Celebrity money problems somewhat fascinate me. I say this as someone who drives a ten year old car with sh-tty air conditioning (I’m planning to trade it in this summer for a newer used car) and shops at Goodwill. Sometimes I splurge on shoes or a purse and I definitely go out to dinner too much but overall I live within my means. So Tori Spelling, who could be living large but still reasonably given her income, is deep in debt. Her bank accounts were recently drained by the IRS so I doubt she has any liquid assets whatsoever. In order to have your accounts seized you have to have ignored multiple attempts by the IRS to contact and work with you on a repayment plan. So just keep that in mind when you hear that a default judgment was ordered against Tori for nonpayment to one of her other many creditors. She didn’t even bother to show up to court or hire a lawyer to represent her. How deep in denial do you have to be to do this? She took out a 400k loan in 2010 and owes a bunch on that and is also almost $17k overdrawn on her account.
E! News has obtained the court documents in which a judge ruled they will now have to pay off a $220,000 default judgment.
The ruling came after the couple missed a subpoenaed court appearance last week regarding the couple’s on-going legal battle with City National Bank, who is suing them after they allegedly failed to pay off a $400,000 loan from 2010.
According to the docs, Tori and Dean failed to pay $185,714 plus an additional $2,407 in interest and $681 in late charges for a total of $188,803 from the 2010 loan. Additionally, the bank is asking Tori for $17,149, which she allegedly overdrew in September and has yet to repay.
Thus, in total, City National Bank was seeking about $205,000 in damages from the couple.
The couple missed the deadline to respond to the bank’s allegations in court on May 22. Therefore, the judge granted the bank’s motion for default judgement, ordering them to pay $202,066.10 to City National Bank plus an additional $17,730.56 for a grand total of $219.796.66.
E! reminds us of Tori’s other debts. Not only did she get cleaned out by the IRS, she also has a tax lein of $259k to the state of California for back taxes from 2014, and she’s been sued by AmEx twice for over 100k in credit card debt she didn’t pay. I would wonder why she hasn’t filed for bankruptcy yet but that would require acknowledging that she has a problem, which she’s so unwilling to do she doesn’t even respond to subpoenas or summons from the IRS. In case you’re wondering how she got into this mess just check out her Instagram, which is a handy guide to her lavish spending. A lot of her posts are sponsored so it’s hard to separate out the things she’s been comped vs. what she’s splurging on, but she did take her family out for oysters and escargot recently. Also, she never Instagrammed the giant bounce houses she rented for an Easter party for her kids. She’s probably spending a lot and hiding it.
photos credit: WENN and Getty
Up next, Tori has a four page spread in some magazine about a lavish push present her husband gave her and how they’ve decided to get out of the spotlight for a while by taking a family vacation in Europe for a month. We can all watch on their next reality show about their lives.
“Insufferable Asshats” is the Tori and Dean family motto.
That family is living my worst nightmare. I can’t imagine the never ending oppressive burden of having that much debt and no way to pay it.
There’s a way to pay it. Don’t spend more than they have, and sell most of their stuff.
They need counseling, but don’t think they do.
you and me both. we have lean times, but we plan for them. I have many a sleepless night worrying, yet I always pay my way.
I had a friend who didn’t like paying rent. She would move in, pay the first month, and that was it. Three months down the road comes the eviction notice, which gave her 3 months to get out. In 10 years she paid rent for about 9 months. She ended up in court where her pattern was explained, and the judge found her owing. She still hasn’t paid they guy, and that was almost 7 years ago. To me her not paying rent was stealing plain and simple.
@Lady D, I have a dear friend that used to do that with rent too. This was years ago when she first started living on her own but I too, considered it stealing. She would have to pack up her belongings quickly and move during the night so her landlords wouldn’t notice. She would also go to places like Amscot and take out payday loans worth hundreds of dollars and never paid them back. I could not live like that. I would be looking over my shoulder forever worried that it would all catch up to me eventually.
I think she just spends and then waits for Candy to bail her ass out.
How in the world does your friend find a place to rent? Now they do credit checks.
How does a bank allow a $17K over draft? I have excellent credit but if I’m $2.00 over on a payment, my bank shuts it down for insufficient funds. Those agencies give money to these spoiled, entitled brats because of their names and connections and then whine when they don’t get paid back. She will continue to live above her means in lavish lifestyle until she goes to jail. They are both morons. Poor herd of kids.
They probably know Candy will end up paying.
The bank has a Entertainment Branch that handles the celebrity clients. The stars are always running up OD’s and paying them off. CNB knows that most Entertainment clients are one gig (or residual check) away from covering the OD and then some. It’s standard practice in LA. But they won’t hesitate to sue either. I work in the Business Management industry, between this and Johnny Depp, it’s been good shop gossip lately.
