Johnny Depp’s ex-managers are trying to foreclose on his five LA properties

The World Premiere of 'Murder On The Orient Express' held at the Royal Albert Hall

Bankruptcy law makes my eyes cross, and details on the ins and outs of foreclosures give me a headache. So if you’re anything like me, you just want to know the broad strokes. Here are the broad strokes: Johnny Depp is broke-ass-broke. His ex-managers gave him a $5 million loan to stay afloat in December 2012. Those are the same ex-managers who are now being sued by Johnny Depp, because he says they defrauded him of millions of dollars. The ex-managers say that Depp is a drunk scarf monster who blows all of his money on art and wine and real estate. Well, long story short, the ex-managers want their $5 million loan back and they’re willing to take Depp’s real estate holdings to get it.

Nearly a year after Johnny Depp and his former business managers start throwing accusations and betrayals at each other in court over millions in the seemingly spendthrift actor’s troubled finances, The Management Group on Monday filed an “action for judicial foreclosure” against the Pirates of the Caribbean star. Aiming for the heart of what started the lawsuits flying back in January when the actor went after TMG in a $25 million fraud suit, the move Monday is to force a sale of five Los Angeles properties owned by Depp run trusts. Those sales are part of a larger play to repay a $5 million loan TMG made to the strapped actor in December 2012.

“TMG agreed to come to the aid of its long-time client,” the complaint filed in LA Superior Court today said of a pressing and due City National Bank loan that Depp had no way of meeting and his ex-biz managers got a “pass-through” for. “The idea behind this arrangement, which was designed to save Depp from a public and devastating financial collapse, was that Depp would pay TMG what TMG was required to pay CNB under the loan,” the non-jury trial seeking document adds of the company and its 17-year long client’s deal.

“At least at the time, Depp and his sister, personal manager, and the president of his production company, (Elisa Christi) Dembrowski, were very grateful to TMG for coming to Depp’s aid and helping him to avoid a public financial collapse,” TMG’s lawyers Michael Kump and Suann MacIsaac assert. “In fact, three years later, Depp used the fact that TMG had lent him money to pressure his long-time agent, United Talent Agency, to guarantee a further multi-million dollar loan from Bank of America,” the duo declare.

These sort of foreclosure actions usually move through the courts faster than most matters and, if a judgment is found in Depp’s disfavor, could see the Sheriff or a marshall snagging the properties within a year and selling them to pay the loan Depp has apparently decided not to.

[From Deadline]

Depp didn’t offer a comment on Deadline’s story – perhaps because the trade papers seem to be lining up against him – but his lawyer did go to People Magazine to issue a statement, saying: “Today’s improper foreclosure action is the latest of the Mandels’ efforts to intimidate Mr. Depp into dropping his lawsuit.” The lawyer said the ex-managers won’t get Depp’s homes and “We will move for sanctions for this latest publicity stunt.” Is it a publicity stunt or do these ex-managers just want their $5 million loan back? These Depp-financial stories are getting messier and messier.

Murder on the Orient Express World Premiere

Photos courtesy of WENN.

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36 Responses to “Johnny Depp’s ex-managers are trying to foreclose on his five LA properties”

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  1. Alleycat says:

    I don’t care for anything about him at this point, I just came to say man his teeth. Meth-head teeth.

    • Annabelle Bronstein says:

      Shakespeare was wrong, it’s the teeth that are truly windows to the soul.

      • Boodiba says:

        Please don’t say that!! I have horrible teeth but I’m am REALLY dead-ass broke, as opposed to celebrity broke, and cannot do anything about it. Also not a meth user, lol.

        I never smile in pictures and if I laugh at dinner I recover myself and shut my mouth. Sad.

      • Annabelle Bronstein says:

        Aww I definitely understand that but this is not an access problem for Johnny Depp. Can you imagine a leading woman in Hollywood letting her teeth rot while expecting to get leading movie roles? I cannot.

        And I truly hope you’re able to either love your teeth as they are or fix them.. life is too short not to smile!

      • I am bored says:

        Boodiba, I’m sorry you have to deal with that. dental care is far too expensive. I had some issues but luckily I was able to afford it and I did not have health insurance at the time. It was a lot. Not fair.

      • Rose of Sharon says:

        Shakespeare was right. The eyes are the windows to the soul because the soul resides in the frontal lobe, the seat of civilization. You can tell when the light dims by looking at the eyes. Look at his eyes.

