Former F1 champion Emerson Fittipaldi is in a huge debt of $ 5 million and Brazilian court orders the pawning of cars and trophies.
Emerson Fittipaldi might have been one of the most successful F1 drivers to come out of Brazil with his two championships. But today he’s in huge debt that would need to be paid by selling off his trophies and cars.
The former F1 champion is now facing over 60 lawsuits due to poor finances. However, his defence argued that the cars and museums aren’t owned by him but a museum.
But the court found that Fittipaldi’s address and museum share the same address. Therefore, the attachment of the above objects has been maintained by the court.
According to the reports, Fittipaldi Museum houses pieces such as a model car from Copersucar, a team created by him and his brother Wilson Fittipaldi in Formula 1.
The other was from the Penske team, with which the former driver won the Indianapolis 500 and the title of 1989 IndyCar. This case of $5 million debt is the biggest among the 60 cases faced by Fittipaldi and is resulted because of his recent businesses.
— Demetriou Neto (@NetoDemetriou) June 13, 2022
Not the first legal trouble for Emerson Fittipaldi
This is not the first time when Fittpaldii has been involved in financial court cases. Back in 2020, reports claimed that 145 lawsuits were against him, demanding $8.4 million from him.
The biggest creditor from that lot was Bank Safra which accused Fittipaldi of hiding his assets. Meanwhile, the two-time world champion claimed innocence.
But according to several lawyers, he is said to have a very rich life in the United States. On the other hand, he has huge debts in Brazil.