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David Hans Schmidt, who is well known for trying to negotiate deals over celebrity sex tapes, pleaded guilty on one count of sending communications with the purpose to extort.
It comes after he demanded the money from Cruise in exchange for stolen photos of his wedding to actress Katie Holmes.
Extra reveals that court papers stated that Schmidt "gives up the right to indictment by a grand jury and agrees to plead guilty to a single-count."
Schmidt, whose nickname is the "Sultan of Sleaze", had previously threatened Cruise's representatives by saying that he would "hunt down to hell and back anyone who crossed him".
He could face up to two years in jail for the attempted extortion.
