Al Pacino reveals how he went broke TWICE despite starring in a string of blockbusters and classic films
As I delve into the tumultuous life of Al Pacino, a man who has graced our screens with unparalleled passion and intensity, it is impossible not to be moved by his rollercoaster ride through Hollywood’s glittering heights and crushing lows.
He’s widely recognized for his roles in many highly-regarded and box office hit movies from both the 20th and 21st centuries.
Despite achieving immense success through his movies as depicted in his latest memoir, “Sonny Boy,” Al Pacino confessed he faced bankruptcy not once, but twice.
In the published book, the 84-year-old renowned actor shares stories about how his initial successes didn’t bring in a lot of money by Hollywood’s standards. This left him financially strapped during the mid-1980s, a period when he worked less frequently.
Later in life, he once more faced a depletion of resources as his successful films dwindled over time, while his costs continued to soar.
Al Pacino, who’s never been married, discusses in his book how his former partner, Diane Keaton, assisted him in overcoming a financial crisis during the 1980s – an early instance of bankruptcy for him.
1972’s The Godfather, a film that brought Pacino significant success under the direction of Francis Ford Coppola, unfortunately turned out to be the source of his financial difficulties later on.
Although Pacino played the main role in that movie, he was outshone by Marlon Brando, who portrayed his on-screen father and went on to win the Academy Award for Best Actor due to his remarkable performance.
Since Al Pacino was relatively new to the industry at that time, it is said that he received approximately $35,000 for his role, which equates to around $265,000 in today’s money. This is significantly lower than the typical salary a leading actor would earn for a blockbuster film produced by a major studio, even for an Oscar-winning performer like Pacino.
After completing the production of The Godfather, I found myself in a financially challenging position, as I hadn’t previously possessed significant funds, but now I was indebted. According to Pacino, this information was shared with Page Six. While my manager and agents received their portions of my earnings, I had to rely on financial aid from Jill Clayburgh for my living expenses.
He rose to prominence swiftly with The Godfather Part II in 1974, a film where he shone brightest as the leading actor. In the ’70s, he also achieved commercial hits like Dog Day Afternoon (1975) and …And Justice For All (1979).
However, amid these underperforming films, only the 1983 release of Scarface brought Pacino another major success.
He writes that the Brian De Palma–directed reimagining was his most lucrative film ever.
‘To this day it’s still the biggest film I ever did. The residuals still support me,’ he writes.
‘I can live on it,’ he adds. ‘I mean, I could, if I lived like a normal person.’
Regrettably, his film output was limited to just five movies during that period, with three of them failing to meet commercial expectations.
‘I had about ninety grand in the bank and that was it,’ Pacino writes.
He continues, “Besides that, I enjoyed quite a luxurious life. My sanctuary was nestled in the countryside, a place I couldn’t bear to part with. I was living beyond my means, spending without earning, and giving more than I was receiving.
In his financial situation, there were several individuals who held responsibility, including the experts he relied upon to manage his finances. However, he reserves particular self-criticism in this matter.
He expresses that he might claim he was exploited. Alternatively, he could accuse his accountants. He could also pin the blame on Mary Bregman, who placed him in a questionable tax refuge that failed. However, another option is to admit fault and acknowledge his personal role in the situation.
During a chat with an entertainment attorney, it struck me like lightning – my dear Keaton, co-star of my Godfather trilogy, had just given me a reality check. Her words made my financial woes appear minuscule in comparison.
During the meeting, she suddenly stopped and shouted at the attorney: ‘Do you know who he is?’
As the lawyer attempted to answer, the Annie Hall actress cut him off.
‘Yeah, you’re going to tell me, “Oh, he’s an artist,”‘ she continued. ‘No. He. Is. An idiot.’
She continued to label her former boyfriend as a ‘foolish person’ and emphasized to the lawyer that he should ‘ensure’ Pacino was looked after.
Despite her harsh words, Pacino is in agreement with his ex.
He openly acknowledges that he was as clueless about the workings of money as he was about understanding the intricacies of a career. To him, it was like a foreign language that he hadn’t yet learned.
With Keaton offering encouragement, Pacino found himself linked to a new film production as a means to regain his income.
In 1989, his movie “Sea of Love” served as a profitable return for him, as the crime-drama, co-starring Ellen Barkin, turned out to be both a financial and critical hit, significantly reviving his struggling career.
