SANTA BARBARA, CALIFORNIA: Kevin Costner and his marriage of 18 years ended dramatically this year, with rumors circulating that his wife grew weary of his all-consuming dedication to his work. However, it appears that the actor's relationship isn't the only thing he has risked in pursuit of his Hollywood dream. He has now included one of his properties in the equation.
It has now been revealed that the 68-year-old 'Yellowstone' star has mortgaged a 10-acre plot of pristine, undeveloped coastline. This land was initially intended for the construction of a new family home but will now be used to finance the development of his upcoming Western movie franchise, 'Horizon'.
‘I believe in the idea and the story’
"I’ve mortgaged 10 acres on the water in Santa Barbara where I was going to build my last house," Costner 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," he added.
Costner, who has strived to bring this four-part movie series to life for over three decades, is believed to have personally raised up to $50 million of 'Horizon's $100 million budget through this move. The actor is evidently aware of the gamble he has taken, expressing to Deadline that this will be the last time he uses his own wealth to fund a film project.
Costner possesses an extensive property portfolio, including a 160-acre ranch in Colorado near Aspen. In California, he owns three adjacent ocean-front homes in Carpinteria, along with the 10-acre undeveloped land that he recently mortgaged.
He acquired his initial property in the town during the late 1980s, the second a decade later, and the third in 2017. The 10-acre parcel of land, which includes a small cottage, was purchased in 2006 for $28.5 million. Part of it was sold off in 2009, and the remaining land was listed for sale at $60 million in 2017. The property is no longer publicly listed for sale, and there are no records indicating a change in ownership.
‘I decided to invest my own money in it’
Costner's estimated net worth is around $250 million, and he was reportedly earning $1.5 million per episode for his successful show 'Yellowstone', making him the highest-paid actor on television. When explaining his decision to invest his own money in the production, he stated, "Ultimately, I'm a storyteller, and I decided to invest my own money in it. I'm not a particularly good businessman, so feel free to scratch your head."
Costner's choice to leverage his own property and finances for the production could be seen as a last-ditch effort to bring his passion project to fruition after years of struggling to make it happen. The actor revealed that he first conceived the idea for the epic Western back in 1988. At that time, he nearly made the film with Disney but demanded an additional $5 million in the budget, causing the project to be shelved. In 1996, he revisited the concept, collaborated with a partner, and eventually expanded it into a four-film series rather than a standalone movie.
An obsession for storytelling
Known for winning seven Oscars for his directorial debut, 'Dances With Wolves', Costner was described as "obsessed" with telling that story, and the same word is now used to describe his focus on the 'Horizon' movies. This undertaking is truly grand, with over 170 speaking roles, spanning the entire duration of the Civil War, and featuring a star-studded cast that includes Sienna Miller, Jamie Campbell Bower, and Sam Worthington. The budget for these movies is undeniably substantial.
Nevertheless, Costner's unwavering determination to see this project through has led him to forgo all fees for acting, writing, directing, and producing the movie series. Additionally, he has used his own home as collateral to secure financing. The first installment of Costner's 'Horizon' movies is scheduled for release later this year, and only time will tell if his gamble will pay off at the box office.
