'Die Hard' director battling foreclosure

When famed Hollywood director John McTiernan was release from federal prison in February, he moved into his more than 3000-acre Wyoming ranch. But this transition hardly signaled an end to his problems.

McTiernan—who directed such major hits as "Die Hard," "The Hunt for Red October," and "The Thomas Crown Affair"—is in the midst of battling First Interstate bank after it foreclosed on his ranch, according to The Hollywood Reporter. But while his roughly $6 million in liabilities and a $5 million pending legal claim far surpass his directorial residuals, The Hollywood Reporter reports that McTiernan may have a couple of money-making irons in the fire.

John McTiernan in 2010.
Getty Images
John McTiernan in 2010.

After McTiernan passed on a $8 million offer for his ranch in 2013, First Interstate moved to foreclose on the property's mortgage to collect roughly $5.6 million in loans. In response, a then-imprisoned McTiernan filed for Chapter 11 bankruptcy, which the bank later described as done in "bad faith," according to The Hollywood Reporter.

But the director may be able to prove his potential for financial rehabilitation at a bankruptcy hearing scheduled for July 8.

"What the debtor has done, and what is clearly an unusual circumstance, is dived back into the movie business," McTiernan's lawyers told the bankruptcy judge, adding that they would soon disclose his "unusual activities" that would lead to a "potential cash flow," according to The Hollywood Reporter.

US foreclosures fall in April even as banks reclaim more homes

McTiernan was first charged in 2006 for lying to an FBI agent about his alleged hiring of a private investigator to wiretap a colleague. When he was sentenced by a federal judge in 2007, McTiernan was reportedly characterized as someone who "lived a privileged life and simply wants to continue that."

The director served 328 days in a minimum-security prison camp in South Dakota, according to The Hollywood Reporter.

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—By CNBC staff