‘Doubling Down with the Derrico’ financial crisis: Deon and Karen lose Las Vegas home amid bankruptcy woes
LAS VEGAS, NEVADA: Deon and Karen Derrico from 'Doubling Down with the Derrico' have faced significant financial challenges, including bankruptcy and foreclosure on their Las Vegas home.
The financial struggles began when Deon filed for bankruptcy in October 2011, listing debts between $500,001 to $1,000,000. However, the case was dismissed shortly after filing. In January 2015, he filed for bankruptcy again, this time citing debt between $100,000 to $500,000. However, the case was dismissed due to failure to provide necessary financial documents.
On April 11, 2015, Deon filed for bankruptcy once more, detailing his assets and liabilities, including credit card bills, student loans, and mortgage payments. Despite having no monthly income from self-employment, his wife Karen contributed as an admin clerk. However, their expenses exceeded their income.
Karen also faced financial difficulties and filed for bankruptcy multiple times. In March 2016, she filed for bankruptcy owing over $1 million to creditors. Despite listing a monthly income, her expenses were high, leading to the dismissal of the case. She filed for bankruptcy again in January 2018, citing a lower debt amount, which was discharged in February 2019.
Amid these challenges, the Derricos faced foreclosure on their Las Vegas home. In March 2020, Deon filed for foreclosure mediation assistance after defaulting on their home purchased in 2015. Despite efforts to negotiate a loan modification, the mediation process failed, leading to foreclosure proceedings. Despite attempts to halt the foreclosure, the court denied the motion. The house was scheduled for auction on September 1, 2021, but it did not sell and was returned to the bank.
Fortunately, the family still resides in the home, and Deon owns two other properties in Las Vegas. However, the foreclosure adds to their financial strain.
What is Deon and Karen Derrico's net worth?
Deon and Karen Derrico's combined net worth is estimated to be substantial, with Deon's net worth reported at $6 million and Karen's at around $500,000.
Deon's path to wealth primarily stems from his career as a real estate investor, specializing in flipping and restoring properties. This involves purchasing properties, renovating or improving them, and then selling them at a profit. Through strategic investments and successful property flips, Deon has been able to accumulate significant wealth over the years.
In addition to his real estate ventures, Deon is also the owner and founder of Deon Derrico Entertainment, Inc., which offers a range of services including acting classes, talent agency representation, as well as film and television production. This entrepreneurial endeavor has likely contributed to his overall net worth. Furthermore, Deon's background in hairstyling and ownership of a hair salon may have provided additional income streams earlier in his career.
Deon and Karen Derrico faced real estate theft and fraud charges
Deon and Karen Derrico were involved in a legal case concerning real estate theft and fraud charges. The allegations against them centered around accusations of forging homeowners' signatures on deeds to obtain and then rent abandoned homes for profit.
The charges stemmed from incidents that reportedly occurred in 2014. Deon was accused of several felony and gross misdemeanor counts related to real estate fraud. The accusations suggested that he had engaged in fraudulent activities to gain ownership of properties unlawfully.
However, in April, Deon was acquitted of most of the charges following a trial. The jury found him not guilty on several counts but was deadlocked on two charges, resulting in a mistrial. Despite this, the Nevada attorney general's office decided to refile the remaining charges. Ultimately, the attorney general's office dropped the remaining charges against Deon, citing the outcome of the previous trial and the guilty plea of his co-defendant, Olujuwon Bryant, who was responsible for notarizing the deeds.
How much do the Derricos earn per episode?
The specific earnings per episode for the Derrico family from their reality show 'Doubling Down with the Derricos' have not been publicly disclosed. However, it's common for reality TV stars to negotiate their compensation based on various factors such as the show's ratings, production budget, and the stars' popularity.
For a family like the Derricos, who have gained significant attention due to their unique situation of raising multiple sets of multiples, their earnings per episode could potentially be in the range of $7,000 to $10,000 per episode, as speculated by some sources.
In terms of their overall income, the Derricos likely rely on a combination of sources. Deon Derrico is known to be involved in real estate investments, including property flipping and restoration, which can generate significant income. Additionally, Karen Derrico runs a clothing store called Derrico's Kloset, which contributes to the family's finances.
Season 5 of 'Doubling Down With The Derricos' premieres on May 14 on TLC
