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Johnny Depp in debt due to spending $2 million a month on 'Ultra-Extravagant Lifestyle': Report

Hollywood star Johnny Depp is reportedly in debt and according to his former business managers he has only himself to blame for his financial woes.

Earlier this month, the Pirates of the Caribbean star sued his former business team at The Management Group (TMG) for $25 million in a fraud lawsuit. On Tuesday, TMG responded with a cross-complaint, claiming the actor lived an "ultra-extravagant lifestyle that often knowingly cost Depp in excess of $2 million per month to maintain, which he simply could not afford."

In his lawsuit, Depp's lawyers claim, "As a result of years of gross mismanagement and sometimes outright fraud, Mr. Depp lost tens of millions of dollars and has been forced to dispose of significant assets to pay for TMG's self-dealing and gross misconduct."

Depp is asking for more than $25 million in a jury-seeking suit alleging breach of contract and professional negligence, in addition to fraud.

TMG on the other hand, in its lawsuit filed Tuesday, asks Depp to pay up for more than $560,000 in allegedly unpaid commissions and credit card fees. In addition, TMG is asking for a court declaration that it "complied with all of its fiduciary obligations under the law and that Depp is responsible for his own financial waste," reports PEOPLE.

In the court papers, his former managers claim they repeatedly warned Depp of his overspending, and even warned him to get a pre-nup before marrying Amber Heard, which ended up costing him a $7 million settlement.

The complaint papers, obtained by PEOPLE, claim Depp spent:

Over $75 million on 14 residences, including a 45-acre chateau in the South of France, a chain of islands in the Bahamas, multiple houses in Hollywood, several penthouse lofts in downtown Los Angeles and a horse farm in Kentucky.

$18 million to "acquire and renovate a 150 foot luxury yacht."

Millions more buying and maintaining 45 luxury vehicles.

$300,000 per month on expensive wines flown from all over the world.

$3 million to blast the ashes of Hunter S. Thompson out of a custom-made cannon in Aspen, Colorado.

Tens of millions on "a massive and extremely expensive art collection," including "world class jewelry," about 70 collectible guitars and over 200 works by artists such as Warhol, Klimt, Basquiat, and Modigliani.

Millions on collectibles and memorabilia involving icons such as Marilyn Monroe, John Dillinger and Marlon Brando. The collection is so extensive it fills "12 storage facilities" and cost over $1 million just to archive.

$300,000 per month on 40 full-time employees.

$150,000 per month on full-time security guards that protect him and his family "24/7, 365 days a year" wherever they go.

$200,000 per month on private planes.

$10 million over the years on supporting various friends and family, including $4 million invested into a failed music label run by a friend.