Paul Teutul Sr Net Worth: Impact of OCC HQ Sale

This article is a summary of the YouTube video ‘American Chopper: OCC HQ Sold for Almost $2.3 Million – How Does it Affect Paul Teutul’s Net Worth?’ by Celebrity Family

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Written by: Recapz Bot

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Paul Tutul Sr. forced to sell Orange County Choppers headquarters due to debt.

Key Insights

  • Paul Tutul Sr., the cast of American Chopper, had to sell off his Orange County Choppers headquarters in 2016.
  • The headquarters, a 61,000-square-foot facility, was sold for $2.275 million.
  • The building was custom-built in 2008 for $13 million and was known for being a primary filming location for Orange County Choppers.
  • Paul Tutul Sr. revealed his intent to continue leasing the building.
  • Despite facing financial difficulties, Paul Tutul Sr. owed approximately $1.8 million in assets but had debts totaling $1.07 million to 50 private creditors.
  • His spending habits were seen as a major cause of his debt.
  • He also owed $151,230 in taxes to the Town of Crawford and $22,364 in state taxes for his restaurant, Orange County Choppers Café.
  • Paul Tutul Sr. had multiple credit card debts amounting to $21,000 and admitted to having only $50 in cash and a checking account with $900.
  • His net worth is estimated at $500,000 despite the bankruptcy declaration.

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Transcript

You may be well aware by now about the decline of American chopper and its cast at the hands of Paul Tutul Sr. However, you may not know the details of exactly how much.

Did you know that Paul had to sell off his lavish Orange County chopper’s headquarters that he built in 2008? Yes, he auctioned off the property back in 2016.

The famed renowned glass and steel world headquarters was sold to an unnamed buyer on March 2, Wednesday, following a three-day online auction that became heated in the last hour.

A minimum offer of $900,000 is required to purchase the 61,000-square-foot facility on Route 17K in the town of Newburgh, which has been up for auction since Monday. It traded for $1.115 million until early Wednesday afternoon when it finally sold for $2.275 million.

The figure may seem large to us peasants, but it’s a measly return for the staggering $13 million it cost to custom-build the building for the motorcycle lifestyle brand firm Orange County Choppers in 2008. The Orange County Industrial Development Agency authorized a 10-year payment in lieu of taxes arrangement for the business at the time of construction.

Tutul did not seem to mind the heavy loss as he reveals his intent to continue leasing it for the foreseeable future. The building, where countless episodes of all of his reality TV series were filmed, continued to become a primary filming location for Orange County Choppers American Made, which was in the making at the time.

When this story first broke, people were aware of Paul Tutul Sr.’s business and finances facing a disaster, but they did not expect it to be in complete havoc. He apparently only owed an asset roughly worth $1.8 million in assets while owing $1.07 million to 50 private creditors.

His expensive spending habits were seen as a big cause for his debt as he revealed his earnings $15,070 a month but would spend roughly $12,600. Knowing him as well as we do, we won’t be surprised if he is being conservative about the amount he spends.

On top of the $32,000 judgment against him, he also owes $151,230 in taxes to the Town of Crawford, New York and $22,364 in state taxes for his restaurant, Orange County Choppers Café in Newburgh, New York. He even has multiple credit card debts adding up to $21,000.

He drove his own company’s value down to $0. Furthermore, he admitted to only possessing $50 in cash and a checking account with $900. The fact that he proclaimed bankruptcy should mean his net worth is in the negative, but for some reason, his wiki and biography pages estimate it at $500,000.

If it is true, then he should be proud he managed to scrap that much after almost losing everything from his financial disaster.

This article is a summary of the YouTube video ‘American Chopper: OCC HQ Sold for Almost $2.3 Million – How Does it Affect Paul Teutul’s Net Worth?’ by Celebrity Family