Millionaire’s Manic Spending Spree Sheds Light on Bipolar Disorder’s Risks

Psychiatrists explain why mania fuels reckless spending

Summary report by Alex Rowan

— In 2012, a New York City millionaire endured a wild, five-day shopping binge that reportedly totaled upward of $20 million. Fortunately, he voluntarily checked himself into a psychiatric clinic.

Ed Bazinet became wealthy selling miniature ceramic houses. He earned an estimated $100 million with his company, Department 65, before his 2018 death.

During the manic episode, he purchased nearly 100,000 sachets, hangar covers, and soaps, at the New York International Gift Fair.

Michael Lindsay, president of the Elizabeth W brand, recalled seeing Bazinet wandering the trade floor. “I saw his name tag and knew exactly who he was,” he told ABC News.

Bazinet’s publicist, Katherine Roepke, confirmed that he recognized something was deeply wrong and sought help on his own. “It was the first time Bazinet had experienced a manic episode,” she said, adding that orders were later cancelled after staff contacted the vendors.

Bipolar disorder, also known as manic-depressive illness, includes extreme shifts in mood and behavior.

Psychiatrists say out-of-control spending is a well-documented behavior during manic phases, often fueled by inflated self-esteem and impaired judgment.

Dr. Igor Galynker of the Family Center for Bipolar at Beth Israel Medical Center told ABC News: When people are manic they have an inflated self-esteem and the inability to process the consequences of their actions, which leads to staggering consequences.

Galynker added that such individuals may appear charismatic, attractive and no one sees their indiscretions and poor judgment.

The National Institutes of Health estimates that about 4.4% of the population lives with bipolar disorder. Unlike compulsive shopping, which is chronic and emotionally driven. Bipolar-related spending is episodic and tied directly to manic episodes.

Dr. Ronald Fieve, author of Moodswing, described the manic drive as “a glorious scattering of money” that may include extravagant gifts and reckless behavior.

The case of Ed Bazinet reinforces broader lessons: wealth does not shield one from mental health crises. No matter who you are, the symptoms can cause harm to personal lives, relationships, and finances.

Bazinet’s decision to seek help and the public transparency shared by his team opened a broader dialogue on destigmatizing treatment for bipolar disorder.

Original report by ABC News: “Millionaire Hospitalized After Bipolar Spending Spree” — ABC News, Feb. 15, 2012

Personal note: During manic episodes, I also spend recklessly and almost compulsively. Fortunately the spending was not ruinous. Sometimes I would buy too many things on Amazon, or at the Dollar Tree and thrift shops. I also bought lots of food and gifts for homeless people. The spending lead my to buy a bunch of things I later had no use for and ended up throwing much of it away.