Ian Somerhalder Sold Possessions to Pay Off 8-Figure Debt in 2019

Ian Somerhalder had to sell almost everything he owned, including houses and cars, to get out of a massive debt of over $10 million. This is a huge change from his acting career.
By Newsroom | Celebrity Finance, Business |

Ian Somerhalder, known for his role in The Vampire Diaries, has detailed a period of significant financial distress, stating he was left with eight-figure debt due to a business venture that went awry. To extricate himself from this situation, Somerhalder revealed he sold off personal assets, including "houses, paintings, cars, watches — everything."

The actor attributed the financial downfall to "fraud and fraudulent activities" within a company he invested in heavily, compounded by personal guarantees made to banks and the subsequent collapse of the oil and gas industry. His wife, Nikki Reed, is credited with playing a crucial role in negotiating the business deal that led to their financial straits, effectively helping them "negotiate us out of this deal." Somerhalder, who retired from acting in 2019 to focus on business, described the debt as a "hard hole to climb out of."

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Ian Somerhalder 'sold everything' to get out of 'eight-figure debt' - 1

Somerhalder's business struggles emerged after building a clean energy company while simultaneously starring in The Vampire Diaries. He stated that this venture involved "huge personal guarantees to banks." The situation was exacerbated by what he described as "greed and fraud within that company and fraudulent activities from our biggest customer."

The actor, now 47, has also ventured into the beverage industry, co-founding the Brother’s Bond Bourbon brand with The Vampire Diaries co-star Paul Wesley. This move into new business sectors comes after stepping away from his acting career, a decision he linked to a desire to focus on "family and the future of farming and food and energy and the big things." He indicated a shift away from chasing accolades, stating, "I don't need to chase awards and anything that would make me feel better about myself."

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Reed, an actress known for her role in the Twilight saga, has also spoken about their entrepreneurial pursuits, acknowledging their "amazing platforms" from their time in entertainment while transitioning to other ventures. The couple shares two children.

Frequently Asked Questions

Q: Why did Ian Somerhalder have to sell his possessions?
Ian Somerhalder had to sell his houses, cars, and other items because he was in major debt. This debt was over eight figures, meaning more than $10 million, due to a business venture that failed.
Q: What caused Ian Somerhalder's eight-figure debt?
The debt came from a business he invested in that had fraud and bad customer activity. He also made personal promises to banks. The oil and gas industry collapse also made things worse.
Q: How did Ian Somerhalder get out of debt?
His wife, Nikki Reed, helped negotiate a deal to get them out of the business situation. Somerhalder also sold many personal things like houses, paintings, cars, and watches to pay off the debt.
Q: When did Ian Somerhalder stop acting to focus on business?
Ian Somerhalder stopped acting in 2019 to focus more on business and his family. He wanted to work on farming, food, and energy projects, and also co-founded Brother's Bond Bourbon.