Yahoo Finance Tori Spelling and Dean McDermott Owe More Than $400K in New Filing Related to 12-Year-Old Bank Loan
City National Bank first took legal action against the former couple in 2016 for allegedly defaulting on their $400K loan
Rodin Eckenroth/FilmMagic; Andrew J Cunningham/Getty Images
Tori Spelling and Dean McDermottTori Spelling and Dean McDermott are required to pay over $400,000 to City National Bank following a judgment over a 12-year-old bank loan, a new filing shows.
In court documents obtained by PEOPLE, the banking establishment filed a second writ of execution against the estranged couple to enforce a 2017 judgment after they allegedly defaulted on the $400,000 loan they took out in 2012 with interest. The filing states that Spelling now owes $219,836.66 while McDermott is responsible for the other $202,086.10, including the fees for the issuant of the wit.
This is the third time City National Bank has tried to collect their loan. The establishment initially sued them for their outstanding balance in 2016, which resulted in a court decision entered against the couple in 2017, and later filed paperwork against the duo in a first attempt to enforce the judgment in 2019.
PEOPLE has reached out to reps for Spelling and McDermott as well as an attorney for City National Bank.
Amy Sussman/Getty
Tori Spelling and Dean McDermott attend Fox Winter TCA on February 06, 2019 in Los Angeles, California.This isn't the first time the two have faced financial litigation.
In July 2016, the Beverly Hills, 90210 alum and the former Chopped Canada host were slapped with a tax lien by the state of California. The married couple owed a tax lien for $259,108.23 for unpaid state taxes from 2014, according to court documents obtained by PEOPLE.
Two years later in March 2018, Spelling cleared up reports of financial trouble after credit card company American Express sued her in January for failing to pay her outstanding balance of $37,981.97 since summer 2015.
"We're not perfect, we have made a lot of choices financially with real estate that didn't work out … and that just escalated into this story about financial struggles, bankruptcy. To this day that haunts me!" she told PEOPLE at the time, adding, "We're not bankrupt, we're not struggling, we're fine!"
On an episode of her misSPELLING podcast in April, the actress shared a story of how her belongings in her storage units were auctioned off after she failed to pay an "outstanding bill of $80,000."
Spelling shared that she began storing her belongings in units at Wetzel & Sons when she moved out on her own at age 18. She eventually had “massive amounts of storage units" and estimated there were 50 that were the size of “shipping containers.”
“At one point when I couldn’t pay it," she recalled. "'Cause we had done small payments and it was adding up, and then it just catches up with you if you don’t pay it. I had an outstanding bill of $80,000.”
“So they auctioned it all off,” she said. “They took it all. But they were really kind at Wetzel & Sons and they sent me my personal memorabilia and my stuff from my childhood and my dad and stuff. So I got that back, which, duh, I promptly put into a new storage unit.”
Never miss a story — sign up for PEOPLE's free daily newsletter to stay up-to-date on the best of what PEOPLE has to offer, from celebrity news to compelling human interest stories.
Spelling and McDermott are currently going through divorce proceedings as well. In court documents obtained by PEOPLE, she cited irreconcilable differences as the reason for their split. Their official date of separation was listed as June 17, 2023, the same day that McDermott posted a since-deleted announcement on Instagram that the couple had decided to go their “separate ways” and “start a new journey” apart.
In a filing of his own on May 13, McDermott disputed part of Spelling's petition, citing July 7, 2023 as their date of separation. He also pushed back against Spelling's request for sole physical custody of their five kids and requested joint physical and legal custody instead.
For more People news, make sure to sign up for our newsletter!
Read the original article on People.
