JOHNNY DEPP was on the brink of financial disaster while he was on the Gold Coast filming Pirates of the Caribbean: Dead Men Tell No Tales.
In documents filed in the Los Angeles County Superior Court, the Hollywood star’s former business management company, The Management Group (TMG), claims the actor was on the verge of financial collapse for most of the 17 years it represented him.
TMG, which handled Depp’s finances from 1999 until early 2016, claims he still owes the company $US4.2 million including $US436,862.62 — its 5 per cent commission on an almost $US9 million part-payment Depp in July 2015 for his role on Pirates 5, filmed on the Gold Coast from February 2015 to July 2015.
The company is suing Depp for breach of contract and promissory fraud, asking the court for a declaration that “Depp is responsible for his own financial waste”.
The lawsuit claims Depp spends more than $US2 million a month maintaining his lavish lifestyle and has had to continually borrow millions of dollars to finance his extravagance.
His expenses allegedly included $75 million to buy and maintain 14 residences, $18 million spent on a luxury yacht and $US30,000 per month on wine.
He also spent heavily on family and friends, staff, travel on private jets and to cultivate collections of fine art and Hollywood memorabilia requiring 12 storage facilities to maintain, the lawsuit said.
“As a result of Depp’s uncontrolled spending which exceeded the net income he received from his films, Depp was forced to borrow large sums of money to fund a lifestyle that continued to become more and more extravagant over the years,” TMG claims.
“At the outset, his borrowing was in the form of advances from various movie studios, primarily Disney.”
Depp also entered into commercial loans over the years, primarily with City National Bank (CNB) and obtained several residential mortgages from CNB and First Republic Bank.
The documents claim the company had “hundreds” of meetings with Depp and Dembrowski during which Depp was urged to “substantially” curb his spending and sell various assets.
“When Depp was confronted by TMG or any of his other advisers about his spending, he most often engaged in profanity-laced tirades where he abused the professionals surrounding him and claimed that we would work harder to afford whatever new items he wanted to purchase,” the claim said.