Kevin Costner May Have to Sell Real Estate to 'Remain Solvent' (EXCL)
Kevin Costner has a $100 million bill to pay after the dismal, ongoing failure of Horizon: An American Saga – and a source exclusively tells Life & Style he’s being forced to cash in on a trove of precious assets, including one or more of his sprawling ranches.
“Kevin banked Horizon largely, but not entirely, on undeveloped California land he owns, and reality is starting to set in that he’s likely going to have to part with this real estate and also reshuffle his other holdings to remain solvent after the disappointing showing of the first film in this saga,” the source explains.
Even Kevin’s costar, Luke Wilson, who played Matthew Van Weyden in the four-part epic Western film series, was “seriously spooked by how badly the movie did, especially with the critics,” a second source previously told Life & Style.
“It just doesn’t make sense to him, and he’s freaked out by it.”
The first of four movies premiered at the 77th Cannes Film Festival on May 19; however, the critical reaction hit almost entirely negatively, which didn’t bode well for the film ahead of its wide release on June 28.
About the film, the BBC’s Nicholas Barber called it a “three-hour slog … full of stultifying slow dialogue scenes.” While Entertainment Weekly’s Jordan Hoffman deemed the passion project “dull as dirt.”
Chapter 2 had its premiere at the 81st Venice International Film Festival on September 7, while the third and fourth parts’ release dates have yet to be scheduled.
“Make no mistake: Kevin is determined to make all four films and get them out to his fans,” the first source continues, “and Horizon: An American Saga – Chapter 1 did not do horribly when it went to home video.”
Tepid home video sales may not be able to make up for the $38 million of his own money the Waterworld star poured into the project.
To make money matters worse, Kevin, 69, now also has to pay $63,000 a month in child support to ex wife Christine Baumgartner, in addition to the hefty up-front sum the Oscar-winner reportedly gave her.
“Kevin’s divorce wasn’t cheap, he still gives his kids a lot of money, but this film investment has been a giant piano hanging over his head, and he’s not backing away,” the source confirms.
“There’s still some momentum behind these films, even if it’s all coming from Kevin.”
“But it’s getting dark. Week by week, it’s becoming clearer that Kevin probably should have made this content as a TV miniseries, and in that event he never would have gotten into this hole,” the source suggests.
“Instead, Kevin is re-organizing his life, his finances and his possessions around funding the Horizon project for a couple of more years.”
“He’s operating on a wing and a prayer but he’s also a realist who knows he’s going to have to part with some of his treasure to see this thing through to the end.”
“But it’s going to be a tightrope walk, especially because Chapter 1 badly underperformed.”