Johnny Depp Hit with Foreclosure, Could Sell Homes to pay $5m Loan
Actor Johnny Depp has fallen on lean times and could lose five of his homes as his former business managers attempt to have him repay a massive loan.
His former managers, The Management Group on Monday filed to force a sale of Depp’s properties – all of which are in Los Angeles – in order to recoup a $5million loan TMG says it gave him in December 2012.
The 54-year-old screen star reportedly has five homes in Hollywood Hills worth a collective $19million, and TMG can’t have any more delays on the repayment, Daily Mail writes.
“Depp paid interest and some principal payments under the TMG/Depp Note until he terminated TMG as his business manager on March 14, 2016,” the Los Angeles state court filing read.
“After that date, Depp and his new business manager, (Edward) White, have refused to pay any interest or principal on the loan…
“However, in Depp’s self-centered world, ‘no good deed goes unpunished’.”
According to TMG, the Pirates of the Caribbean star still owes $4.4million on the loan, including fees and interest.
Depp’s feud with TMG began in January, when he sued the company for $25million, claiming it mismanaged his earnings during a lucrative period of his career, made unauthorized loans and overpaid for security and other services.
Furthermore, the suit asked for a temporary restraining order and permanent injunction restraining the company from proceeding with the foreclosure on Depp’s homes.
But in a countersuit, TMG sought more $560,000 in unpaid commissions and credit card fees and to halt Depp’s suit.
TMG detailed Depp’s ‘unsustainable extravagant lifestyle’ in the countersuit, saying the Murder on the Orient Express actor allegedly spent $75million on 14 homes world-wide and $30,000 per month on wine.
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