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Mike ‘The Situation’ Sorrentino has a net worth of $300,000, according to Celebrity Net Worth. Before he failed to pay taxes on $9 million in income, he had a $10 million net worth.
Sorrentino and his brother, Marc Sorrentino, were indicted in 2014 on tax evasion charges. The Situation is serving an 8-month sentence after he pleaded guilty, with his sentenced beginning in January 2019. He has a projected release date of September 13, 2019, but could be released “any day now,” a federal prison consultant told USA Today July 22.
At the peak of Jersey Shore‘s success, Sorrentino was earning $150,000 per episode. He had a net worth that exceeded $10 million. That all changed when he failed to pay his taxes.
Sorrentino worked in a gym and then modeled underwear before he was cast on the show. Jersey Shore was by far his most successful endeavor. He had guest appearances on The Howard Stern Show, Jay Leno Show, Chelsea Lately, and The Ellen DeGeneres Show. He competed on Dancing With the Stars, but he and partner Karina Smirnoff were eliminated in the fourth week. He launched a rap career, releasing one single.
Abercrombie and Fitch offered Sorrentino $10,000 not to wear their clothing, but he lost a lawsuit and ended up with nothing.
Mike Sorrentino Had a $10 Million Net Worth Before Evading Taxes
Mike Sorrentino had a net worth that exceeded $10 million during the peak of his career, before he failed to pay taxes on $9 million of his income and made a series of bad investments. A court filing indicated his net worth dropped from $10 million to $300,000.
Mike and Marc Sorrentino were indicted on tax fraud charges in 2014. Read the indictment here.
The indictment stems from Sorrentino evading taxes on $9 million of income and filing a fraudulent tax return for his clothing line, Situation Nation. He failed to file a personal income tax return in 2011, the charges say. He made nearly $9 million from promotional events, and failed to pay taxes on that income, the indictment said. His tax returns included write-offs for a luxury car and other extravagant personal expenses. He thought deposits of under $10,000 would not be reported to the IRS, and deposited money in less than $10,000 increments in several accounts, the indictment said.
He Made $150,000 Per Episode On Jersey Shore
Mike Sorrentino made $150,000 per episode on Jersey Shore during the peak of the show’s success, according to Celebrity Net Worth. The show also led him into a number of guest appearances, including on The Howard Stern Show, Jay Leno Show, Chelsea Lately, and The Ellen DeGeneres Show. Sorrentino also competed on Dancing With The Stars.
He wrote an unsuccessful book called, “Here’s the Situation: A Guide to Creeping on Chicks, Avoiding Grenades, and Getting in Your GTL on the Jersey Shore.”
He also started a fitness series on DVD, a vitamin line and a clothing line. He was also one of those who appeared on Comedy Central’s roast of Donald Trump, but most of his jokes were booed.
The Situation Lost Much of His Wealth in Tax Evasion
Mike Sorrentino’s wealth dropped from about $10 million to about $300,000 after he evaded taxes on nearly $9 million of income.
In addition to his prison time, he will have to pay $123,913 in restitution, a fine of $10,000 and complete 500 hours of community service. He will be on probation for two years after his release, according to NBC News.
“The comeback is always greater than the setback,” his Instagram page said.
Sorrentino Is Serving 8 Months In Prison
Mike Sorrentino and his brother, Marc Sorrentino pleaded guilty to tax fraud. The Situation was sentenced to 8 months in prison, which began in January 2019. He is serving his time at Otisville Federal Correctional Institution, and might soon be moved to a halfway house. Marc Sorrentino was sentenced to two years in prison.
The Situation could have been sentenced to up to 20 years in prison.
The Situation Could Be Released From Prison ‘Any Day Now’
A federal prison consultant, Dan Wise, told USA Today Mike Sorrentino could be released “any day now” on July 22, 2019. His projected release date from Otisville Federal Correctional Institution was September 13, 2019. It’s likely his release will be to a halfway house.
“My estimated guess is he’ll be going home any day now between now and early next month to a federal halfway house, where he’ll spend a couple of weeks before he goes to home confinement,” he said.
Wise noted Sorrentino won’t be able to party in the halfway house.
“There’s no partying, no drugs, nothing (at a halfway house) — he might be able to go home on weekends,” said Wise.
His prison sentence could have reached 20 years.