- Michael Avenatti has reportedly reached an agreement to pay a combined total of around $2 million in child and spousal support for the year 2018 and to hand over some of his luxury assets to fund it, according to a TMZ report citing California court filings.
- He’ll surrender his Ferrari 488 GT Spider, five of his luxury watches, and shares in a private jet, TMZ cited court documents as saying.
- Avenatti denied TMZ’s report, calling it “demonstrably false.”
- Avenatti, Stormy Daniels’ lawyer, ruled out a run for president on Tuesday, citing family objections.
**Updated December 6, 2018**
Michael Avenatti, in divorce proceedings with his estranged wife Lisa Storie-Avenatti, has entered a stipulated settlement in Orange County Superior Court to pay a combined total of $1,947,540 in child and spousal support, according to a TMZ report that cited court documents related to the case.
Avenatti, the activist lawyer who represented Stormy Daniels and a number of other women attempting to bring lawsuits against President Donald Trump and other conservative political figures, will surrender five of his top-of-the-range watches, some estimated to cost at least $50,000, the report said.
The news comes after Avenatti ruled out a 2020 White House bid on Tuesday, citing family reasons.
Avenatti has also agreed to hand over some of his art collection, including a Frank Gehry sculpture, the report said.
The former professional sports-car driver will also give up his leased $300,000 2017 Ferrari 488 GT Spider, the report said.
Storie-Avenatti will reportedly also receive an interest in a 2016 Honda private jet, which the law firm Avenatti & Associates will need to hand over.
Avenatti will pay his estranged wife $37,897 each month in child support, retroactive to January 1, 2018, TMZ added.
Storie-Avenatti will receive spousal support totaling $124,398 per month, which will also be made retroactive for all of 2018, TMZ said.
That is a combined payout of $1,947,540 in 2018. Avenatti vehemently denied the TMZ report in a tweet on Thursday, calling it “demonstrably false.”
He said: “Three weeks ago, TMZ issued a demonstrably false story about me. Other media outlets ran it without any corroboration. It is happening again. The media should not be disregarding their own journalistic standards for reporting by citing to a TMZ article for sole support. #Bogus.”