Kevin Costner invested $38 million of his own money into one film— and almost went bankrupt
Kevin Costner's much-awaited Western directorial project 'Horizon: An American Saga' chapter one, premiered in May last year. The film achieved critical acclaim at the Cannes Film Festival and the Venice Film Festival. However, it failed to capture audiences worldwide and bombed at the box office. According to The Hollywood Reporter, the total production cost for the classic has been estimated at $100 million, which was financed in part by Costner putting his Santa Barbara estate on the line. Radar Online reports that Costner was headed toward bankruptcy at one point after investing $38 million from his savings into the passion project.
Fearing more losses, New Line Cinema did not approve the second installment of the film after the first brought in a pitiful $11 million during its opening weekend. “I know they say I’ve got $20 million of my own money in this movie,” Costner exclusively told GQ Magazine. “It’s not true. I’ve got now about $38 million in the film. That’s the truth. That’s the real number.” The Emmy winner confirmed that the first two installments of the film had not been fully funded but assured, “They’re going to happen regardless." He remarked, “I got my suitcase on the end of the street, you know, and seeing: Where are all you brave, rich billionaires? If I hear the word billionaire one more time, I think I’m going to puke.”
In an interview with David Remnick, the actor and director Kevin Costner talks about the countless meetings he had with Hollywood executives about “Horizon: An American Saga” and why, in the end, he decided to go all in with his own fortune. https://t.co/FBEMCS4x81 pic.twitter.com/YNBodWXkre
— The New Yorker (@NewYorker) July 16, 2024
As per Variety, Costner has not publically disclosed the details about the other two major investors in his project, which is to be released in four parts. Pre-production for the third has reportedly already begun. “I need somebody that’s impulsive, is emotional, has money, and wants to go West,” the 'Yellowstone' actor stated. According to the New York Post, the Oscar winner has pinned his hopes on a lucrative Netflix deal. “Kevin is good at projecting calm, experience, and a generally level head, but behind the scenes the whole 'Horizon' project has been stressful to him financially, physically, and even intellectually,” a source revealed.
Insiders insist that Costner “still doesn’t fully understand why the theatrical release of the first part of the story didn’t connect with most viewers, but he’s pressing forward with the rest of the films and he’s finally got some good news in the form of Chapter One’s excellent showing on Netflix, where it’s landed in the top ten.” They explained that the streaming giant remains the only positive source to bail the Golden Globes winner from debt. "Kevin and his team need it to perform because right now, Netflix is the only company with deep enough pockets to completely bail him out of the hole Kevin has dug for himself with these movies.”
To finish the movie in 18 months, Costner and his team are awaiting some form of financial support from Netflix. According to reports, if the online audience's reaction to the first segment is favorable, the streaming giant might intervene. “It’s a big check to write, but if the first movie continues to perform well for Netflix’s viewers...[they] will eventually step up and buy the rights to the whole series.” The source concluded, “Kevin is in an eight-figure hole on this project."