Thursday, May 26, 2022

Will Smith Bags $1.5M Off Sale of Duane Martin’s Mansion

duane & tisha - will & jada1

*As we previously reported, Will Smith is caught up in Duane Martin’s legal woes related to his bankruptcy case with estranged wife Tisha Martin-Campbell.

Smith was ordered to turn over email chains between himself, his rep, and Martin from 2018, where they discussed the $1.4 million loan that Will and wife Jada gave Duane to purchase a house which is at the center of a fraud lawsuit.

According to The Blast, Martin has reached a settlement in the lawsuit and Smith will finally be paid back the million he had loaned him to save the property.

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Will Smith, Duane Martin

via The Blast

According to court documents, Duane and the trustee presiding over his bankruptcy have reached a deal, where Smith will be paid back in full the $1.5 million loaned to Martin. Per their deal, Duane has agreed to sell off a 5-bedroom, 6-bathroom, 9,200 sq. ft. mansion located in Chatsworth, California. The trustee already found a buyer who will be purchasing the pad for $2.45 million. 

The $2.45 million will be broken down into $1.5 million going to Will Smith’s company named TB Properties LLC, $122k owed in back rent, $485k to the bankruptcy estate (to be used to pay off creditors) and $170,560 to Roxe LLC.

According to The Blast, text messages showed that Smith had reservations regarding the loan.

“This is both a PR risk and a legal risk for WS,” one of Will’s advisors wrote in an email. “No PR nightmare can and will happen here.”

Will eventually loaned Duane $1.4 million to save his home in 2012. Private emails show the actor advised one of his advisors, “The point is to SIMULTANEOUSLY Get the books cleared while Helping Shake transition.” 

“Shake” is allegedly a nickname for Duane.

The entire fraud lawsuit will be dismissed per their settlement.

Ny MaGee
Ny MaGee is an entertainment reporter with over 15 years of experience working in the film industry in areas including production and post-production, marketing, distribution, and acquisitions. She has worked for legendary film producer Roger Corman, Quentin Tarantino's production team at Miramax, the late Larry Flynt, MTV/ VH1, Hallmark Channel, Paramount, Jim Henson Co., Parade Magazine, and various LA-based companies representing above-the-line talent.

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