Money – What A Web It Can Weave – Lawyer Michael Avenatti Lives the High Life While Owing Millions to IRS

Michael Avenatti

This is a small look into life of the wealthy. Many of us by now know the name, Michael Avenatti. He is the lawyer that has been all over T.V. in the past year representing pornstar Stormy Daniels in her case against Donald Trump. He has said many times that maybe he should run against Trump in the next election, which has opened up a whole new look into this guys life, finances and businesses. The Daily Beast took a deep dive into Anvenatti’s  business dealings in the past few years as well as his divorce. Here is their story..

An excerpt:

Before Michael Avenatti became Donald Trump’s tweet-baiting nemesis, he was racking up a list of legal victories that resulted in a string of multimillion-dollar verdicts. On his website, Avenatti claims he’s won more than $1 billion on behalf of his clients.

His biggest win was a $454 million verdict—one of the largest in California history—against Halyard Health and Kimberly-Clark Corp. for allegedly misleading buyers about surgical gowns they claimed protected against diseases like Ebola and HIV. (Court records show a judge reduced the judgment to $25 million on appeal.)

These victories bankrolled a lifestyle that Avenatti’s second wife described as lavish in divorce pleadings.

Lisa Storie-Avenatti says the couple enjoyed a multimillion-dollar home in Newport Beach, international and domestic travel via private jet, and a collection of art and exotic cars.

In one declaration, filed in January, Storie-Avenatti said, “Petitioner and I enjoyed a very extravagant marital lifestyle. In October 2011, we bought a home in Laguna for $7.2 million and sold it in September 2015 for $12.6 million.”

“We traveled extensively throughout the world, and, when not flying privately, we always flew business class and stayed at five-star hotels,” Storie-Avenatti said in the court filing, adding that they regularly visited Cabo (where they held their destination wedding and paid expenses for 20 guests), the French Riviera, and Paris.

“I had unfettered use of credit cards that were in my name. My American Express bill was historically on average of $60,000 to $70,000 per month, and was paid in full each month,” Storie-Avenatti added in court papers.

She said that since 2010, Avenatti raced in about 33 professional sports car races in the United States and Europe, including the 24 Hours of Le Mans in France, where his team included Saudi Prince Abdulaziz bin Turki Al Saud. “We spend a large amount of money on Petitioner’s racing activities,” Storie-Avenatti continued, the emphasis hers.

Storie-Avenatti was asking for $215,643 a month in family support and provided a rundown of the couple’s alleged monthly expenses including, among other things, $12,000 for nannies, $19,779 for groceries and household supplies, $19,849 for clothing, and $27,257 for entertainment, gifts and vacations.

Avenatti employed a full-time pilot hired at $100,000 a year, and owned two private jets worth about $9 million, Storie-Avenatti claimed. He also retained a full-time driver paid through his firm, but she didn’t know his pay rate.

She claimed that since they separated in October 2017, after more than six years of marriage, Avenatti cut her off from his income and she was forced to use her savings to pay for expenses for herself and the couple’s 3-year-old son.

Storie-Avenatti also claimed that Avenatti stopped paying the $100,000-per-month lease on their Newport Beach home, resulting in eviction proceedings.
According to court filings, Avenatti and his wife agreed to purchase their former home, at 618 Via Lido Nord, for $15.75 million. As part of the agreement, they would move in and pay $100,000 monthly, for nine months, toward the purchase price.
Two days before the couple’s final payment of nearly $14 million was due, a mysterious lawsuit from a Swiss company stopped the transfer of the property to the Avenattis, and negated their obligation to cough up the millions. As a result, the property’s owner, casino magnate Gary Primm, filed court papers to evict the couple.
Storie-Avenatti listed the home as an asset in her divorce papers, saying the couple “spent hundreds of thousands of dollars to fully remodel” it.
“Because I am in the dark regarding Petitioner’s actual income, I am requesting an award of non-taxable family support based on our luxurious marital lifestyle in the amount of $215,643 per month per my review of our 2016 expenses,” she said in her declaration.
Avenatti did not appear to contest his ex-wife’s claims about their high-flying lifestyle, but he did say she was “placing unreasonable restrictions” on spending time with their son. His attorneys also fought her requests for his financial statements, according to a review of court records.
In July, a judge ordered child support of $31,981 per month, and $124,398 per month in spousal support, based on Lisa-Storie’s expenses.
The judge also ordered Avenatti to pay $185,000 in attorney’s fees and $30,000 in expert fees.
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Money – What A Web It Can Weave – Michael Avenatti Lived the High Life While Owing Millions to IRS

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