Francis Ford Coppola Sells Private Island After Megalopolis Financial Loss

Legendary director Francis Ford Coppola has sold his private island in Belize. The sale follows major financial losses from his self-funded film, Megalopolis. The transaction was confirmed by the Corcoran Group this week.

Coppola, 85, had leased the island for nearly a decade. He was reportedly sad to see the lease end. The island was a treasured retreat for the Oscar-winning filmmaker.

Island Paradise and a Multi-Million Dollar Price Tag

The island is named Coral Caye. It spans 2.5 acres and is located eight miles off the mainland. The property is self-sufficient with its own solar panels and water tanks.

Access requires a 25-minute boat ride. The final sale price was $1.8 million. According to Mansion Global, the director frequently vacationed there with his family.

This is not the first asset Coppola has sold recently. He previously sold a rare, custom F.P. Journe watch. That piece was valued at over $1 million.

The Staggering Cost of a Cinematic Passion Project

Coppola invested $120 million of his personal wealth into Megalopolis. The film starred Adam Driver and Aubrey Plaza. It grossed only $14.4 million worldwide after its Cannes premiere.

The director addressed the financial risk at the film festival. He stated that money was not as important as friends. However, on a recent podcast, he revealed the financial reality.

Coppola confessed he is now effectively broke. He said the money he borrowed for the film is “basically gone.” He hopes to recoup the investment over the next 15 to 20 years.

The sale of Francis Ford Coppola’s island marks a significant moment for the iconic director. It underscores the immense personal cost behind his latest cinematic vision. The future of his financial recovery remains uncertain.

Info at your fingertips

Why did Francis Ford Coppola sell his island?

He sold the island following major financial losses from his film, Megalopolis. Coppola invested $120 million of his own money into the project. The film performed poorly at the box office.

How much did Coppola’s island sell for?

The private island, Coral Caye, sold for $1.8 million. The property is 2.5 acres in size. It is located off the coast of Belize.

What was the budget for Megalopolis?

Coppola personally funded the film with $120 million. The movie has only grossed $14.4 million worldwide. This resulted in a massive financial loss for the director.

Has Coppola sold other assets recently?

Yes, he previously sold a unique F.P. Journe watch. The timepiece was valued at a minimum of $1 million. These sales appear to be related to covering his financial shortfall.

What did Coppola say about his financial situation?

He publicly stated that the money he invested is “basically gone.” He admitted he does not have any money left now. Coppola hopes for a long-term return on his investment.