Johnny Depp in financial turmoil due to extravagant lifestyle

Hollywood star Johnny Depp is reportedly going through financial crisis and according to a lawsuit filed by the his former business management company the actor's extravagant lifestyle is responsible for the loss.
Depp had sued The Management Group earlier this month, claiming that after he fired them, his new business manager discovered serious misconduct, according to The Hollywood Reporter.
The 53-year-old actor claimed the firm collected USD 28 million in contingent fees he never agreed to, consistently failed to file or pay his taxes on time, failed to keep proper books and loaned nearly USD 10 million of his money to third parties without authorization.

In a cross-complaint filed on Tuesday in Los Angeles County Superior Court, Joel and Robert Mandel from TMG claim they and their company did everything within their power to handle Depp's finances responsibly and repeatedly warned him that he was overspending.
"Depp lived an ultra-extravagant lifestyle that often knowingly cost Depp in excess of USD 2 million per month to maintain, which he simply could not afford. Depp, and Depp alone, is fully responsible for any financial turmoil he finds himself in today," the cross-complaint reads.
Among the examples of excess listed by TMG is USD 75 million spent on 14 residences, USD 18 million spent on a luxury yacht and USD 30,000 per month spent on wine.

"Depp also paid over USD 3 million to blast from a specially-made cannon the ashes of author Hunter Thompson over Aspen, Colorado," writes Kump.
TMG claims Depp's lawsuit is an attempt to derail foreclosure proceedings the company is pursuing against the actor in an attempt to recover USD 4.2 million he owes them.