Stephen Dorff owes over $800,000 to his bank.
The ‘Backbeat’ star, his production company La Costa Productions and Fredonick, LLC, are being sued by City National Bank, a commercial organisation operating in Los Angeles, for an alleged breach of a personal line of credit agreement.
According to legal documents obtained by People magazine, at the end of February, $805,963.23 is due and owed to the bank, with the sum made up of the principal balance, interest and late charges.
The 43-year-old actor had signed his first Personal Line of Credit Agreement (PLCA) "on or about October 1, 2015" and then entered a second agreement around February 5, 2016, with the purposes of modifying the first.
But according to the documents, the defendants had failed to pay the entire balance stipulated in a third PLCA by December 31 last year.
The ‘Power of One’ actor’s production company most recently worked on ‘Brake’ in 2012, which also starred Stephen.
The film was released to lukewarm reviews and according to Box Office Mojo, had a total domestic gross of just $4,800.
Last month, Stephen put his beach front three-bedroom home in Malibu up for sale for $8.45 million – a huge profit on the $2.5 million he paid for it in 2001 – and also relisted his New York City penthouse for a reduced price of $2.39 million.
The Chelsea apartment was first put up for sale for $3 million in 2008, before being relisted for $2.65 million a short time later. Almost a year ago, it was then put back on the market for $3 million again, but the price has steadily fallen to it’s current ask.
A spokesperson for Stephen has yet to comment on the legal issue.
Stephen Dorff sued by bank
