This Is How Johnny Depp Lost His Money
Johnny Depp has made over $650 million on films that netted $3.6 billion, and yet, most of his money is gone.
According to a profile of the actor in Rolling Stone, Depp blames his loss on irresponsible money administration by his management company, The Management Group (TMG). They, meanwhile, claim it was Depp's reckless spending that cost him his millions.
In a 2017 lawsuit against TMG, Depp accused his longtime business managers, Joel and Robert Mandel, of negligence, breach of fiduciary duty, and fraud. Among other things, he claimed TMG paid his sister Christi $7 million and his assistant, Nathan Holmes, $750,000 without his knowledge. He also says he paid the IRS $5.6 million in late fees (via Rolling Stone). The company denied all wrongdoing and filed a countersuit, saying that Depp had late fees because he was constantly short on cash and never had more than six months of savings in the bank. The Mandels also claimed that Depp drops $2 million a month — $30,000 of that on wine (via CNBC).
"It's insulting to say that I spent $30,000 on wine," Depp told Rolling Stone. "Because it was far more."
Johnny Depp has been living a very lavish lifestyle
In their lawsuit, the Mandels of The Management Group — who had never been sued by any other clients — claimed Johnny Depp "lived an ultra-extravagant lifestyle that often knowingly cost Depp in excess of $2 million a month to maintain, which he simply could not afford" (via The Hollywood Reporter).
TMG said that Depp spent exorbitant amounts of money on himself, his family members, and his loved ones. Documents obtained by Rolling Stone state he spent $200,000 per month on private air travel, $75 million on 14 of his residences, $3 million to shoot his friend Hunter S. Thompson's ashes into the sky from a cannon, and $7000 to buy his daughter, Lily-Rose Depp, a couch from the set of Keeping Up With the Kardashians — among many other expenses. The Pirates of the Caribbean star also owns 70 guitars and 200 pieces of art (including pricey Basquiats and Warhols, according to People) and 45 luxury vehicles. Depp also allegedly spent $1.2 million to keep a doctor on call and another $1.8 million a year on round-the-clock security for him and for his elderly mother, Betty Sue. Then, when the actor's mom got cancer, he rented her a $30,000 a month house. She died in 2016.
His managers accuse him of a spending disorder
The Management Group also accused Johnny Depp of spending millions on personal attorneys "to bail him out of numerous legal crises" and pay "hush money," per Rolling Stone. They even attacked his career and said the actor employed an expensive sound engineer to feed him lines through an earpiece while filming. Depp did not deny that last bit — in fact, he told Rolling Stone that it helped him be a better actor.
"In retrospect, it appears that Depp may suffer from a compulsive-spending disorder, which will be proven in this action through a mental examination of Depp," the lawsuit stated.
According to TMG, as Depp's checks grew thicker, so did his extravagant spending habits. Once he started making $30 million per film (for Pirates of the Caribbean), they claimed, everything went downhill for him financially.
In August 2018, Depp settled his lawsuit against TMG for an undisclosed amount, per Independent.
"Now I look right at everything I sign," the actor told Rolling Stone.
His finances took a hit after Amber Heard
Johnny Depp's legal and financial issues got even worse after he married Amber Heard in 2016. Despite his loved ones' pleas that he make the actress sign a prenup, Depp married her without one, per E! News. He spent $1 million on the wedding, held on his Bahamian island, according to The Management Group's lawsuit (via Rolling Stone).
Just months later, Heard filed for divorce, claiming Depp physically abused her. He denied her claims and accused her of abusing him. Eventually, Depp reportedly paid Heard $7 million, which she donated to charity, according to a 2016 statement. Both stars signed nondisclosure agreements, Rolling Stone reported.
Though the divorce sent Depp into a deep depression, things have gotten better since. The actor and musician is still playing with his band, The Hollywood Vampires, and taking on the bizarre on-screen characters he's famous for (Fantastic Beasts and Where to Find Them 3 is set to be released in 2021). And, while social distancing during the COVID-19 pandemic, the star has kept busy. In an Instagram video he posted on April 23, 2020, Depp is seen sitting down on a small desk, wordlessly folding cloth napkins and playing with books and cards. Then, at the end of the clip, he holds up a cloth napkin and places it proudly on his chest: He has crafted a set of false breasts. The video has since gone viral.