Steve Bing owed Amex $100K and was nearly broke at the time of suicide despite inheriting $600M from grandfather
Steve Bing was relatively broke at the time of his death despite inheriting a fortune from his real-estate developer grandfather. Bing became the owner of $600 million by the time he turned 18. But when he took his life at the age of 55 in June, he was only left with $300,000 to his name, according to a new article in Town & Country. Also, as per a report by The Daily Mail, Bing owed around $100,000 to American Express when he died.
The details have come out as Kira Kerkorian, Bing’s daughter whom he had with tennis pro-Lisa Bonder, fights a legal case against entrepreneur Matthew Khoury. Khoury in April filed a lawsuit against Bing accusing him of a $7 million breach of contract. The suit claimed that Bing did not pay “qualifying receipts” between Fall 2015 and Summer 2019.
Kira became the special administrator of her deceased father’s estate in September after it was proved that she was his biological daughter. She showed a paternity test report to a court that read: “Stephen Bing (decedent) convincingly appears to be the biological father of Kira Rose Kerkorian.” Besides, she also had to get approval from the sole beneficiary of Bing's estate, which was the Clinton Foundation, to be the administrator of Bing’s fortune. The money was actually supposed to be handed over to the foundation, but numerous debts need to be sorted out first.
The film producer and Clintons had been good friends for years. After his death, Bill Clinton tweeted, “I loved Steve Bing very much. He had a big heart, and he was willing to do anything he could for the people and causes he believed in. I will miss him and his enthusiasm more than I can say, and I hope he’s finally found peace.”
Reports stated that Bing had substance abuse issues and was also struggling with his mental health amid the coronavirus pandemic. On June 22, days before the one-year death anniversary of his actress girlfriend Allexanne Mitchum, the philanthropist took his life by jumping from the 27th floor of his luxury apartment building in Los Angeles. Mitchum reportedly died from a drug overdose. The 28-year-old’s aunt Carrie said Bing was not doing okay even before the Covid-19 and felt guilty over the death of Mitchum.
“In March, shortly before lockdown, Steve, my mother, and I were to meet for lunch at The Bel Air. Steve called that morning and asked that just I come as he was not feeling well. I went to his apartment in Century City, bought him a bunch of groceries, and we talked for hours. He was questioning God, the afterlife, the meaning of everything and anything. He got really quiet and his eyes filled with tears and he said… 'And the guilt…'… I knew exactly what he meant,” the aunt wrote on social media as reported by The Daily Mail.
Elizabeth Hurley who dated Bing back in 2001 and gave birth to their son Damian one year later also shared an emotional post after his death. She posted two photos on Instagram and wrote, “I am saddened beyond belief that my ex Steve is no longer with us. It is a terrible end. Our time together was very happy and I’m posting these pictures because although we went through some tough times, it’s the good, wonderful memories of a sweet, kind man that matters. In the past year, we had become close again. We last spoke on our son’s 18th birthday. This is devastating news and I thank everyone for their lovely messages.”