Celebrity News

Kevin Costner mortgaged his 10-acre California property to fund $100 million passion project: ‘I believe in the idea and the story'

Mark Von Holden | Variety | Getty Images

Kevin Costner is putting his money where his mouth is.

The 68-year-old actor revealed in a recent Deadline interview that he took a mortgage out on one of his California properties to partially fund his latest project "Horizon: An American Saga"—the first of four films set in the pre-and-post Civil War expansion of the American West.

Costner's mortgage on a property he already owns meant taking out a loan against the value of the land and giving the right to his lender to take it if he fails to repay the money with interest.

The property is a sprawling 10-acre plot of undeveloped coastline Costner purchased in 2006 for $28.5 million with plans to build his last family home.

"I did it without a thought. It has thrown my accountant into a f*cking conniption fit. But it's my life, and I believe in the idea and the story," he told Deadline.

Costner has been working on variations of "Horizon" on and off since 1988 but couldn't find "anybody to make it" with him and agree to finance the $100-million plus production.

"At the end of the day, I'm a storyteller, and I went ahead and put my own money into it," he said about why he decided to take out a mortgage. "I'm not a very good businessman, so, scratch your head, if you will. I don't know why, but I have not let go of this one."

The New York Post reports that Costner personally raised about $50 million for the film's budget. The actor also told Deadline that to get the first two "Horizon" movies made, he deferred his writing, producer, and acting fees.

"I believe in the movies, the power of them, the longevity. By putting my own money in it, I will chase this movie with my partners the rest of our lives," Costner said. "I can't put my own money into something and have somebody else be in control, because, at the end of the day, the money isn't as important to me as the movie."

There is no official release date for the first of the "Horizon" films, but it will star Sienna Miller, Sam Worthington, Luke Wilson, Jamie Campbell Bower, and Kevin Costner himself.

This isn't the first time Costner has helped fund his films

In the past, the actor put up his own money to fund the 1990 movie "Dances with Wolves," the 1997 film "The Postman" and the 2014 movie "Black or White."

Of the three projects, "Dances With Wolves" is the most critically acclaimed and earned Costner two Academy Awards for best director and best picture, as well as a nomination for best actor in a leading role.

It was the first film that Costner directed, which he didn't intend on doing, but took the risk after being told by several directors what needed to be fixed in the script.

"I put all my money into this thing, and I actually asked three other directors to direct it before me. They each had kind of very pronounced ideas about what they wouldn't leave in the movie. They're very well-known directors," Costner said. "I finally directed it by default. What I knew was, I wasn't as good as any of those other directors. But I wasn't gonna leave anything out."

Though Costner has found success funding his own films in the past, the actor told Deadline that the "Horizon" movies will be the last time he does such a thing.

"I make these movies for people, not for myself. I author every moment in them as if I'm protecting their experience, protecting the time that they take to come to the theater. That's how I look at it," he said. "But 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."

Representatives for Kevin Costner did not immediately respond to CNBC Make It's request for comment.

DON'T MISS: Want to be smarter and more successful with your money, work & life? Sign up for our new newsletter!

Get CNBC's free report, 11 Ways to Tell if We're in a Recession, where Kelly Evans reviews the top indicators that a recession is coming or has already begun.

Copyright CNBC
Contact Us