A courtroom deposition has pulled back the curtain on the financial unraveling of one of America’s most scrutinized political families.
Sworn testimony given by Hunter Biden on Feb. 9 revealed a man stripped of nearly every material possession, a stark contrast to the wealth he once commanded while his father held the nation’s highest offices.
The testimony emerged from a lawsuit filed in June 2025 by the law firm Winston Taylor, which is fighting to recover close to $17 million in unpaid legal fees.
That firm once defended Biden through a gauntlet of legal fights: federal criminal charges, congressional probes, and a string of defamation lawsuits he brought against other parties.
When pressed under oath about his finances, Biden did not hedge.
“I don’t have any assets. I don’t own a car. I don’t own a phone,” he stated, according to a transcript of the deposition made public this week.
Pressed further, he elaborated on just how little remains in his name.
“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,” Biden testified.
He closed the thought bluntly: “So that’s it. And I don’t even have any other assets at all, stocks, bonds, anything like that, savings accounts.”
Those paintings once fetched tens of thousands of dollars from buyers during his father’s presidency, a sale arrangement that drew ethics criticism at the time from across the political spectrum.
Biden, disbarred in Connecticut, has since taken work at a high-end addiction treatment center in Los Angeles.
Yet even with a new job, he insisted there is no family safety net waiting to rescue him from his legal debts.
“My family doesn’t have any money, and it’s not their debt anyway,” Biden said flatly during questioning.
The statement stands in sharp contrast to the fortune Biden amassed years earlier through a web of business ventures struck while his father served as vice president.
Biden has acknowledged in both court filings and his own published memoir that addiction and reckless spending consumed much of that fortune over time.
His admission of poverty arrives at an awkward moment for the wider Biden family, whose finances are once again drawing public attention.
Former President Joe Biden is reportedly set to collect a $10 million advance for a memoir slated to hit shelves in November.
Jill Biden, the former first lady, has already banked a hefty advance of her own for a memoir released in June that soared to No. 1 on The New York Times bestseller list.
Still, those windfalls may look better on paper than in the bank, since publishing advances are typically doled out over several years and whittled down by taxes and agent fees.
Compounding the family’s financial pressures, Joe Biden’s Stage IV cancer diagnosis has reportedly made it harder for him to command the speaking fees he once could.
Fundraising for his presidential library has also stalled, according to reports from Free Beacon, fueling speculation among analysts that the family’s once-abundant income streams are drying up.
Beyond the financial disclosures, Hunter Biden’s legal team turned over depositions from both Hunter and his former lawyer, Abbe Lowell, in response to a discovery demand from Winston Taylor.
The firm is seeking access to emails and encrypted messages it argues are necessary to pursue its claim for unpaid fees.
Biden has pushed back against the request, insisting he has already handed over every document tied to the dispute.
He does not contest that Winston Taylor is owed millions, but claims the firm entered the arrangement in late 2022 fully aware he lacked the means to pay in full.
According to his account, Lowell — who exited the firm formerly known as Winston & Strawn last year — repeatedly told him not to fret over the mounting bills.
The standoff between Biden and his former legal team shows no signs of resolving soon, with both sides still locked in a dispute over records and communications.
For a family once synonymous with political power and financial opportunity, the courtroom testimony offers a rare, unfiltered look at how quickly fortunes can change.
