Johnny Depp: A Star in Crisis & The Insane Story of His 'Missing' Millions

5/10/2017 by Stephen Galloway , Ashley Cullins

What happened to $650 million? An explosive legal battle between one of Hollywood's best-paid actors and the business managers he fired has laid bare tumultuous finances, outrageous spending and troubling behavior on Disney's new 'Pirates' movie in a case that could even change how the industry does business.

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Early one afternoon in October 2012, Jake Bloom and Joel Mandel left their respective Beverly Hills offices, slipped into their luxury cars and embarked on the roughly 30-minute journey to the Hollywood Hills compound of their client, Johnny Depp. Bloom was a rumpled and graying lawyer whose disheveled style camouflaged an intellect exercised on behalf of such luminaries as Martin Scorsese and Sylvester Stallone. Mandel, then in his early 50s, was a tall, rather amiable accountant who favored loose-fitting jeans and looser-fitting shirts, sartorial code designed to assure his clients he was just another boy in their band as well as a top-flight business manager steeped in the arcana of arbitrage and amortization.

Both men had been close to Depp for years. Bloom, indeed, was such a confidant to the actor that he had even joined him for an induction ceremony into the Comanche nation when he played Tonto in The Lone Ranger; as for Mandel, he had accompanied Depp to his three-island property in the Bahamas, atolls Mandel had helped his client buy for a total of $5.35 million.

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These men were part of Depp's inner circle, at least as far as any lawyer or accountant could belong to the inner circle of an artist this mercurial, one with a skull-and-crossbones tattoo on his leg and "Death is certain" scrawled beneath it, whose soul mates were such creative titans as Marlon Brando, Keith Richards and Hunter S. Thompson — the journalist whose ashes Depp fired from a cannon hauled to the top of a 153-foot tower, a tribute for which the actor says he paid $5 million.

Leaving their cars that day, the advisers approached one of Depp's five houses on a dead-end stretch of North Sweetzer Avenue. A modernist affair that was simply referred to as 1480, the building had been converted into a recording studio and was an appendage to an eight-bedroom, castle-like mansion once owned by music producer Berry Gordy. One of the star's two omnipresent assistants led the men in, past a painting that British artist Banksy had created for Depp, and into a den, where the actor was leaning back in a slightly battered chair, surrounded by dozens upon dozens of classic guitars.

After the obligatory small talk, the visitors got to the point: Depp's cash flow had reached a crisis point, they declared. Even though the star had become wildly wealthy (later, Mandel would claim Depp earned more than $650 million in the 13-plus years he had been represented by The Management Group, the company Mandel had started in 1987 with his brother Robert), there just wasn't enough liquid money to cover Depp's $2 million in monthly bills.

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Without a fire sale, Depp — then arguably the biggest star in Hollywood and certainly one of the best paid, thanks to the Pirates of the Caribbean franchise — would never be able to meet his obligations. Not the payments on his portfolio of real estate around the world. Not the impulse purchases such as the three Leonor Fini paintings he had bought from a Manhattan gallery (the first two for $320,000, the third as a $245,000 gift for then-girlfriend Amber Heard). Not the $3.6 million he paid annually for his 40-person staff. Not the $350,000 he laid out each month to maintain his 156-foot yacht. And not the hundreds of thousands of dollars he paid to sustain his ex-partner, Vanessa Paradis, and their children, Lily-Rose and Jack.

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Read more here: http://www.billboard.com/...g-millions