Steve Bing was depressed and had ‘burned through’ his fortune, friends say

The Hollywood mogul’s $US600m inheritance had severely dwindled by the time he died this week in LA, friends have revealed.

Hollywood and business mogul Steve Bing took his life following a yearslong battle with depression and financial woes after blowing much of his $US600 million fortune, friends said.

Bing, 55, died at his luxury apartment building in LA’s Century City on Monday. He was a notable philanthropist and Hollywood investor, including as a producer for the Sylvester Stallone remake Get Carter.

Bing dropped out of Stanford University after receiving a $US600 million inheritance from his grandfather, a real-estate developer. He is perhaps best known for being the father of Elizabeth Hurley’s son, Damian, born in 2002.

Bing initially denied he was his father, but a DNA test proved otherwise.

Elizabeth Hurley and Steve Bing. The former couple had a son, Damian, together.

While the Hollywood community remains shaken by his death, those close to Bing say his jet-set life was enviable on the surface — with close friendships with President Bill Clinton and billionaire Ron Burkle and relationships with a host of beautiful women — but he was very troubled in reality.

One friend, who asked not to be named, said, “Steve was the most charming, caring and generous guy you could ever meet. Yes, he liked beautiful women, but it never worked out. He has gone through a dark time for years. He talked about battling mental illness, bipolar disorder. His close friends are devastated about his death but, sadly, not surprised.”

Friends say Bing was “tormented” and would disappear for long periods. Picture: J. Shearer/WireImage for BWR Public Relations

The source added, “Steve did have a drug problem, but it was the mental issues that tormented him. He would often disappear for long periods of time. He didn’t have a strong relationship with his kids, and he was sad about that.

“And, as surprising as this sounds, he had financial problems in the end. He made a lot of ill-advised investments. His latest film with Warren Beatty went upside down, and many people took him for a lot of money. People imagine it is impossible to run through $US600 million, but he did. He was too generous.”

A second source added, “Steve recently sold his jet, his home, and was very depressed.”

Elizabeth and Damian Hurley both paid tribute to Bing on social media today, with Elizabeth writing: “I am saddened beyond belief that my ex Steve is no longer with us. It is a terrible end... although we went through some tough times, it’s the good, wonderful memories of a sweet, kind man that matter.”

“In the past year we had become close again. We last spoke on our son’s 18th birthday,” she said of the April milestone for their son, Damian.

“This is a very strange and confusing time and I’m immensely grateful to be surrounded by my phenomenal family and friends,” Damian wrote on his Instagram.

This story originally appeared on the New York Post and is republished here with permission.