Johnny Depp Facing Foreclosure On Five Los Angeles Properties
Johnny Depp is in the middle of a lot of lawsuits, for and against, one of which may include foreclosure of some properties to repay loans.
By kmvq on November 7, 2017
It’s been quite a while since the drama started between Johnny Depp and his business managers/accountants. Long story short, he’s suing them for misrepresenting/stealing his money, and they’re suing him for failure to repay loans, it’s a big mess.
Anyway, it’s coming down to time to start paying for things, and Depp may be losing some of his properties. The Management Group (that’s what they’re called, TMG), filed what’s called an “action for judicial foreclosure” against him. It’s a move to repay a $5 million loan from 2012. He used to be making payments until March 2016 when he fired the company from being his business manager. He and his new management decided to just stop paying them, and owes more than $4.4 million still, and they’re coming after it.
Basically, if TMG wins the suit/foreclosure, the Sheriff can seize his properties, and sell them to repay what TMG is owed.
So basically, Depp needs to come up with $5 million and pay TMG, or they’re going to take his stuff and get their money anyway. He has a lot of lawsuits happening right now anyway, so any part of this story can still change, but if we could give him some advice…. I wonder if there’s a legal way to pay them, but with “stipulations of future legal results.” Maybe if he were to eventually prove whatever it is he’s fighting he could get the money back? Like a trust or something maybe? Does it work that way?
