Actor Johnny Depp didn’t get the price he wanted for his Kentucky horse farm at an auction on Friday, so he stopped the auction and walked away from the top bidder, who was radio personality Rick Dees of the Weekly Top 40.
The property had been listed for $2.9 million, but Dees only bid $1.4 million. Dees already owns a large farm in Kentucky’s Boyle County. He said he understood why Depp pulled out of the deal.
“I thought it was a steal at one-four,” Dees later told reporters. “I figured they would whiz right past that. And then they shut it down.”
Depp’s farm, which is located at 5493 Versailles Rd. in Lexington, was purchased in 1995 for his mother, Betty Sue Palmer, now deceased. For that reason, they called it “Betty Sue’s Family Farm”.
The 41-acre property includes a 6,000-square-foot brick house with seven bedrooms, a four-car garage, a guesthouse and three barns. The property is set up for a small horse operation, according to the description on the property listing.
The Halfhill Auction Group and Depp business manager Edward White told reporters that they will continue talking to interested buyers and are still hopeful of a sale.
“It’s not over yet,” White said. “There are some people interested in meeting with me.”
Depp recently sold four penthouses at the Eastern Columbia building in downtown Los Angeles for a cumulative $10.22 million, White said, noting that he still owns five properties in Los Angeles, in addition to a 45-acre private island in the Bahamas and a 37-acre compound in the south of France.
“It’s difficult to manage all these properties,” White said, because Depp “rarely comes to Kentucky.”
Depp has been involved in a legal battle with his ex-managers, who he blames for his recent financial woes. However, the ex-managers say it was Depp and his lavish lifestyle that caused an issue, not mismanagement on their part.
Depp sued his ex-managers, The Mandel Group (TMG), for $25 million claiming he had been swindled in the their accounting.
“As a result of years of gross mismanagement and sometimes outright fraud, Mr. Depp lost tens of millions of dollars and has been forced to dispose of significant assets to pay for TMG’s self-dealing and gross misconduct,” the suit read.
TMG hit back with a cross-complaint of fraud. TMG’s complaint, which seeks more than $560,000 in unpaid commissions and credit card fees, details Depp’s spending, indicating it was out of sync with his income, which then caused him to fall into debt.
Meanwhile, Depp says he was kept “ignorant” of his financial condition.
According to leaked legal documents, Depp spends extravagantly on rental fees for storage warehouses, luggage, furnishing and gifts. The information was revealed in an amended cross-complaint by TMG.
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