Kevin Costner makes $50 MILLION gamble on Western movie series trends now
Kevin Costner's 18-year marriage came to a sad and dramatic end this year amid a flurry of speculation that his wife had grown tired of his obsessive commitment to his work.
But it seems that the actor's relationship isn't the only thing he's put on the line in the name of fulfilling his Hollywood dream - he's now thrown one of his properties into the mix, as well.
It can be revealed that the 68-year-old Yellowstone star has mortgaged a 10-acre plot of prime undeveloped coastline - where he had planned to build a new family home - in order to finance the development of his forthcoming Western movie franchise, Horizon.
'I’ve mortgaged 10 acres on the water in Santa Barbara where I was going to build my last house,' he told Deadline during a recent interview. 'But I did it without a thought. It has thrown my accountant into a f**king conniption fit. But it’s my life, and I believe in the idea and the story.'
Costner, who has been desperately trying to bring the four-part movie series to life for more than 30 years now, is thought to have personally raised up to $50 million of Horizon's $100 million budget with the move - but the question is: At what great personal cost?
Yellowstone Kevin Costner has taken a big gamble by mortgaging one of his properties in order to fund production on his upcoming four-part Western movie series, Horizon
The 68-year-old Yellowstone star has mortgaged a 10-acre plot of prime coastline in California, which sits alongside a home he already owns
Certainly the actor seems to be aware of the great gamble he has taken, telling Deadline that this is the last time he plans to sink his own wealth into a movie project.
'I'll tell you what. I'm never gonna do this again. I'm never putting my f***ing money in another movie after these four,' he fumed.
Costner has an immense property portfolio, including a 160 acre ranch in Colorado just outside Aspen. In California he has three side by side ocean front homes in Carpinteria, plus the 10 acre parcel of undeveloped land which he just mortgaged.
He bought his first property in the town in the late 1980s, the second a decade later and the third in 2017. The parcel of land, which has a tiny cottage on it, was bought in 2006 for $28.5 million. They sold off some of it in 2009 and put the remaining 10 acres up for sale for $60 million in 2017.
The property no longer appears on the open market and property records do not reflect a change of ownership.
Costner is said to have a net worth of around $250 million and was collecting a reported $1.5 million per episode of his hit show Yellowstone, making him the best-paid actor on TV.
Explaining how he came to put his own money into the production he said: 'At the end of the day, I'm a storyteller and I went ahead and put my own money into it. I'm not a very good businessman so scratch you head if you will.'
Costner's decision to pile his own property and money into the production could be seen as somewhat of a last-ditch attempt to get his pet project over the line after what has been a decades-long struggle to see it brought to life.
Costner - who announced earlier this year that he and his wife of 18 years are divorcing - had planned to build a new family home on the land (pictured)
