Is Johnny Depp on the edge of bankruptcy

During all these years, Johnny Depp has made a lot of money. The Pirates of the Caribbean star’s net worth is an evaluated  $400 million, according to The Richest. Johnny earned $48 million only last year. A large amount. of it was from his role in Pirate’s of the Caribbean, reports Forbes. Still, the latest rumor says that Johnny is broke and on the edge of bankruptcy. There seems to be a bit of a divergence.

Depp’s so-called financial scandal started when he discovered that his money management company, The Management Group, had neglected to pay his property taxes ending in $6 million in fines, according to the Daily Mail.

Moreover, it seems that The Management Group defrauded him out of $40 million. The management group then claimed that the multi-talented actor, known for many roles like Jack Sparrow, Willy Wonka, and Edward Scissorhands, was just spending his own money irresponsible. Their case revealed certain aspects of Johnny’s alleged spending habits including his monthly wine purchases.

Johnny’s lawyer clarified the situation with this statement quoted in the Daily Mail.

“Mr. Depp did not sue his former business managers for his own personal investment decisions or the “financial distress’ they wildly allege – Mr. Depp sued them for fraud and multiple breaches of their fiduciary duty, among other claims.”

So why didn’t ‘his money management company’ inform him if he was nearly out of funds?

 “They wanted him to sell the chateau or he’d be insolvent? Well, how did he get that close to insolvency (and not know it)? If what Depp’s lawsuit says is true there’s plenty unconventional about the way his money was managed.”

 

Didn’t he have the right to expect confidentiality from  The management group?

“Keep information confidential except when disclosure is authorized or legally required.”

“Inform all relevant parties regarding appropriate use of confidential information. Monitor subordinates’ activities to ensure compliance.”

“Refrain from using confidential information for unethical or illegal advantage.”

However, his money management group did not protect his confidentiality but instead leaked his purchasing habits, declaring that Jack Sparrow spends $30,000 a month on wine and overall about $2 million per month. There also appeared many other details of Johnny’s financial affairs.

So is has he bankrupted? Is Johnny Depp’s net worth now zero even after all his great films? No, because net worth includes home equity and any other property of real value. Even assuming Johnny’s liquid assets are depleted, his lawyer dismissed something as a wild allegation. That is that actor’s real estate and other investments are quite valuable.

Johnny Depp owns 14 multi-million dollar homes which he purchased for $75 million, an $18 million 150-foot yacht, his booty also includes 12 storage units full of fine art masterpieces and memorabilia worth tens of millions of dollars.

The Jack Sparrow treasure also includes gold and jewels set into very expensive fine jewelry, according to People. There are also at least 200 valuable paintings, including some by Andy Warhol. He also owns multiple

Johnny Depp may also own multiple basements full of investment grade wine, considering the alleged wine budget. He sure could drink that much.

Money Crashers explains.

“Wines that are highly sought-after – whether due to pedigree, critical assessment, scarcity, or other factors – can cost as little as $100 per bottle early in their lives. As they approach and reach maturity, these wines can fetch many hundreds or thousands of dollars per bottle.”

Perhaps Johnny Depp favors keeping his money below ground in his own wine cellar. He would likely rather bury treasure, like Jack Sparrow, than risk it on the stock market or something.

Is Johnny Depp taking a lesson from Captain Jack Sparrow to keep the treasure stashed in a harmless place?