Michael Avenatti, once a prominent attorney known for his high-profile legal battles and media presence, particularly in the Stormy Daniels case against former President Donald Trump, now finds himself embroiled in a series of legal and financial troubles.
Despite a once-flourishing career that earned him significant settlements and verdicts, Avenatti’s current net worth is estimated at $4 million​​.
However, this figure is contentious due to his substantial debts and ongoing legal issues, which have severely impacted his financial standing From a peak of legal success and media adulation, Avenatti’s fall has been marked by bankruptcy filings, asset seizures, and criminal convictions, painting a stark contrast to his former image as a formidable legal adversary and public figure.
Michael Avenatti Net Worth
Michael Avenatti is an American attorney and entrepreneur with a net worth of $4 million.
He gained fame representing pornographic actress Stormy Daniels in her lawsuit against President Donald Trump to void a non-disclosure agreement.
Avenatti has represented several high-profile clients and taken on cases against major business executives and the NFL.
He also sued Donald Trump and Mark Burnett, producers of The Apprentice.
Additionally, Avenatti is a race car driver who competed in the 24 Hours of Le Mans in 2015.
In 2018, he provided footage of a child in immigration custody to The Rachel Maddow Show.
Legal Career
Michael Avenatti was born in Sacramento, California, in February 1971.
He graduated from the University of Pennsylvania and earned his JD from George Washington University.
He started his career at The Research Group, a political opposition research and media firm.
In 2007, Avenatti founded the law firm Eagan Avenatti, LLP, with offices in Newport Beach, San Francisco, and Los Angeles.
One of his significant legal victories was a $454 million verdict in 2017 against Kimberly-Clark and Halyard Health, though it was later reduced to $21.7 million on appeal.
He also won an $80 million class-action case against Service Corporation International and a $41 million judgment against the accounting firm KPMG.
Overall, his firm secured more than $1 billion in verdicts and settlements.
Divorce and Finances
Court documents from Michael Avenatti’s 2017 divorce from Lisa-Storie Avenatti reveal that their monthly expenses exceeded $65,000.
They spent on luxury items like a Ferrari Spyder, a Mercedes G-Wagon, and a private plane with a pilot.
Their expenses also included dining out, shopping, entertainment, and $12,000 for nannies for their son.
The couple paid $100,000 per month for their Newport Beach home and $14,000 per month for an apartment in Los Angeles.
The Newport Beach home was valued at $17 million.
In December 2018, reports indicated that Avenatti had to sell his Ferrari, five watches, and his share in a private jet to pay off $2 million in divorce debts.
Avenatti disputed these reports, calling them “demonstrably false.”
Legal Problems
In 2013, Michael Avenatti and actor Patrick Dempsey bought Tully’s Coffee out of bankruptcy, hoping to revive the franchise.
The two friends, who met on the racing circuit, faced numerous challenges.
Their partnership ended in a lawsuit between them and 50 lawsuits from unpaid vendors.
In 2018, a U.S. bankruptcy court issued a $10 million judgment against Avenatti’s firm.
This stemmed from a lawsuit by a former partner promised a $4.8 million payout.
To avoid these fees and unpaid payroll taxes, Eagan Avenatti LLP filed for bankruptcy.
Meanwhile, Avenatti started a new firm, Avenatti & Associates, which he fully owns.
On March 25, 2019, federal officers arrested Avenatti, charging him with financial crimes.
He allegedly tried to extort $20 million from Nike by threatening a press conference before the company’s earnings call to expose misconduct.
He also demanded a high-paying internal investigation role from Nike, offering to settle for $22.5 million instead.
Authorities also accused Avenatti of using $1.6 million of client money for his failed Tully’s Coffee business and submitting false tax returns to secure $4.1 million in loans from a Mississippi bank.
On June 2, 2022, Avenatti received a separate four-year prison sentence for wire fraud and aggravated ID theft, stealing $300,000 in book advances from Stormy Daniels.
This sentence extended his incarceration by 2.5 years, and he was ordered to pay $148,750 in restitution.
Personal life
Michael Avenatti was married to Christine Carlin for 13 years. They have two daughters.
In 2011, he married Lisa Storie. They have one son.
Lisa filed for divorce in December 2017.
On November 30, 2018, they signed a temporary agreement.
Avenatti had to transfer some possessions and pay $40,000 a month in family support, starting December 3, 2018.
In December 2018, Avenatti agreed to pay Lisa $1,947,540 in child and spousal support.
He also had to transfer several assets to her, including five luxury watches, a Frank Gehry sculpture, other artwork, and a leased 2017 Ferrari 488 Spider.
His law firm would transfer its interest in a 2015 Honda private jet to Lisa.
Avenatti called the reports “bogus.”
Federal agents seized the jet at the Santa Barbara airport on April 10, 2019, due to an indictment for tax, wire, and bankruptcy fraud filed in the U.S. Central District Court of California.