Several sources said Davis - who once hounded Lindsay Lohan for not having money and called her a "firecrotch" - has been financially cut off by his wealthy family for not being able to get his act together, and pals like Paris Hilton and Stavros Niarchos aren't taking his calls.
"His family cut him off for using and abusing," our in-the-know spy said. "He had promised to get his act together, but obviously never did."
After Davis was caught railing against Lohan on camera last year, his family sent him to rehab, where he was treated for drugs and booze dependency. But a week after he left the clinic, the oleaginous heir was back out on Los Angeles streets partying, and he hasn't stopped since.
After being cut off by his family last week, Davis flew to Miami to take refuge with puerile music producer Scott Storch.
"He's been staying at Scott's, but shows up every day at Mokai and the Shore Club," snitched our source. Davis went out one night with Caroline Vreeland, but was soon dumped by the leggy blonde.
Another spy said Davis has been calling friends asking them to loan him $2,000 at a time. So far, he's had no takers and is living on credit. His friends remember how he bounced a $10,000 check on "Girls Gone Wild" gazillionaire Joe Francis, and owes some other "friends" for gambling debts.
Last week, to shore up his spirits, Davis showed up at the Raleigh Hotel in South Beach, where he called the bar in advance to order six lemon drop shots, six mojitos and six Peronis so they'd be waiting when he arrived. He soon appeared with a blonde and a brunette, and went to work on the drinks.
But things may be looking up. An Australian model, Cheyenne Tozzi, seems to have taken pity on Davis and is his new "girlfriend." The two showed up to Opium to hang out with Kim Kardashian,