After losing millions of dollars from his passion project, Megalopolis, he had to sell another one of his objects.
This time, it’s a private island in Belize that Coppola, 85, frequently vacationed. The area, called Coral Caye, consists of 2.5 acres, is eight miles long, is a 25-minute boat ride from the mainland, and is self-sufficient with water tanks and solar panels. For the last nine years, the Godfather director has leased it, however, it sold for $1.8 million.
“Mr. Coppola was very sad to see his lease come to an end,” Corcoran Group’s Peter McLean told Mansion Global. “He treasured his time on this island paradise and it was a special place for him.”
This comes after the Oscar winner spent $120 million of his own money to make Megalopolis, which bombed at the box office, grossing $14.4 million worldwide. The picture starred Adam Driver, Shia LaBeouf, Aubrey Plaza, Nathalie Emmanuel and Jon Voight.
While debuting the film at the 2024 Cannes Film Festival, the filmmaker spoke about the expensive production. “My children, without exception, have wonderful careers without a fortune. We are fine. It doesn’t matter,” Coppola said. “All of you here: The money doesn’t matter. What is important are the friends. A friend will never let you down. The money may evaporate.”
However, when he appeared on an episode of the Tetragrammaton podcast in March, Coppola revealed he’s broke. “I don’t have any money because I invested all the money that I borrowed to make Megalopolis,” he said. “It’s basically gone. I think it’ll come back over 15 or 20 years, but I don’t have it now.”
Previously, the Apocalypse Now director also had to sell his one-of-a-kind F.P. Journe watch, which was worth at least $1 million, to help with his financial loss.
