Is he or isn’t he? Broke, that is because a new report is stating that Mike “The Situation” Sorentino has blown millions of dollars ($10 million to be exact) living the lavish lifestyle of an A-List celeb and now has nothing left!
And that lawsuit The Situation recently filed against clothing retailer Abercrombie & Fitch for approximately $4 million in royalties and damages? It’s possibly because he needs the money!
In Touch Weekly is reporting that the Jersey Shore star’s spending habits rival none other than Kate Gosselin’s – except he doesn’t appear to use coupons. Despite netting over $5M in revenue in 2010 alone from “appearance fees, endorsement deals with Vitaminwater and Reebok, his own fitness video, a “GTL’ app, a rap song and a book deal”, a former friend of The Situation is reporting that he has blown all of it!
So what has he been spending on? Luxury cars, several Rolex watches and diamond chains, plus not one but TWO Bentleys! Even worse, The Situation, whose “big head and cruel lies have left him without a friend in the world” is now paying his brother Marc and several former friends to follow him around constantly acting like his entourage! “He’s so cocky, he thinks he can spend like an A-lister,” the former buddy explains.
“He has nothing left,” the source reveals. “He won’t stop spending money.” And the constant income stream may be drying up soon as the mag suspects The Situation’s popularity is “plummeting.” “No one is paying him for appearances anymore,” the friend continues. Even worse for The Situation, the spin-off show he has in the works isn’t taking off! “Forget his Ferrari, he’ll be back in a crappy car before he knows it,” his former friend concludes. This sounds a bit like sour grapes to me…
Well, The Situation is calling all of these allegations preposterous. Speaking to In Touch, he claims it’s all lies! “I haven’t wasted my money,” he insists.
“I know that there’s a beginning and an end to everything. I’m very conscious of that, so I save my money,” he explains. “Any of those crazy gifts that I have that people hear about — the Ferraris and Lambos and all that I have — those things were either gifted or came from an endorsement.”
As for the speculation that he won’t be earning big in the future– nonsense! The Corporation (yes, The Situation has his own company apparently) has a lot of big deals in the works! “I’m looking towards the long-term and the future; I do own percentages of most of the companies I’m a part of,” Mike describes. “My vodka line, Devotion Vodka, the first protein-infused vodka, is doing awesome. I have a tuxedo line with FLOW Formal, and there should be a Situation ringtone coming out soon.”
In other Jersey Shore news poor cheating Ronnie Ortiz-Magro still pines for his ex-Sammi Giancola following their latest break up! My how the tables have turned! Sources report to HollywoodLife that Ronnie was seen in a club “especially drunk but was visibly depressed.”
“He had tons of girls trying to get all over him but he refused all advances and everyone was saying that he missed Sammi,” the source recounts. “He refused to hook up with anyone!” Did someone call the paramedics?
Things are very different for Sammi, who doesn’t seem to miss Ronnie at all! “She’s doing great! She’s really focused on herself and her career outside of Jersey Shore,” a different insider explains. “She has a new fragrance coming out and a men’s fragrance. She’s doing her right now and staying out of the drama.” Oh, please let this be the official, official end of Ronnie and Sammi!
[Photo Credit: PR Photos]
THOUGHTS ON THE SITUATIONS FINANCIAL SITUATION? DO YOU THINK HE IS BROKE OR SMARTER THAN HE LOOKS? DO YOU BELIEVE RONNIE AND SAMMI ARE DONE FOR GOOD THIS TIME?