Steve Bing Reportedly Spent $600 Million On Hookers And Money-Making Schemes
Heidi Fleiss says Steve Bing , who killed himself on the 22nd of June at the age of 55, once said to her that if he was only worth $50 million, he would kill himself. Page Six reported that Bing committed suicide by jumping out of his 27th-floor apartment in LA.
The LA building features apartments that start at $10,000 per month where automated butlers take care of the tenants. Just one day after the socialite and investor killed himself, Page Six came out to say that Mr. Bing had been fighting against financial problems and depression.
He inherited $600,000,000 when he was just 18-years-old, and over the years, it's been reported that Bing managed to squander most of it with a luxurious lifestyle, and business deals gone wrong. At the time of his tragic passing, Bing had just $300,000 in assets.
During a conversation with The Post, Alana Hamilton Stewart claimed she would be honestly shocked if he managed to spend all of the money he was given. Reportedly, Bing spent his money through a number of ventures, some of it illicit, including drugs and women, but also gambling.
Reportedly, Bing loved dating hookers, and he spent a lot of his own money on paternity suits and philanthropy. A Hollywood insider who spoke with The Post said Bing spent a lot of his money on movies and political ventures, but investing in films is rarely a good business.
The source said that while it's possible to make a lot of money with films, a few bad ones can result in "getting your a** handed to you." Regarding his donations, Bing reportedly gave $25 million to the Clinton Foundation back in 2008.
Additionally, Bing got some of his close friends to invest money into the foundation as well. According to ABC News, Bing dropped $50 million into a campaign for Proposition 87 which sought to tax oil production in California.
Moreover, Bing reportedly once purchased a sculpture made by Bob Dylan for Bill Clinton which was made from tractor parts. Bing inherited all of his money and he needed "validation," the source explained, which is what led him to invest in movies, that way he could see his name on the screen.