      • Pandy says:

        Laughing at Shakespeare quote but not at Boodiba. I wish you had Depp’s resources to get your teeth fixed. That’s tough. Depp, on the other hand … yikes. Wouldn’t want to be forced to kiss him in a movie. He’s looking like the culmination of all of his vices. No hollywood gloss on him anymore. Sell your properties you greedy fool. Nobody needs to live like that anyway. Greedy.

    • Pawra says:

      Are those actually his real teeth?!! He puts Lindsay Lohan to shame. Sweet Jesus that’s nasty!!

      • Petee says:

        After he started the Pirate movies he really changed.I know he hangs out with Keith Richards but come on.He use to be everyone’s dream crush.Not anymore.

  2. IB says:

    I would say ”oh goodie, I’ll bring the popcorn,” but I hate popcorn. I will bring the chips and salsa!!!
    How is Depp paying his lawyers???

  3. ashleesimpsonsnose says:

    i can’t help but smile every time i see a story about his financial situation, it’s the least he deserves

    • Jess says:

      Totally. It may not be complete justice for what he’s done but it’s some karma and I’ll enjoy it immensely!

  4. Hum says:

    Karma, you are doing great sweet.
    Ps: people said he looks better now but o just cant see it, for me he looks oiled and dirty all the time

  5. monkeeeeeyyy33 says:

    I always liked that Charlize was pretty open he was a dick to her when they were filming together.

  6. mkyarwood says:

    He’s really starting to resemble Rochester, his character from The LIbertine.

  7. Misogynist says:

    This is sugar to my ears
    I only want him to get enough money to pay Amber’s settlement before he cries bankruptcy

    • Erica_V says:

      I was wondering what/if he had paid her. I can’t find any recent articles on it, last time I saw he had paid some directly to a hospital in her name but that wasn’t the agreement so I don’t think that counted.

  8. Julianna says:

    Ha!

    Also it’s great that this stuff is coming out. For years people acted like Depp totally had his life together until he started up with Amber Heard. Except in late 2012 they hadn’t been together long, and now we know he was already in such a financial mess then that he needed a 5 million dollar loan despite just having been paid a fortune for The Tourist, Alice in Wonderland and the third POTC film.

  9. I am bored says:

    Even the paparazzi hate him because they release the ugliest unfiltered photos of him. Most celebs have the blur or airbrush treatment before the photos are released to the public.

  10. Felicia says:

    He might be a drunken, drug addicted sleazeball, but from the various lawsuits he’s filed after having his affairs audited, the people he hired to look after his money seem to have been robbing him blind. Whatever one might think of Depp, cheering for predators who preyed on a drug addicted alcoholic is just wrong.

    • Bridget says:

      Except they’re suing for repayment on a loan from 2012, made to bail out Depp from dire financial straits. He’s claiming that he had no clue about his financial situation until 2016 when he left and hired a forensic accountant. One of these things contradicts the other. I’ve read both lawsuits. It sounds an awful lot like Depp is trying to recoup money he just didn’t want to pay.

      • LAK says:

        Further to what Bridget is saying, i always post this article whenever these stories come up because people are so ready to excuse these celebrities on the grounds of being prey upon by unscrupulous advisers or handlers.

        Btw, unscrupulous advisers also exist, but in the case of Depp, i think this article’s story is the more likely scenerio.

        http://nymag.com/thejob/2017/04/the-accountant-who-tries-to-keep-celebrities-from-going-broke.html

      • velourazure says:

        Yep. Drunken spendthrift who is now old and broke. Boo hoo.

      • Felicia says:

        Have you read the lawsuit he brought against his lawyers? If… and I do say if, what he has stated in that is true, his management team and his lawyers were self serving their own interests ahead of those of their client. That’s not ok. Regardless of whether or not the guy is a dirtbag. For that matter, again assuming any of that is true, Heard would have gotten a much larger settlement than she did.

  11. Ce2495 says:

    Lord his teeth are horrible! And karma is a biatch

  12. Penelope says:

    Good gravy, the guy made millions upon millions and he’s broke?! Only in HW. The very thought of being that rich and losing it is just insane.

    All. That. Money. *POOF*

  13. FORTYFOUR says:

    maybe he can turn his private island into a theme park and recoup his money

    Lol rich people problems

  14. Jenna says:

    His teeth *shudder*

  15. LittlefishMom says:

    He looks absolutely ludicrous and I never liked him to begin with. Just retire.

  16. raincoaster says:

    So NOW we know why the latest POTC movie happened.