Wayne Newton - Finances

Finances

In 1992, Newton filed for Chapter 11 bankruptcy to reorganize an estimated $20 million in debts, much of which was accumulated while suing NBC for libel; he claimed the network had reported that he partnered with the Mafia to buy the Aladdin. His bankruptcy declaration included a $341,000 Internal Revenue Service tax lien. By 1999, he was financially well off again.

In August 2005, the IRS filed a lawsuit against Newton alleging that he and his wife owed more than $1.8 million in taxes and penalties. One of Newton's tax lawyers disputed that, saying, "We believe the IRS owes him money."

In late 2009, officials at Oakland County International Airport in Waterford, Michigan claimed Newton owed the airport more than $60,000 for unpaid parking fees, which they claim he owes after having abandoned a $2 million Fokker F28 plane there more than three years before. The plane was originally flown in for renovations in 2005. After they were completed in 2007 the plane was moved to an outside parking area. The monthly parking fee is currently $5,000. An aircraft of this type needs to have its engines run at least once a month to retain its airworthiness. In 2009 it was discovered that the interior of the craft was rotting, and filled with mold. The plane has since been disassembled, transported, and reassembled on his estate grounds.

In February 2010, Bruton Smith sued Newton claiming Newton was delinquent on a loan he had personally guaranteed and then bought from Bank of America. Smith is seeking foreclosure of Newton's Las Vegas ranch Casa de Shenandoah.

Also in February 2010, Clark County sheriff's deputies and a fleet of moving vans were refused entry to Newton's ranch at E. Sunset and S. Pecos roads. The officers attempted to serve civil papers and seize property as part of a $501,388 judgment against Newton awarded to Monty Ward, his former personal pilot, but security personnel employed by Newton refused to accept the papers. Ward, who filed suit in 2006, won the judgment for past-due wages in January 2009 and since then had attempted to garnish the wages of Newton when he performed at the MGM Grand and later the Tropicana hotel-casino. As of January 27, 2010, the value of the judgment was reportedly growing at a rate of $126.86 per day.

In a 2009 lawsuit, Newton was accused of failing to pay $32,384 for hay delivered to his Las Vegas ranch, presumably for consumption by his horses at the ranch. As of February 27, 2010, the lawsuit was still pending in Clark County District Court, with Newton and his attorneys having filed no response in court.

In another 2009 suit, he was accused of owing GMAC $36,999 for a lease on a Cadillac. The suit was ultimately dropped.

Newton is currently enmeshed in another lawsuit over a stalled project to convert his 40 acre home into a museum. In this lawsuit, a developer claims he purchased Newton's home and paid the singer $19.5 million, with the understanding that Newton would move out and allow the property to be converted into a museum. The developer claims that he has invested $50 million to date on the project, but that Newton has failed to move out and has deliberately thwarted construction efforts, including by sexually harassing construction workers. The case is set to go to trial in May 2013.