It's not his first BK. Anybody who spends money like that is an idiot who brings it on themselves.
With $70 mil liquid invested wisely in muni and corporate bonds and high-dividend blue chips, you could easily spend ~ $3 mil a year for life, maybe a little more and not touch your principal. But of course that takes brains and discipline.
I wonder if he also had an Amex Black card?
What a fucking moron...
https://en.wikipedia.org/wiki/Scott_StorchBy 2006, Storch had amassed a fortune of more than $70 million but also picked up a cocaine habit from a Los Angeles friend the prior year.[8] In August 2006, Storch "took a month off" and vacationed in Hollywood, California. "It was just a wonderful year, but I think it was defined by the magic month of August. He ran into the Hollywood class — and when he went to Hollywood, all things changed," said friend and manager Derek Jackson.[7] Storch withdrew from producing and focused on partying with friends at his $10 million mansion on Miami's Palm Island.
Storch also purchased a private jet, a 117-foot yacht (the Tiffany), and bought nearly twenty luxury cars, ten of which Storch estimated he purchased while high on cocaine.[8] Storch squandered $30 million in less than six months, and was in financial straits by January 2007.[7]His addiction had drained his inspiration to make music, and other artists took notice. In one instance, Storch left Janet Jackson at the studio waiting for him for five hours.[7] In 2008, Storch hit legal trouble after reportedly falling behind on both his child-support payments and his property taxes.[7] In early 2009, he was arrested for grand theft auto for allegedly failing to return a Bentley he had leased three years prior.[7]
In April 2009, Storch checked into an intensive inpatient rehab program in Hollywood, Florida, and filed for bankruptcy that May.[8] In February 2012, Storch was arrested in Las Vegas for possession of cocaine and was released on bail.[9] On June 24, 2015 Storch officially filed for bankruptcy.[10]
