As Harvey Weinstein is all set to face another expensive trial, financial experts have revealed that the estimated net worth of the ex-film producer and convicted sex offender has decreased to less than a tenth of his previous $300 million wealth.
After the court overturned his rape conviction, Weinstein was transferred to Rikers Island jail from his upstate prison. On Friday, he was transported to Bellevue Hospital for a “series of tests.”
Despite spending decades in the Hollywood industry, the 72-year-old movie mogul is still has tens of millions of dollars in his pocket. However, his net worth has dropped significantly due to his company’s bankruptcy, millions in legal bills, two divorces, and over $40 million in class-action settlements.
According to CelebrityNetWorth.com, Weinstein’s net worth was around $300 million before he was accused of rape and sexual assault in 2017.
He owned multiple houses in Los Angeles, residences in Manhattan and Connecticut, and The Weinstein Company, an organisation with movie assets worth over $500 million. However, the firm collapsed and declared bankruptcy in 2018 following his arrest and conviction in New York and California.
However, his whole empire started crashing down after renowned publications started reporting about abuses faced by Hollywood actresses, including Lysette Anthony, Kate Beckinsale, Cate Blanchett, among others.
Speaking to Daily Mail, Southern California financial expert and investigator Jack Cohen said: “I estimate his current net worth to be around $25million, which is a huge drop from his past worth of between $240million and $300million, when he was at the peak of his career and very successful.”
Also Read: Big setback for MeToo movement, NY court overturns Harvey Weinstein’s conviction
Harvey Weinstein settled divorce cases with his first and second wife
In 2004, Weinstein officially got separated from his first wife Eve Chilton. As they share three children, he had to spend on significant spousal and child expenditures. Chilton claimed in a court filing in 2018 that he still owed her $5million.
Following this, he reportedly paid between $15 million and $20 million to his second spouse, Georgina Chapman, in a divorce settlement.
The Wall Street Journal reported that he sold his properties for roughly $62 million between 2017 and 2019. These sales included Hamptons family home ($10 million), Los Angeles house ($1.8 million), residence in Westport, Connecticut ($16 million) and commercial condo in Tribeca ($6.1million).
It is reported that he has sold all of his major US properties following his conviction in New Yorkin 2020.
A look at Harvey Weinstein’s legal expenditures
Since 2017, Weinstein’s legal bills may have amounted to tens of millions of dollars throughout his trials, hearings, and civil proceedings.
In a lawsuit, he alleged that his attorneys underperformed and charged excessively, claiming that he was paying each of them $100,000 per month.
According to the lawsuit, lawyer Jose Baez and his associate received a total of $2 million in monthly compensation to represent him in his criminal prosecution.
The total expenditure must have exceeded $30 million since he hired a new legal team of four attorneys in 2018.
New York’s highest court on Friday overturned Weinstein’s 2020 rape conviction. He is now set to appear in Manhattan Supreme Court on May 1.
In 2013, the Hollywood movie producer was found guilty of third-degree rape after attacking an aspiring actor and of imposing oral sex on a TV and film production assistant.
