The four-time Emmy-winning writer-producer is now living on a $40-a-week allowance and owes $17 million in debts after losing his fortune to gambling.
- February 18, 2016
AceShowbiz -
"NYPD Blue" and "Deadwood" creator David Milch is living on million dollars in debts and struggles to earn cash to pay his debts, The Hollywood Reporter has learned. The site claims that the previous fortune of the four-time Emmy winner was at around $100 million.
According to the site, the 70-year-old TV titan is living on a $40-a-week allowance, owes $17 million in debts and tries to pay back taxes he owes to IRS. Milch is said to lose $25 million at the Santa Anita race track in California between 2000 and 2011, but his wife Rita knew nothing about his losses. Since then, Rita has provided her husband with only $40 per week in cash to make sure that Milch is unable to gamble anymore.
In March 2011, Rita found out the nominal value that Milch secretly shifted from their account to the Santa Anita race track. Later in 2015, she filed a lawsuit against the family's business managers Nigro Karlin Segal Feldstein & Bolno LLP (NKSFB) for not telling her about how terrible their financial situation was. According to the lawsuit, Rita, an artist, has been forced to sell "a significant amount" of her jewelry and art and has held several garage sales to raise money.
The couple also attempts to sell off all their properties. They sold their six-bedroom family home in Brentwood, California, in 2014 for $4.8 million and have listed their house in Martha's Vineyard at $8.95 million.
