What is Michael Avenatti's net worth and salary?
Michael Avenatti is an American attorney and entrepreneur with a net worth of $4 million. He is perhaps most recognized for representing pornographic actress Stormy Daniels and suing President Donald Trump to cancel a non-disclosure agreement she previously signed.
Avenatti has represented several high-profile clients, initiating cases against leading business executives and the National Football League. He also participated in a lawsuit against The Apprentice producer Mark Burnett and Donald Trump. Additionally, Avenatti is an avid race car driver who participated in the 24 Hours of Le Mans in 2015. In 2018, Avenatti turned over footage involving a child in immigration official custody to The Rachel Maddow Show.
Legal Career
Michael Avenatti was born in Sacramento, California, in February 1971. He earned his undergraduate degree from the University of Pennsylvania and received his JD from George Washington University. He worked at The Research Group, a political opposition research and media firm, before founding the law firm Eagan Avenatti, LLP in 2007, with offices in Newport Beach, San Francisco, and Los Angeles.
Among his notable legal victories, Avenatti secured a $454 million verdict in 2017 against Kimberly-Clark and Halyard Health, although this amount was later reduced to $21.7 million on appeal. He also won an $80 million class-action lawsuit against Service Corporation International and a $41 million judgement against accounting firm KPMG. Overall, the firm has achieved over $1 billion in verdicts and settlements.
Divorce and Finances
In 2017, during his divorce from ex-wife Lisa-Storie Avenatti, court documents revealed that their monthly expenses exceeded $65,000. These costs included a Ferrari Spyder, a Mercedes G-Wagon, private plane and pilot services, and around $12,000 on nannies for their son. The couple spent $100,000 per month on their Newport Beach home, which is valued at $17 million, and $14,000 per month on an apartment in Los Angeles. In December 2018, reports surfaced that Avenatti had sold his Ferrari, several luxury watches, and his share in a private jet to pay off $2 million in divorce debts, claims he labeled as "demonstrably false."
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Legal Problems
In 2013, Michael Avenatti, along with actor Patrick Dempsey, purchased Tully's Coffee out of bankruptcy to rejuvenate the franchise. However, their partnership deteriorated, resulting in lawsuits between them and numerous claims from unpaid vendors.
By 2018, Avenatti's firm was hit with a $10 million judgment in U.S. bankruptcy court due to a suit filed by a former partner who was promised a $4.8 million payout. Eagan Avenatti LLP filed for bankruptcy to avoid these fees and additional unpaid payroll taxes and penalties. Amidst this, Avenatti formed a new law firm, Avenatti & Associates, which he solely owned.
On March 25, 2019, federal authorities arrested Michael Avenatti, charging him with financial crimes. Allegedly, Avenatti attempted to extort $20 million from Nike by threatening to expose employee misconduct unless hired for an internal investigation at a high salary. He also reportedly demanded a $22.5 million settlement from Nike to quell his investigation. Additionally, federal authorities accuse Avenatti of using $1.6 million of client funds to cover costs related to his failed Tully's Coffee business and falsifying tax returns to obtain $4.1 million in loans from a Mississippi bank.
On June 2, 2022, Avenatti was sentenced to an additional four-year prison term for wire fraud and aggravated ID theft related to the theft of $300,000 in book advances from Stormy Daniels. Combined with his previous prison term, this new sentence adds another 2.5 years to his incarceration. He was also ordered to pay $148,750 in restitution.
