Johnny Depp May Face Foreclosure Due to Loan Dispute

Johnny Depp could be forced to sell five Los Angeles properties as part of his ongoing legal struggle with his former managers at The Management Group.

Deadline reported Monday that TMG filed an “action for judicial foreclosure” against the actor. The motion could force Depp-run trusts to sell five Los Angeles properties to pay off a $5 million loan TNG made to Depp through City National Bank in December 2012.

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“TMG agreed to come to the aid of its long-time client,” the complaint, which can be read here, reads. TMG claims Depp the bank offered to “allow a pass-through whereby TMG — which had excellent credit — essentially substituted itself on CNB’s books for Depp’s due and unpaid $5 million loan.” TMG came up with the deal to “save Depp from a public and devastating financial collapse.”

TMG’s attorneys, Michael Kump and Suann MacIsaac say Depp, his sister and the president of his production company were “grateful” for the arrangement. They claim Depp even mentioned this deal three years later when he got United Talent Agency to “guarantee a further multi-million dollar loan from Bank of America.”

Deadline notes that if TMG wins a judgement in its favor, government officials could seize the Los Angeles properties and sell them quickly to pay the $5 million loan.

The filing says Depp paid interest and “some principal payments” to TMG until he left the group in March 2016. Since then, Depp and his current business manager, Edward White, “have refused to pay any interest or principal on the loan,” according to the documents.

TMG claims Depp can’t “dispute” that the deal helped him “avoid public calamity” in 2012 or that “TMG gained nothing from the transactions and instead, became indebted to CNB for $5 million.”

“However, in Depp’s self-centered world, ‘no good deed goes unpunished,’” the document reads.

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Depp’s legal trouble over his finances has provided a window into his extravagant lifestyle. Depp sued TMG after his divorce from Amber Heard for alleged fraud, but TMG countersued. TMG claimed Depp spent $30,000 on wine monthly and spent $75 million on 14 residences. TMG also claimed Depp spent $3 million to shoot Hunter S. Thompson’s ashes out of a cannon.