The Management Group says they loaned Johnny $5mil in Dec. 2012 and haven’t received payment, according to TMZ.
The Management Group claims they helped deter Johnny from financial failure, when he owned major money to City National Bank, and 5 of his houses were used as loan collateral. They allege he stopped paying back the loan and want the houses.
As it stands, Deadline first reported the foreclosure. TMG must have a judge sign off before the properties can be taken from Johnny.
In June, Johnny Depp sued The Management Group for alleged mismanagement of his money and taking out loans in his name…. for $40mil!