Francis Ford Coppola spent over $100 million to finance the movie “Megalopolis.” However, the film is expected to only gross between $5 million and $7 million during its opening weekend. Coppola took out loans for his wine business to finance movies and other projects. project.
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Francis Ford Coppola famously self-financed his latest blockbuster, Megalopolis, but unfortunately, it seems unlikely that the director will be able to recoup the millions of dollars he invested.
According to Variety, “Megalopolis,” which opened in theaters on Friday, is currently aiming for an opening box office gross of $5 million to $7 million. That’s surprisingly low compared to the more than $100 million Coppola reportedly spent on the film. (In a 2022 interview, Coppola said he had invested $120 million into the project, but on Thursday, The Wall Street Journal cited anonymous sources close to the film saying the investment amount was $120 million.) It was reported to be $36 million.
Coppola is best known for the 1974 sequel “The Godfather,” as well as films such as “The Conversation,” which won the Palme d’Or at the Cannes Film Festival, and “Apocalypse Now.” “Megalopolis” is a project long in the planning, a sci-fi epic set in New York City as reimagined by the Romans.
The film received very mixed reactions from critics, with The Wall Street Journal calling it a “spectacular disaster”. It has also been plagued by bad press and controversy. After Vulture reported that director Coppola had engaged in inappropriate behavior on set (which he denies) and included inaccurate quotes from critics, the distributor Lionsgate has released a trailer for the movie.
“Megalopolis” stars Adam Driver as Cesar Catiline and Nathalie Emmanuel as Julia. lionsgate movies
In a new interview with The Wall Street Journal, Coppola explained how he used his wine business, Francis Ford Coppola Winery, to finance the film. The publication said the filmmaker combined its operations with Delicato Family Wines in 2021 in a deal worth $650 million. As part of the deal, he retained the Coppola family mansion and the Inglenook property, home to the original vineyard where he launched his business.
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The deal also allowed him to take out a huge loan of $200 million for his Delicato stock. Those millions of dollars were spent on “Megalopolis,” as well as other projects at the Inglewood estate and the Sentinel Building in San Francisco, which he owns.
“I went to the bank and said, ‘How much can I borrow?'” Coppola told the Wall Street Journal.
Coppola’s son Roman was not surprised by the move, telling the Journal that he found it “thrilling” to see his father use the money to pursue something he was passionate about.
Director Coppola was bullish about the film’s economic prospects, telling the Journal that he felt the film would have a “very auspicious opening” and that “time is on our side.” But even if it flops at the box office, he has a plan that could come with a tax write-down.
“Everything is in estate planning because I’m so old,” he said.
