Michael Avenatti, 50, was found guilty of extortion and given a 30-month prison term. Avenatti was reportedly sentenced to prison on July 8, 2021, for attempting to extort up to $25 million (£17.4 million) from the sportswear company Nike.
Questions regarding Michael Avenatti’s financial condition arise when a crime like extortion is on the table. But he would undoubtedly make a sizable fortune from his work as a well-known lawyer, wouldn’t he? Let’s examine Avanetti’s financial background.
What Is the Net Worth of Michael Avenatti?
Michael Avenatti has a $ 4 million net worth and claims Celebrity Net Worth. However, according to HITC, Avenatti’s current net worth has decreased significantly from 2019, when the brazen lawyer disclosed a net worth of $20 million. According to The Sun, the famed attorney, who gained notoriety for his legal battles with former president Donald Trump, received a hefty income for his efforts and secured more than $1 billion in verdicts for clients.
|Net Worth:||$4 Million|
|Date of Birth:||Feb 16, 1971 (51 years old)|
|Place of Birth:||Sacramento, California, U.S.|
However, Avenatti’s lavish lifestyle and legal issues had an effect on his wealth. He reportedly took time off from work in 2015 to drive a race car and participate in the 24 Hours of Le Mans, according to The Sun. The California lawyer’s lavish costs associated with his 2017 divorce from Lisa-Storie Avenatti were detailed by Celebrity Net Worth. According to the source, Avenatti and his ex-wife had $65,000 in monthly costs. The pair owned a $17 million mansion in Newport Beach, as well as a private plane and pilot.
In addition to the allegations of Nike fraud, according to HITC, Avenatti’s company received a $10 million judgment against it in 2018, which is likely to have had an effect on his income.
Read More: How Much Net Worth Parker Schnabel Digging as Gold Miner?
What Offenses Has Michael Avenatti Been Accused Of?
Avenatti was found guilty of trying to extort up to $25 million from the sportswear company Nike on behalf of a Los Angeles youth basketball league director who was angry that the company had canceled its sponsorship.
He threatened to go public with proof that the business had bought off amateur basketball players and their families in March 2019 if he didn’t get paid.
The famous attorney was convicted on February 14, 2021. Avenatti sobbed on July 8, 2021, when he was given a two-and-a-half-year prison term.
A jury later convicted him guilty on February 4, 2022, of wire fraud and identity theft for allegedly defrauding Daniels of over $300,000. The disgraced attorney will be sentenced on May 24, 2022, and might spend up to 22 years in prison.
Read More: Bryce Harper’s Net Worth After Record-Breaking 13-Year Deal!
Career in Law
In February 1971, Michael Avenatti was born in Sacramento, California. In addition to receiving his JD from George Washington University, he also graduated from the University of Pennsylvania. He was employed by The Research Group, a media, and opposition research company. In 2007, Michael established the law firm Eagan Avenatti, LLP, which has locations in Los Angeles, San Francisco, and Newport Beach.
One of his most illustrious court victories was the $454 million judgment he obtained in 2017 against Kimberly-Clark and Halyard Health (although this sum was later reduced to $21.7 million on appeal). He prevailed in a class action lawsuit for $80 million against Service Corporation International and received a $41 million award against the accounting company KPMG. The firm received verdicts and settlements worth more than $1 billion in all.
Read More: The Poorest Drummer Mick Fleetwood’s Networth in ‘Fleetwood Mac’ Band!
Finances and Divorce
The couple’s monthly costs exceed $65,000, according to court filings from Michael’s 2017 divorce from ex-wife Lisa-Storie Avenatti. They pay for a Mercedes G-Wagon, a Ferrari Spyder, a private plane and pilot, as well as for dining out, shopping, entertainment, and $12,000 in nannies for their son.
They paid $14,000 a month for a Los Angeles condo and $100,000 a month for their property in Newport Beach. Their Newport Beach residence is worth an estimated $17 million. It was revealed in December 2018 that Avenatti had to sell his Ferrari, five timepieces, and his ownership stake in the private jet in order to settle $2 million in divorce-related obligations. The reports were labeled “demonstrably untrue” by Avenatti.
Read More: How Much Networth Would Be of Matthew Perry After His Book Friends, Lovers, and The Big Terrible Thing?
Michael Avenatti is an American attorney and entrepreneur who has a net worth of $4 million. The pornographic actress Stormy Daniels was represented by Michael Avenatti, who later filed a lawsuit against President Donald Trump to have a non-disclosure agreement she had signed voided.