Bank says Don Johnson owes nearly $1 million
December 28, 2003
A Beverly Hills, Calif., bank is attempting to collect part of almost $1 million that actor Don Johnson apparently owes the bank.
The bank filed a judgment against Johnson, 54, in Pitkin County District Court. Johnson owns a home on Little Woody Creek Road.
According to Los Angeles Superior Court documents, Judge Ronald Sohigian ruled on Sept. 29 that Johnson owes City National Bank $908,556.33 and attorney fees of $21,891.12 for not repaying the bank in full for a $1 million loan.
The bank filed a foreign judgment in Pitkin County District Court on Friday, attempting to recover the money from Johnson, who is also a resident of Los Angeles County.
The bank’s attorney, Robert Waxman of Beverly Hills, wouldn’t comment.
According to the original complaint, filed March 4 in Los Angeles Superior Court, Johnson gave the bank a promissory note for $1 million on Oct. 17, 2002. The note was payable to the bank on Jan. 15, with 1 percent interest thereafter.
Recommended Stories For You
The lawsuit claims the promissory note with all unpaid interest came due for payment on Jan. 15 and that Johnson had not paid the required amount by that time. On Jan. 16, 2003, the bank demanded that Johnson pay back the loan, but the bank alleges that Johnson “failed and refused, and continues to fail and refuse to pay the note.”
Although the bank claimed that Johnson paid a total of $149,989.26 in February, the suit maintained that he still owed a principal sum of $854,872.51 in March, along with interest and attorney fees.