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Tuesday, May 18, 2010 | 6:05 p.m.
Steve Wyrick.
Sun Archives
- Miracle Mile Shops suing magician Steve Wyrick over rent (1-6-10)
- Steve Wyrick sued by performers after shutting theater (12-11-09)
- Miracle Mile tenants in legal battle over promotion deal (11-3-09)
- Strip performer sued; Earth Hour leaves power grid unharmed (4-7-09)
- Steve Wyrick files lawsuit over failed July 4 stunt on Strip (7-28-09)
Las Vegas magician Steve Wyrick voluntarily filed for Chapter 7 bankruptcy liquidation Monday, listing assets of $93,157 against liabilities of $54.355 million.
The entertainer, whose show and Steve Wyrick Theater at the Miracle Mile Shops at Planet Hollywood resort on the Las Vegas Strip closed Dec. 10 amid financial trouble, indicated in the filing he owns no real estate but has assets including a $44,725 2007 Porsche Carrera and more than $35,000 in "tools of the trade."
Several investors and lenders are listed as creditors.
The creditors include the Miracle Mile Shops, his former landlord, owed $6.623 million; businessman Byron Burke Barr in Dallas, owed $7.5 million; Chase Ventures in Dallas, owed $2 million; a Hollis Campbell/Star Mobile Homes in Crandall, Texas, owed $5 million; his former law firm, the Rycraft Law Office in Henderson, owed $100,000; and businessman Steven Tebo in Boulder, Colo., and a company he is associated with, owed $30 million.
Wyrick, who lists his occupation as a self-employed entertainer, listed his current monthly income as $5,500 and said the source was "loans and gifts from mother."
This compares to Wyrick’s income in 2008 and 2009 of about $130,000 per year.
The filing noted the Miracle Mile Shops on Jan. 15 repossessed his theater valued at $16 million and Tebo had repossessed a $250,000 motorcycle as well as pictures and posters valued at $600,000.
The initial effect of the bankruptcy filing likely will be to stay proceedings in several lawsuits pending against Wyrick over past-due accounts and other matters.
Man all those millions of dollars in debt. ? Who's this dude's financial planner??
Sounds like most former well paid "Entertainers"of Las Vegas...
Vegas, baby!!!
His best trick is making money disappear.
'His best trick is making money disappear.'
LOL !
Maybe he can make money out of thin air like Bernake.
Karma, baby. Karma.
Why can't he make money out of thin air like Bernake at the Treasury.
Too bad, he had a very good show.
whats that jacket worth these days?
How do you have liabilities of $54,000,000 and no assets. who would loan a magician (not a very good one by the way) that kind of money. There are assets somewhere, hidden. Hell, he makes Newton look like a good risk.
He "indicated in the filing he owns no real estate but has assets"...a good magician would have made those assets disappear! Then again if I had to show and file that I had "loans and gifts from mother." to cover my expenses - then I would need to REALLY disappear!
His greatest magic trick was finding sucker creditors to loan $54MM to a guy with no assets!
I have no assets. I'd settle for some creditor to loan me a measly $5-$10MM.
The creditors were victim's of an "Illusion"
Wow. Unbeleivable. How is that possible?
How can you owe so much with virtually no assests to show for it? Gambling/Drug problems?
Simply amazing to see how bad some people are with finances. The sad part is that the banks and other lenders will surley pass off the losses to their customers and the american public. How can anyone especially a self employed magician get any type of major loans and not even own a house. Even if you take into account the $130,000.00 a year income he could not qualify for anything more than a half a million and being "self employed" makes it even tougher beacuse they cannot even get real figures unless he pulled out his tax filing forms, sheesh!
p
$600k in pictures and posters?! Wow!
It sounds like a Confidence Man that gave all his hidden assets to his Dear Mother! She is holding all the giant purse strings.
It is scary how someone in America can appear so wealthy and successful when the reality is just the opposite.
Something similar is possibly in store for corporate America. So many companies seem rich on paper, but that only remains true so long as investors believe that the company stock is worth whatever multiple of "earnings" the gurus tell us.
130k a year, is that all? He can get a good job at a government agency and make more. I guess all entertainers don't make millions. But they can sure borrow them. There's no excuse for going into that much debt if that's the salary you can get out of it. Time to trade the Porsche in on a nice Ford Escort. I invested 20k in my business and make 60-70k a year. By his standards, I should qualify for 25 mil. in loans!
Maybe I could upgrade the Pontiac to a new 911.
Good Lord who's looking after this cats finances, Mr. Magoo??
Champagne tastes on a beer budget. A fool and his money soon there part.
Brutal. No seven figure markers to Harrah's in the liabilities? Something's not right here. Maybe he was running some sort of pyramid scheme on the side and duped a bunch of people?
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