Johnny Depp might be on the brink of financial distress following his extravagant lifestyle in which he reportedly spent about $2 million every month, thus leading to deep debt.
Johnny filed a lawsuit against his former business partners at The Management Team earlier in January. The Pirates Of The Caribbean actor sought compensation to the tune of $25 million from the fraud case. However, TMG’s management hit back at Depp, claiming that he was the architect of his own financial problems due to his frivolous spending habits.
“The actor lived an “ultra-extravagant lifestyle that often knowingly cost Depp in excess of $2 million per month to maintain, which he simply could not afford,” TMG stated.
Where Did Johnny Take His Millions?
The counter-lawsuit presented against Depp claims that he spent more than $75 million to acquire a chain of islands in the Bahamas as well as the purchase of 14 homes. The amount also includes the maintenance cost for the acquired property. The managers also revealed that the actor spent a huge amount of money to purchase a huge yacht measuring 150 feet. The suit also added that the star developed an expensive hoppy of collecting Hollywood memorabilia and fine art which was stored in 12 storage facilities. He also traveled a lot on private jets, adding to the list of activities that are said have been draining his funds rapidly according to the suit.
TMG Claims To Have Warned Johnny
The counter-lawsuit also claims that TMG issued a few warnings to Depp about his expensive spending habits but he failed to make any changes. Depp had filed the lawsuit on the company claiming that the firm failed to file his taxes on time. This led to a tax fine to the tune of $5.7 million which is why Johnny filed the lawsuit against the company in the first place. However, the countersuit filed by TMG claimed that they had always filed his taxes on a timely basis but they could not do so this time because he did not have enough money courtesy of his spending.
“Depp and Depp alone is fully responsible for any financial turmoil he finds himself in today,” TMG stated in the lawsuit.
TMG has been handling Depp’s financial matters since 1999 up to 2016, meaning they were partners during the best years of Johnny’s career. The actor had his best work within that period with films such as Charlie And The Chocolate Factory, Alice In Wonderland and The Pirates Of The Caribbean franchise.
Depp’s lawyers claim that the financial firm mismanaged the actor’s finances and even committed fraud leading to the loss of tens of millions of dollars. The lawyers also claim that Johnny had to sell some of his property to repair the damage done by TMG. The actor’s legal team is thus pursuing damages in excess of $25 million due to fraud, professional negligence and breach of contract.
TMG’s countersuit aims to discredit the claims by Depp’s lawyers and also seeks to prove that Johnny’s spending habits are the root causes of his financial troubles. The management firm also claims that the Hollywood star owes them about $560,000 in fines. The organization also added that the actor owes them $4.2 million which TMG had loaned him.
The legal battle highly resembles the legal battle between fellow Hollywood actor Nicolas Cage and his business managers. Cage claimed about $20 million while his financial managers filed a countersuit claiming that the situation was caused by the actor’s excessive spending. Hopefully, Johnny will handle the matter and resolve his financial troubles before things get worse.
[Featured Image by Charley Gallay/Getty Images]