Tori Spelling And Dean McDermott Sued For Nearly $200,000 After Failing To Pay Back $400,000 Bank Loan, Couple Is Expecting Fifth Child
Tori Spelling and Dean McDermott are being sued by City National Bank after allegedly failing to fulfill payments on a loan that stems from four years ago. According to Los Angeles Superior Court documents obtained by E! News, a new lawsuit filed on Monday revealed the couple borrowed $400,000 from the bank with a promissory note in 2012. Per their agreement with the bank, the True Tori stars were expected to make monthly payments plus interest according to the terms of the promissory note. The lawsuit is presumed to be a financial inconvenience for the Spelling-McDermott household, who are now expecting a fifth child to join their family of six.
As of December 2, the couple allegedly failed to pay the loaned amount. It is reported they currently owe $185,714, plus an additional $2,407 in interest, and $681 in late charges, bringing the amount owed to a whopping total of $188,803, according to E! News.
The former ’90s icon famously inherited only $800,00 of her father’s estate. Tori has discussed her lavish upbringing in addition to her financial hardships as an adult. In Tori’s 2013 memoir, Spelling It Like It Is, Tori revealed she struggled with having expensive taste as the result of growing up extremely wealthy.
“It’s no mystery why I have money problems. I grew up rich beyond anyone’s wildest dreams. I never knew anything else… Even when I try to embrace a simpler lifestyle, I can’t seem to let go of my expensive tastes. Even when my tastes aren’t fancy, they’re still costly. I moved houses to simplify my life, but lost almost a million dollars along the way.”
Tori Spelling and Dean McDermott sued after failing to pay back $400,000 bank loan: https://t.co/FqxCGGSWxv pic.twitter.com/QmcGYc8WEa
— Us Weekly (@usweekly) December 22, 2016
Tori and Dean are no strangers to failing to pay past debts. In January, Tori was sued by American Express for an unpaid $38,000 bill and was ordered to pay the entire past due balance in addition to $855 in court fees. Tori was then slammed by another lawsuit from the credit card company on October 31, according to Fox News.
In July of 2016, the couple had to deal with a tax lien for $259,108.23 after not paying state taxes in California, according to TMZ.
In a 2014 episode of True Tori, Spelling sobbed as she revealed how difficult it is to be financially responsible for her entire family.
“I feel so responsible for so many people and I can’t do it… [I can’t handle] the responsibility of having to take care of so many people financially.”
Despite being accused of owing $200,000, Tori and Dean celebrated the reopening of the Universal Studios ride, “From Coraline To Kubo: A Magical LAIKA Experience” in Los Angeles on Wednesday.
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Regardless of their financial woes, Tori and Dean are overjoyed with the timing of her newest child, a baby boy. Also, the family of six just recently moved into a new home.
“This baby happened at the best time. Nothing is ever perfect, but I’m so madly in love with my husband and with our kids. The idea of adding to that is such a blessing.”
Spelling also feels especially blessed for the current status of her health. Tori had major complications from her fourth pregnancy with her son, Finn. Spelling nearly died after the star was diagnosed with the dangerous condition called placenta previa. Due to excessive bleeding, Tori spent three months in the hospital during the dangerous pregnancy.
The newest addition will be Dean’s sixth child. McDermott also has an 18-year-old son from his first marriage with Mary-Jo Eustace.
[Featured Image by Michael Kovac/Getty Images]