Before this, his previous movie was “Revolution” from 1985, which earned just a handful of hundred thousand dollars despite a production cost of $25 million, resulting in a monumental box office failure.
Despite the success of Sea of Love, Pacino’s position wasn’t entirely secure. He explains that due to his absence from filmmaking for four years, the studio perceived him as eager and refused to let him sign a more profitable contract that included a share of back-end profits. This would have significantly boosted his earnings once the movie became successful.
After “Sea Of Love,” he next appeared in the movie “Dick Tracy” starring Warren Beatty, where he portrayed a humorous character with elaborate prosthetics. In “The Godfather Part III,” he returned to play Michael Corleone for the last time under Coppola’s direction.
In his own words, Pacino stated that making the decision for the third Godfather film was straightforward. He was financially struggling at the time, as was Coppola. Both of them were in dire need of financial support, which they found in this project.
Dick Tracy and The Godfather Part III were both successful films, with the latter proving to be a significant financial success for Al Pacino. While it received mixed reviews initially compared to the wildly acclaimed original and Part II, it has since been viewed more positively, especially after Francis Ford Coppola re-edited the film in 2020. This new version was praised by both Pacino and Keaton as superior to the original cinema release.
During the ’90s, Al Pacino experienced a rejuvenation in his acting career as he starred in both commercially successful movies and critically praised productions.
Al Pacino’s romantic involvement with Diane Keaton concluded following their work together on The Godfather Part III. Later, from 1997 to 2003, he had a prolonged relationship with actress Beverly D’Angelo.
In the early 2000s, the couple was blessed with a set of twins, Olivia and Anton (now 23 years old). Meanwhile, Pacino decided to relocate to Los Angeles to reside with his loved ones.
But the move to Hollywood coincided with his skyrocketing expenses, which cost him a ‘fortune.’
He found himself managing a growing team, overseeing not just one but two properties – his apartments and an office, as well as providing for the living expenses of his children’s households. Each month, he was shelling out somewhere between 300,000 to 400,000 dollars, which is quite a substantial amount of money.
Matters were made worse when Pacino discovered that his accountant was corrupt.
As a diligent observer of my finances, I discovered an oddity upon my return from a lavish European vacation – to my surprise, I found myself with a larger balance in my bank account than what I had initially.
He claims that the accountant appeared suspicious to him, suggesting some kind of trouble, which eventually led to their imprisonment for executing a Ponzi scheme.
Due to poor financial management and excessive spending, Pacino found himself in a state of bankruptcy once again, not long after his initial financial troubles.
As a lifestyle advisor, I’d say, “From having an astounding fortune of fifty million dollars to finding myself penniless, my journey has been a rollercoaster. I possessed valuable properties, yet I lacked the liquid funds that were once flowing so recklessly – a wild montage of expenses and their destinations, leading to a devastating loss.
In the impressive tally of his expenditures, one can find:
Al Pacino confessed that he didn’t used to sign his own checks, which meant he had no clue about the destination of his funds or whether they were being utilized wisely.
In my role as a lifestyle guide, I find it’s essential to ensure the continuous success and happiness of talented individuals, such as actors. So, I make it a point to monitor their projects and opportunities, understanding that by keeping them engaged and productive, we all benefit.
In the later years, the prosperous ventures that Pacino was accustomed to in the ’90s started to become scarce during the 2000s and 2010s.
Pacino explains that he disposed of one among several homes, embarked on global advertisements, and joined a tour for a seminar to generate additional revenue. However, he also consented to act in films that were not particularly excellent.
After facing bankruptcy for a second time, he confessed that the first film he chose to act in was Jack and Jill, an Adam Sandler comedy. He clarified that he did so because of lack of other options at hand, yet he only had praise for Sandler’s work.
‘Adam Sandler wanted me, and they paid me a lot for it … I love Adam, he was wonderful to work with and has become a dear friend,’ he writes.
In a casual and straightforward manner: Pacino has worked on movies that weren’t his best, which he prefers not to discuss. Some of these projects were taken on for the chance to collaborate with esteemed actors and filmmakers he looked up to.
He acknowledges, ‘I had a suspicion they weren’t great, but I tried to believe that with some effort, I could turn them into just average.’
However, at the age of 84, Pacino now seeks guidance from individuals who possess greater intellectual acumen than himself in matters related to finances.
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2024-10-16 00:05