While Tori and Dean are horrible it is kind of on the people and banks who keep lending her money or renting her homes! I hate people that don’t live within their means though. We don’t buy anything unless we can afford it outright.
Throw them in jail until they pay up. Her husband is a deadbeat, and she isn’t too good herself. Enough is enough. If it was one of us, we would have been locked up a long time ago.
It’s a civil matter. They won’t be jailed unless they are found to have committed some criminal act in all of this, such as fraud or forgery, to get the money.
Tax evasion *is* a criminal act, FYI.
Not paying a bill isn’t tax evasion the way lying on your tax return, is it?
I think in the back of her mind she knows she will never be homeless, as she has a very wealthy mother to fall back on.
Granted her mom isn’t helping her right now but I think she knows her kids will never be out on the streets in the end.
I thought I read that Candy was helping them in some way. Paying for the kids’ schools? Or paying mortgages? These two enrage me–bad enough that they are selfish deadbeats, but they keep bringing innocent children into their mess.
I think the mother is paying for school ,groceries, and rent.Her brother seems to be living comfortable and within his means while tori keeps racking up debt.I feel like she is doing this to publicly shame candy into paying her debt. I also think she and dean expected more money when her father died then what she got .
I hope Candy doesn’t fold. She needs to learn to stand on her own feet.
Maybe she expects her mom to bail her out? I’m not sure she’d be described as thrifty, but she did get a ton of money from the sale of the mansion etc.
If only some producer would present her with a pitch about this family going from riches to rags. She’d probably be willing to live like the middle class, as long as it’s being filmed. And involves a huge payday at the end.
Please, god, no. Besides, we’ve already got ‘Schitt’s Creek’ and it’s brilllllllliant!
Great show!
A series with Suze Orman, Dave Ramsey, Dr. Phil, Iyanla and Judge Judy telling these two to sit down and be humble – i’m pitching it.
@Dirt, I would happily watch that show. Iyanla giving those two their come to Jesus would be the best.
@Ginger, I forget about Schitt’s Creek, for whatever reason, but likely should watch!
justcrimmles, you can’t go wrong with Eugene Levy and Catherine O’Hara, EVER! And Levy’s son Dan is a dream.
Their entire family is a new hybrid of rich homeless. She knows as long as she has a baby and kids, her mom will never let them be in REAL trouble. It’s like she’s doing this out of spite for being essentially cut out of the will. She better hope Candy doesn’t do the same to both her and her children. I highly doubt she would trust her daughter with her own children’s trust funds.
Tori is in for a rude awakening. When Candy dies, she’s not getting shit. The grandkids will receive trust funds that they won’t be able to access until they’re 35. And those trust funds will be overseen by an Estate Trustee. So Mommy and daddy ain’t getting shit.
I totally agree. I think that is exactly how it will play out.
I think she would sue the estate to get her hands on the money. If that happens it will all be tied up in court and eventually all that money will go to the attorneys. Sad but true.
I’ve said this before on a Tori post, but we have a family friend who passed unexpectedly & he was well off (not Spelling money, of course) & in his will he left the majority of his money & assests to his kids & 2nd wife. But because he was a nice guy & always felt guilty about the divorce from his 1st wife (who was the mother of his children), he left her some money too, even though he didn’t have to (he’d already paid everything to her she got from the divorce, plus had left her plenty to take care of their kids as well, so this was money just for her/for being with him when he started his business, etc). Well ex-wife was pissed it wasn’t more & went about trying to get more. We were all disgusted with her, but finally, she had a lawyer tell her that to get more money she’d basically be suing her kids for the money their dad left them, she decided to drop it all. Unfortunately I don’t think Tori will ever drop it, when it comes to that. She’ll fight forever to get her hands on her Dad’s money, even if that means essentially suing her kids.
Well unfortunately this has happened. Not here but in Hong Kong. Google Anita Mui. She was a famous Hong Kong singer who died of cervical cancer. She set up her estate as a non-profit foundation with the stipulation that some money be given for the care of her elderly mother for the duration of her life.
Well her brother wasn’t happy about that so he got mommy dearest to sue the estate. That case lasted for years and it essentially bankrupted the estate because they used all her money to fight the lawsuit. They had to liquidate her holdings and eventually disband the estate. Yup that means the mother ended up living as what is essentially a welfare recipient. All that money ended up with the attorneys.
holly hobby, you can draw up your will/trust to include that if someone contests the will/trust they will get nothing, or $1.00. I know my dad has his living trust drawn up this way because of my *&%$ brother and wife. Just make sure all paperwork is properly drawn up and notarized (and kept in a safe place!)
