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Dr Phil has an estimated personal wealth of $460 million (AUD $704 million).<\/p>\n
Television legend Dr Phil\u2019s attempt to file for Chapter 11 bankruptcy for his media start-up, Merit Street Media, has been denied by a judge, who has ordered that he liquidate the fledgling company.<\/p>\n
Dr Phil\u2019s bankruptcy move came despite the star\u2019s staggering personal wealth of $460 million (AUD $704 million), including his $39 million (AUD $60 million) property portfolio, Realtor reports<\/a>.<\/p>\n The list of assets include three homes across Texas and California.<\/p>\n The 75-year-old, whose full name is Phillip Calvin McGraw, filed for Chapter 11 for Merit Street in July, a move that would have enabled him to engineer a path forward for the company.<\/p>\n However, a U.S. Bankruptcy Judge Scott Everett has now turned down Dr Phil\u2019s request for Chapter 11 \u2014 accusing the longtime TV personality of failing to reveal the full truth about his company\u2019s finances and how they ended up in such a dire state.<\/p>\n MORE: \u2018Wrong side\u2019: Ellen loses $8m+ overnight<\/a><\/p>\n The longtime TV show host owns a sprawling abode in Dallas, which is situated on 1.64 acres and measures over 14,719 square feet. Picture: Google Maps<\/p>\n MORE: Aniston\u2019s unexpected $45m life exposed<\/a><\/p>\n He stated that Dr Phil had displayed a lack of \u201ccandour\u201d throughout proceedings, adding that \u201cthere is no hope for rehabilitation\u201d for the TV host\u2019s company \u2014 adding that he believes Merit Street was already \u201cdead as a doornail when the bankruptcy was filed,\u201d according to the Hollywood Reporter.<\/p>\n Everett ordered that the case be moved to a Chapter 7 liquidation, which will see a trustee placed in control of the sale of Merit Street\u2019s assets, which will be used to pay off companies and creditors that are owed money.<\/p>\n The judge made his ruling after it was revealed that Dr Phil had deleted text messages in which he laid bare plans to favour certain creditors over others.<\/p>\n \u201cThis case is an anomaly,\u201d Everett said, claiming that Dr Phil \u201cfavoured creditors and not pay disfavoured creditors, as his own texts show that he want to do.\u201d<\/p>\n However, a spokesman for Dr Phil\u2019s production company, Peteski Productions, told the Hollywood Reporter: \u201cWe take great exception to the court\u2019s improper assertions regarding the alleged destruction of evidence, which simply did not happen.<\/p>\n \u201cWe will not let this stand given all that Dr Phil and Peteski Productions have done to protect Merit Street employees, distributors, and other interested parties and to resolve this unfortunate situation.\u201d<\/p>\n At the time of the initial bankruptcy filing, Merit Street Media reported assets of between $100 million and $500 million (AUD $153 million and AUD $765 million).<\/p>\n However, it is unclear what assets remain currently after the company launched a lawsuit against Christian broadcasting giant Trinity Broadcasting Network, with which Dr Phil had previously inked a $500 million (AUD $765 million) distribution deal.<\/p>\n Merit Street sued TBN for breach of contract, accusing the network of \u201cabusing its position as the controlling shareholder.\u201d TBN then countersued, levying fraud allegations against Dr Phil.<\/p>\n MORE: Christina Haack hits back at ex after home dispute settled<\/a><\/p>\n Outside of the Lone Star State, Dr Phil holds the keys to a six-bedroom, 8.5-bathroom abode in Calabasas, CA, which he picked up in 2011 for $6.58 million. Picture: Realtor<\/p>\n MORE: \u2018Terrified\u2019 Kanye\u2019s secret $115m stash exposed<\/a><\/p>\n During that trial, which is ongoing, Dr Phil took to the stand to defend his actions, which were called into question again when it was revealed that he had launched another new media venture, Envoy Media, just one day before the Merit Street Chapter 11 filing.<\/p>\n TBN\u2019s attorneys had suggested that the bankruptcy case was filed as a means to secure funding for Envoy, allegations that Dr Phil vehemently denied.<\/p>\n \u201cI\u2019m like the little engine that could. I\u2019m doing everything I can to keep Merit up and running. This theory, that this was all a ploy to set up Envoy Media, is absurd,\u201d he said.<\/p>\n Under their deal, TBN was meant to handle production and distribution of Merit Street content, while Dr Phil\u2019s company would produce new content.<\/p>\n However, things quickly went south when Dr. Phil allegedly failed to deliver new content while still taking the money. However, Dr Phil\u2019s company claimed that it was TBN that failed to deliver production support.<\/p>\n The bankruptcy filing is made all the more intriguing when you examine Dr Phil\u2019s extraordinary personal fortune.<\/p>\n According to multiple reports, the TV host has amassed an estimated net worth of around $460 million \u2014 a hefty chunk of which he has poured into establishing an extraordinary property portfolio that is worth close to $39 million.<\/p>\n Here, we examine the staggering dwellings that make up his real estate collection \u2014 and a significant portion of his net worth.<\/p>\n<\/p>\n
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