Johnny Depp blames $40 million debt on ex money managers; says he wasn't 'ultra extravagant'

More about Johnny Depp's debt problems.

FP Staff April 26, 2017 15:47:26 IST
Johnny Depp blames $40 million debt on ex money managers; says he wasn't 'ultra extravagant'

Johnny Depp's ex-managers, in a lawsuit, allege that the actor's extravagant spending led to his losing millions of dollars. Depp disagrees.

Johnny Depp blames 40 million debt on ex money managers says he wasnt ultra extravagant

Johnny Depp in 2016. AP file photo

"Why didn't they drop me as a client if I was so out of control?" Depp told the Wall Street Journal. "I've worked very, very hard for a lot of years and trusted a lot of people, some who've clearly let me down."

Depp sued The Management Group in January 2017, claiming that after he fired them, his new business manager discovered misconduct in the form of TMG collecting fees he never agreed to, failing to file Depp's taxes on time and loaning out his money without authorisation. Depp believes TMG led him to be more than $40 million in debt.

In a countersuit, his ex-managers Joel and Robert Mandel said their company did what they could with Depp's finances, but it was the actor's expensive lifestyle that was his downfall. "Depp 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," attorney Michael Kump wrote in the cross-complaint. "Depp, and Depp alone, is fully responsible for any financial turmoil he finds himself in today."

In his suit, Depp is seeking $25 million in damages for fraud and negligence, according to The Hollywood Reporter. He's also citing his right to spend whatever he wishes.

"It's my money," the actor told THR. "If I want to buy 15,000 cotton balls a day, it's my thing."

The actor, spotted briefly in 2016's Fantastic Beasts and set to star in Pirates of the Caribbean: Dead Men Tell No Tales, claims that his former managers lied about certain aspects of the countersuit, including his 14 homes, $18 million allegedly spent on a luxury yacht and $30,000 per month on wine.

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