GirlsGoneWild

Joe Francis Owes Nearly $34 Million, May File For Bankruptcy

Perennially smiling entrepreneur Joe Francis might not have so much to smile about now. The Girls Gone Wild Founder may owe nearly $34 million in taxes. Francis has been served with a tax lien that says that he failed to pay $17.7 million in 2001, $11.2 million in 2002 and $4.9 million in 2003. Francis told TMZ that he doesn't owe the money and that the lien is "total retaliation for me beating them in court." A couple of weeks ago a judge approved a plea deal letting Francis plead guilty to charges of filing false tax returns and bribing jail workers and sentencing him to time served and a year of probation. Francis is planning to file for personal bankruptcy.

After the jump, check out a video of Francis on the television show "Life of Luxury." It showcases his extravagant spending on yachts, homes, exotic cars, jets, and of course, entertaining beautiful young women.

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Tags: bankruptcy, debt, girls gone wild, GirlsGoneWild, irs, joe francis, JoeFrancis