggest. He had sued his former team The Management Group $25 million for alleged fraud, and they fired back with a counter-suit claiming Depp’s “ultra-extravagant lifestyle” cost him $2 million a month to maintain.
This is nothing new with major actors, with Arnold Schwarzenegger owing more money per month in child support than most of us earn. This may be why he continues to make action movies despite his obviously older appearance.
It’s common among celebrities to adopt a standard of living from their peak years, leading to many ending up in debt despite their success, such as Nicolas Cage.
The counter-suit claims Depp spends his fortune on 14 residences, a 45-acre home in France, a series of islands in the Bahamas, and a 150-foot luxury yacht, as well as over $30 thousand a month on expensive wines. There are more costs listed in the official document, but the allegations are clear.
The actor has denied these claims, stating that the business team is using a “blame the victim” tactic to defame him, according to Evening Standard. Depp’s lawyer Adam Waldman says the counter-suit claimed he sued them for personal gain.
“Mr Depp did not sue his former business managers for his own personal investment decisions or the ‘financial distress’ they wildly allege. Mr. Depp sued them for multiple breaches of their fiduciary duty, among other claims. [Gas-lighting] the public with global press releases will not save the defendants in court from their gross misconduct set forth in the complaint.”
The Management Group’s counter-claim alleges “Johnny Depp alone was solely responsible for his extravagant spending. [For] over 17 years, The Management Group did everything possible to protect the actor from himself.”
For now, the clashing lawsuits appear to be a lot of “he said, she said” speculation, as is the actor’s possibly declining net worth.
With upcoming films such as Pirates of the Caribbean: Dead Men Tell No Tales, a sequel to Fantastic Beasts and Where to Find Them, and The Invisible Man, Depp might yet recover from his lengthy drop in cinematic popularity.
There is also the possibility that the Pirates sequel will be an even bigger flop than On Stranger Tides, due to fans no longer being excited to see the franchise continue. The Invisible Man may suffer backlash for being yet another remake for Universal Pictures’ monster movie universe. Moviegoers have clearly stated their dislike for remakes, reboots, and unnecessary sequels in recent years, claiming Hollywood has run out of original ideas.
[Featured Image by Emma McIntyre/Getty Images for People’s Choice Awards]