Considering how savvy Aaron Spelling was, I’m virtually certain that Candy has everything in legal lockdown to prevent Tori from getting her paws on the $$$$$$.
Tori loves to blame her upbringing on her over spending but she must forget she has a brother. Raised exactly the same way. Yet he lives a normal life with a family in a normal house and doesn’t expect his mom to support him. If he can do it then so should Tori.
Oh, but Tori thinks she’s a STAHhhh!
Doesn’t Tori have like a dozen storage lockers ? Storage fees are not cheap and over a year that is a big chunk of change. Where does she get the money to pay that and not her bills? She could probably unload a lot of crap and pay off her bills. Makes no sense
Yes she can and refuses to do so. If she were to unload those storage units, she can pay off the debt and then some.
I wonder if she owns the storage lockers? Or else that’s the one bill she makes sure to always pay? Because I imagine they could/would auction them off like that Storage Wars show.
I’m surprised that they haven’t already been seized to pay off some debt. But maybe now, with the judgement, they will be. She’s said in print interviews that she has a TON of expensive stuff in storage.
She will never file for bankruptcy unless she is forced to do so. The bankruptcy court would inventory all her stuff and sell most of it to pay her debts. Of course now that this judgment has been entered against her, the bank could seek to attach what is in her storage lockers anyway.
Tori is both entitled and ignorant. It’s not too hard to deal with credit card companies, I don’t think anyone wants to go to court. She could have got on the phone and worked out a settlement for the balance (paid half). However the IRS will consider the unpaid half income. You need cash to do this and depending on the bank several payments may be an option. If you receive a letter in the mail they are taking you to court never ignore it. Go down to the clerk of court and fill out an answer the clerk will help you. This will stop a default where they go to court , your not there, and it’s an automatic win for the full amount. By settling your basically paying for the stuff and they are wiping the interest since they probably already ripped you off enough. This may mess up your credit but having no credit care debt is priceless. Tori has access to this information from her Moms lawyer, yet she acts like a petulant child. She needs to grow up fast.
I remember watching a episode of whichever show that they did together and Dean was attempting to have a conversation about their debt and her spending. He suggested that renting a smaller house and cutting some of the unnecessary things could help. Tori said no because her father would not want her to downgrade her lifestyle. He would be so disappointed in that happening. Yep, a 40 year old, mother of at the time 4 children said that. To go from wanting for nothing to this is incredible. Also, I totally believe that he she did not act like a total a- hole to her first husband, things would be better for her.
And yet her father only bequeathed her a million dollars.
If he really wanted her to continue living excessively, he would have left her more, so Tori’s lying to herself.
I would be so embarrassed, I cannot imagine living that way for one minute.
Let’s be real…she’s waiting for her mother to die. I’m sure Tori knows Candy will provide for her grandchildren.
I’m sure Candy will… in trusts, managed by professionals, and that the kids will be able to use the interest for school and or medical, but not be able to touch the principle until at least 30 yrs. old. Hell, I don’t have anywhere near what she does, but it is a nice sum, and I have my living trust set up that my nephews will inherit; and while I’m still relatively young, if I die and it passes to them before they turn 30, they can use the interest for school/medical/living necessities/, but not touch the principle (until they are 30 years old). I want to make sure that the money is there for them when they would want it to perhaps buy a home/starting a business/start a family.
What’s even worse is that her kids will probably be raised with exactly the same air of entitlement that she has. So regardless of whether they have trust funds from Candy, if they aren’t raised to value money (which they won’t be if they have these two for parents), they’ll waste it the second they have access to it unless it’s SUPER tightly controlled. Either that or Tori will demand it from the kids herself as “payback” for giving them such a wealthy upbringing… Having been in a small amount of debt in comparison, but struggled to pay it off, she really sickens me.
I saw they were really late for his son’s high school graduation and almost missed him walking across the stage. They brought 4 of their kids and huge, obnoxious bouquets of flowers. The look on his mother’s face was priceless.
Dean’s ex wife, Mary Jo did not look impressed at all
Cue groveling dinner at Candy’s.
It’s called Karma, and it’s spelled HAHAHAHHAHAHAHAHAHHAHA!!!!
It serves them right!
I don’t get how they spend so much money but look so poor? The kids always look like bratty kids dressed in Kmart gear for 5 bucks a pop.
that is completely inappropriate. it is also extremely racist.
Wait, @joane, how is that racist?! You could argue it’s not nice to insult the children’s appearance, but throwing a racism label?
I feel really bad for her children..