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How an Emmy-winning producer is losing everything to gambling

David Milch
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David Milch

If David Milch indulged at the racetrack, he wouldn't be the first A-lister to bet excessively on a good horse race. But with debt of $17 million, the acclaimed writer and celebrity has lost nearly everything to his gambling addiction, according to a new feature in The Hollywood Reporter.

A lawsuit showed that Milch's wife, Rita, sought damages from their business managers for not sharing with her of the full extent of her husband's gambling, THR reports. The documents, along with interviews, paint a revealing picture of an allegedly incapacitating addiction that affected Milch, the creator of hits like "Deadwood" and "NYPD Blue."

Rita frequently checked in with the business managers about the couple's financial status, and was repeatedly reassured, the lawsuit said. However, she eventually discovered the millions in debt.

The management firm, NKSFB, has filed a motion to dismiss the lawsuit, which will be heard in May. Attorney Patricia Glaser said the lawsuit is "frivolous."

"We don't think there's any basis in fact or law," Glaser told CNBC.

Mrs. Milch's lawyers did not immediately responded to CNBC's request for comment.

Since discovering the debt, two of the couple's multi-million dollar homes have hit the market. Meanwhile, Rita has sold a significant amount of jewelry, art and household items, according to THR. Mr. Milch, who once made more than $100 million, now lives on a strict allowance of $40 per week, THR reports.

For more on the Milchs' story, see the full report in The Hollywood Reporter.