Hunter Biden testified under oath that his family is broke and he owns nothing of value — except paintings he created himself.
The stunning admission came during a deposition tied to a $17 million lawsuit from law firm Winston Taylor, which claims the Biden scion owes it massive unpaid legal fees from representing him in criminal prosecutions, congressional investigations, and defamation suits.
The February deposition, which was released publicly by his new legal team in recent days, provides a rare glimpse into the personal finances of the former first son and paints a picture of financial distress that stands in stark contrast to the lucrative business dealings that have been the subject of intense political scrutiny for years.
“My family doesn’t have any money, and it’s not their debt anyway. I don’t own anything of any value other than — and I don’t know the value of it — my paintings which I painted myself. So, that’s it. And I don’t even have any other assets at all — stocks, bonds, anything like that, savings accounts.”
Winston Taylor has a history of representing leading Democrats. The firm says it tried to connect Biden with donors in the Democratic ecosystem to help cover his legal bills — but the money never materialized.
The failure to secure donor support is notable given that legal defense funds and sympathetic donors have historically helped high-profile political figures cover mounting legal costs. The lack of financial backing suggests either reluctance among traditional Democratic donors to associate with Biden’s legal troubles or a broader shift in political calculations following his father’s departure from office.
Biden argues the firm knew he couldn’t pay when they took him on as a client and claims the parties agreed to “work something out.”
This type of arrangement, where law firms take on clients with uncertain ability to pay in hopes of eventual compensation, is not uncommon in high-stakes cases involving prominent individuals. However, the dispute highlights the risks such agreements can pose when expectations diverge.
Where Did All the Money Go?
Hunter Biden reportedly spent large sums on crack cocaine, alcohol, luxury hotel stays, prostitutes, and expensive jewelry for his brother’s widow — whom he was romantically involved with.
Those spending habits could help explain how he blew through the wealth he accumulated selling paintings and pulling in a seven-figure salary while employed by Ukrainian energy company Burisma.
His role at Burisma, which began in 2014 while his father served as vice president, became a focal point of political controversy and raised questions about potential conflicts of interest. The position, which critics argued he was unqualified for, nonetheless provided substantial income during the years he served on the company’s board.
“I don’t have any assets. I don’t own a car. I don’t own a phone,” Biden said in the February deposition, which was released by his new lawyers in recent days.
The claim to own no phone is particularly striking in the modern era, though it’s possible Biden is using devices owned by others or provided through legal representation. The broader assertion of having no assets of any kind raises questions about how he manages daily expenses and living arrangements.
The Biden Family’s Money Troubles
Claims that the Biden family is strapped for cash align with other reporting.
The Wall Street Journal reported in September 2025 that former President Joe Biden is having far more trouble cashing in on his time in the White House than his predecessors.
This represents a significant departure from the pattern established by recent former presidents, who have typically commanded substantial fees for speeches, book deals, and consulting arrangements. The Biden family’s financial struggles appear to be both a consequence of the former president’s political standing and the controversies that marked his administration’s final years.
Upon leaving office, the former president had accrued roughly $800,000 in personal debt and faced increased property taxes on their $2.7 million Delaware home, according to a source familiar with his finances.
Biden also struggled to book paid speaking engagements — a common source of funds for former presidents — owing to his unpopularity and fears of angering President Donald Trump.
The speaking circuit has historically been among the most lucrative post-presidential opportunities, with Barack Obama and Bill Clinton both earning millions from such appearances. The inability to capitalize on this traditional revenue stream represents a significant financial setback for the Biden family.
Former President Joe Biden does pull in more than $400,000 a year in government pensions from his time in Congress and the White House, according to the National Taxpayers Union Foundation.
While substantial by most standards, this pension income may prove insufficient to cover both the family’s living expenses and the mounting legal costs that continue to accumulate from various ongoing matters.
Small Legal Win — But Collection Looks Complicated
The younger Biden won a comparatively small legal victory in July when a judge awarded him $1.7 million in a defamation suit.
Winston Taylor has sought to put a lien on the judgment. Overstock CEO Patrick Byrne, who was ruled against, is believed to be overseas — making collection complicated.
The pursuit of this judgment by Biden’s creditors underscores the challenge of extracting payment from someone claiming to have no assets, even when they hold a legal claim to substantial funds. The situation creates a complex web of competing financial interests.
Representatives for Hunter Biden and former President Joe Biden did not respond to requests for comment when reached by Fox News Digital Friday.
