Paul Teutul Sr., the star of the popular Discovery Channel show, American Chopper, has filed for bankruptcy in New York, even though some sources cite his net worth at $15.0 million. He is also at the receiving end of a lawsuit with his former business partner, who claims to have lost millions of dollars in his deal with Teutul. In the midst of all this financial and legal jumble, American Chopper makes a triumphant return to the small screen.
People are surprised to hear that Paul Teutul Sr. is going through a tough time financially. He is the founder of Orange County Choppers, a manufacturer of custom motorcycles, and the focus of American Chopper, a reality television series that aired on the Discovery Channel from 2003 to 2010.
Filing for Bankruptcy
- The latest news is that Teutul has filed for Chapter 13 bankruptcy in New York, even as his Discovery Channel show has been aired.
- According to Page Six, Teutul has claimed that he owes $1.07 million to around 50 creditors and that he was worth only $1.8 million as on February 28, 2018.
- Paul Teutul Sr.’s earnings are reportedly $15,070 a month, out of which he spends $12,612.
Confusion about Teutul Sr.’s Financial Situation
- Other sources list Paul Teutul Sr.’s net worth in 2018 at $15.0 million; so right now, people are confused about his financial condition.
- In the papers he filed in court, Teutul has listed the family property at 95 Judson Road in Montgomery, New York; he claimed that he has a “fee interest” worth $1.8 million in the home.
- Teutul put the 38-acre estate up for sale recently and slashed the price from $2.89 million to $2.49 million.
- Teutul also listed three cars, “four dogs,” and “one old desktop” as part of his assets.
A Massive Comfortable Home
- Paul Teutul Sr.’s house features woods, meadows, waterfalls, a stocked pond, a swimming pool with spa, pool house, gazebo, hot tub, volleyball court, and patios with Viking grills.
- The home has three bedrooms, 2.5 bathrooms, a game room, a covered porch, and a two-story living room with a floor-to-ceiling stone fireplace.
Debts Need to be Paid
- Teutul also says that there is a $32,000 judgment against him and that he owes $151,230 in taxes to the town of Crawford, New York.
- He also has to pay $21,300 to various credit card companies and has around $2,000 in medical bills; it is not clear yet what medical procedures he has undergone.
Facing a Lawsuit in Court
- If all these debts weren’t enough, there is more financial trouble looming on the horizon for Teutul with a lawsuit against him; he is being sued for allegedly sabotaging a TV project and costing a business partner millions of dollars.
- Thomas Derbyshire has filed papers claiming that his investment in an American Chopper reboot has been used to fund Teutul’s personal expenses; he had agreed to fund the project for up to $3.0 million at that time.
- Derbyshire has claimed that he had agreed to work with Teutul on the show, Orange County Choppers: American Made, in 2015; their business agreement went bad after Teutul tried to change their 51/49 deal (in favor of Derbyshire) into a 50/50 deal.
A Star of TV Shows
- Teutul has appeared on several TV shows such as American Chopper, Orange County Choppers, and American Chopper: Senior vs. Junior, along with his sons Paul Teutul Jr. and Michael Teutul.
- In 2007, he also appeared in the popular road movie, American Hogs.
- Teutul has also appeared on Celebrity Apprentice and talk shows with Jay Leno, David Letterman, and Jimmy Kimmel.
A Huge Car Collection
- A huge lover of cars, Paul Teutul Sr.’s car collection contains more than 30 cars.
- He reportedly owns Oldsmobile 442s, a Corvette Z06, five other Corvette models, a Cadillac CTSV, a Mercedes CLS-AMG 63, as well as Fords, Dodges, and cars from General Motors.
Good Times May Return!
The reality star’s representative has said that his filing “is part of the personal restructuring caused by tax assessment which is a pro-active, not reactive situation which is a positive thing for Mr. Teutul.”
Teutul’s signature show, American Chopper, returned to the small screen on Thursday, March 1, 2018. His fans and well-wishers are hoping that his financial situation, too, will return to good times.
Fortune favors the hard working, and so Paul Teutul Sr. immediately qualifies!