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13 Lessons From Entertainers And Moguls Who Went From Millions To Broke

13 Lessons From Entertainers And Moguls Who Went From Millions To Broke

Johnny Depp: Mind your money

After countless films, Johnny Depp was considered one of Hollywood’s powerhouse actors. His movies pulled in big bucks — and so did Depp. But after a scandalous divorce and a hugely bad deal with two former business managers, Depp found himself in a deep financial hole. 

In 2016, Depp learned he had lost the $650 million he made at the height of his “Pirates of the Caribbean” fame and was left owing $100 million in taxes on account of business managers whom he accused of robbing him blind, The Mirror reported.

Depp claims that his former business managers, Joel and Robert Mandel of TMG, committed fraud in their dealings with him. They are countersuing, claiming Depp’s spending — buying private islands, a French château, a156-foot yacht and more — is why he went broke.

Depp’s attorneys filed a scathing lawsuit against TMG, seeking $25 million in damages for negligence, fraud, unjust enrichment and breach of fiduciary duty, among other things, Vanity Fair reported. TMG responded with a countersuit, blaming Depp’s “selfish, reckless, and irresponsible lifestyle” for his misfortune. The firm’s lawsuit claimed Depp spent $2 million a month, including a $300,000 a month for salaries for his 42 full-time employees. Also, Depp’s 15-month marriage to the actress Amber Heard cost him $7 million following their 2016 divorce.