American Chopper fans are excited that the show is back in 2018 following a five-year hiatus. The Discovery show will start airing on March 1, but Paul Teutul Sr. currently has some more pressing issues that are making headlines.
Senior is being sued by his business partner for alleged fraud, and his home is in foreclosure, according to Page Six. Adding to his woes, Paul Sr. has filed for bankruptcy protection, according to the Blast. What do we know about the American Chopper star’s financial woes?
Senior Sued For Alleged Fraud
One of Senior’s financial woes is that he is being sued for “allegedly sabotaging a TV project and costing his business partner millions of dollars.”
Page Six reported on this story after obtaining court documents from the Delaware State Chancery Court.
The documents, which were filed last April, claim that Paul Teutul “used Thomas Derbyshire’s investment in an American Chopper reboot to fund his personal expenses.”
The lengthy list of accusations includes Senior trying to “change their 51/49 percent ownership deal (benefiting Derbyshire) to a 50/50 deal. Derbyshire had agreed to fund the project up to $3 million at that time.”
Then, Senior was accused of holding up production because of “weeklong fishing trips” in upstate New York, where he has a cabin.
Senior allegedly “refused” to film along with Sons of Anarchy star and Southern California Hell’s Angels president Rusty Coones.
According to the lawsuit, the contract with A&E included Senior filming scenes with Coons.
Derbyshire also alleged that Teutul made “side deals” without his knowledge.
For example, one of these deals included a “contract with a dog food manufacturer” to feature the product on the show in exchange for dog food for Senior’s girlfriend’s dog.
Then, Senior allegedly paid son and American Chopper reality star Mikey Teutul, “although that was not part of their budget.”
Paul Teutul Sr. has denied these allegations.
Home In Foreclosure
Earlier in the week, Page Six reported that Paul Teutul Sr. was dealing with the foreclosure of his 38-acre home, “70 miles north of Manhattan.” He is scheduled in court on March 21.
He took out a $1.5 million dollar mortgage for the property in 2005, then had modifications to that mortgage in 2013 and 2016. The publication states that Senior still owes $870,939.43 on the property “as of February 2017.”
According to Paris D’Jon of HYPE Projects Agency, who spoke to Page Six, there is more to the story. Teutul needs a tax assessment on the property in order to apply for tax relief, per New York law, as he owns animals that live on that land.
“The foreclosure filing, which was not executed, was an action taken to give options for an ongoing tax assessment request. Mr. Teutul cares for numerous animals on his property and under the laws of NY State is eligible for an agricultural assessment to provide property tax relief to the property owner.”
Senior Files for Bankruptcy
According to the Blast, Senior’s money woes are so big that he is now filing for bankruptcy protection. The 68-year-old reality star and owner of Orange County Choppers claims that he has “$1,801,729 in assets, and owes $1,070,893.44.”
The publication explains that those who file for Chapter 13 to “reorganize and restructure their debt without risk of losing assets.”
His assets include “his home in Montgomery, NY, a 2011 Chevy Camaro, 2010 Dodge Challenger, 2009 Chevy Corvette and a few pistols” worth around $200.
He lists his business, Orange County Choppers, as 100 percent his, yet the value listed at $0. In addition to less than $1,000 in cash and money in his checking account, his assets also include four dogs, listed at $1 a piece.
American Chopper Returning March 1
One factor that should help improve Senior’s financial situation is the return of American Chopper to Discovery on March 1. This should give him a paycheck from the reality show, as well as give his business a nice bit of media attention from the show.
Returning is definitely Paul Sr. and Paul Jr., and it appears Mikey will also return to American Chopper. Senior is not the only member of the family to go through some very public personal issues. The Teutuls have all been through some difficult situations under the watchful media eye.
According to Junior, who recently penned the book The Build: Designing My Life of Choppers, Family, and Faith, one of the toughest things he has ever gone through was being fired by his father.
As the Inquisitr reported, Paul Jr. and his father would scream at each other, playing out their highly “combustible, dysfunctional relationship” on television “for the world to see” on American Chopper.
There is no indication on whether Senior’s numerous financial issues will be part of the revival of American Chopper.