Hollywood and business mogul Steve Bing committed suicide following a yearlong battle with depression and financial issues. According to his friends, he blew much of his $600 million fortune.

Bing, 55, died after jumping from his 27th-floor apartment in LA’s Century City on Monday. As a producer for the Sylvester Stallone remakes “Get Carter”, he was known to be a notable philanthropist and Hollywood investor.

At the age of 18, he dropped out of Stanford after receiving a $600 million inheritance from his grandfather who was a real-estate developer. Although Steve Bing did not tie the knot, he does have two children.

His first child, daughter Kira Bonder, was born from an extra-marital affair with Lisa Bonder, who was then married to billionaire Kirk Kerkorian. Bing’s second child, son Damian Hurley, was born to businesswoman, actress, and model Elizabeth Hurley. In both cases, paternity was proved by DNA tests after Bing had denied that he was the father.

Although the  Hollywood community remains shaken by his death, Steve Bing’s close friends say they are devastated by his death but not surprised.

One of his friends said, “Steve was the most charming, caring, and generous guy you could ever meet. Yes, he liked beautiful women, but it never worked out. He has gone through a dark time for years. He talked about battling mental illness, bipolar disorder. His close friends are devastated about his death but, sadly, not surprised.”

The source went on to add, “Steve did have a drug problem, but it was the mental issues that tormented him. He would often disappear for long periods of time. He didn’t have a strong relationship with his kids, and he was sad about that,” he continued, “And, as surprising as this sounds, he had financial problems in the end. He made a lot of ill-advised investments. His latest film with Warren Beatty went upside down, and many people took him for a lot of money. People imagine it is impossible to run through $600 million, but he did. He was too generous.” 

Another source added, “Steve recently sold his jet, and his home, and was very depressed.”