A bankrupt David Cassidy says he's suffering from dementia and is planning to retire soon, RadarOnline.com has exclusively learned. Now, he's desperately trying to negotiate a payment plan with his creditors to free himself from their debts before his final days.
In documents filed April 26 and obtained by Radar, Cassidy's attorney admits that, "While he still loves performing for his fans, his health has deteriorated by reason of dementia and he will no longer be able to make personal appearances as a musician."
Cassidy, 65, says residuals from his TV and recording days are also drying up. The former child actor is best known for his performance in the 1970's television show The Partridge Family and his original music.
But after decades of popularity, Cassidy says in the court documents that his money is all but gone.
"Mr. Cassidy's financial problems arose due to (1) his inability to perform as frequently due to his age and health problems; and (2) an investment in two (2) undeveloped lots in the Bahamas," the documents state.
Getting divorced in 2014 also cost him big. As did the fact that his Ft. Lauderdale Florida home, which he tried to sell for $3 million, ended up selling for just under $2 million, barely covering his remaining mortgage and taxes, the lawsuit claims.
All of this has led to Cassidy retiring from the showbusiness, in an attempt to cash in on his pension and other funds.
His attorneys say he "is projecting" that he will retire by 2020, at which time he'll have just over $4,000 per month in income from Social Security and SAG/AFTRA retirement benefits.
Of that, he wants to pay $800.00 per month towards his outstanding debts.
Cassidy's creditors must sign off on the deal.
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