How much money did Kyra Sedgwick and Kevin Bacon lose in Bernie Madoff's Ponzi scheme? A look at their net worth
In December 2008, financier Bernie Madoff was the reason for the woes of many - both the filthy rich elite and barely making ends meet, regular people. Among those who lost millions in Madoff's Ponzi scheme, dubbed the biggest in US history, were married actor-couple Kevin Bacon and Kyra Sedgwick. Although the actor claimed he just had sex to get over it, the estimated loss incurred by them came around to a solid $100 million.
Bacon and Sedgwick have a joint net worth of an estimated $90 million after their giant loss due to Madoff's scheme that conned investors out of billions. But even though several investors were terrified of losing entire multi-millionaire fortunes, the high-profile trial saw Bacon and Sedgwick reclaim some amount as Madoff was sentenced to 150 years behind bars. Bacon and Sedgwick have never addressed the exact amount they lost, with the actor only revealing they lost 'a lot of money', reports The Washington Post, adding that the actor insisted that they weren't financially the worst off after the incident. He said: "There were so many people who got hit so much harder than us."
Madoff's fraud initially touted to have run past $50 billion, was later estimated to $65 billion among his 37,000 victims, ranging from celebrities to the common man, and even nonprofit charities. Hungarian-born actress Zsa Zsa Gabor had reportedly lost between $7 to $10 million in Madoff's Ponzi scheme before her death in 2016. "If I was in New York, I would take a baseball stick and hit this terrible man over the head," the late Gabor's husband, Frederic Prinz, said of Madoff, reported The Sun.
Steven Spielberg's Wunderkinder Foundation on the other hand also reportedly suffered. Dreamworks Animation chief executive Jefferey Katzenberg, actor John Malkovich, Holocaust survivor Elie Wiesel, and broadcaster Larry King were also on that list.
Speaking about how the big fortune blow out never impacted his and Sedgwick's marriage, Bacon told GQ editor-at-large Michael Hainey, “I don’t think there was a moment where it was like, that thing happened and then we got pissed at each other. It was sort of the opposite. We kind of went, ‘Holy s ** t. Let’s . . . I don’t know. Let’s have sex or something. It’s free!’” Acknowledging how some relationships don't survive financial setbacks, the actor told Hainey that his wife of 30-years was always certain they were going to weather this storm together. "We knew we were going to have each other and our kids were OK. They were through school, almost. We both felt like we would work," he told GQ.
Bacon and Sedgwick got married in 1988, after meeting on the sets of their film 'Lemon Sky'. Since then they have gone on to star in several movies together and had two children – son Travis born in 1989, and daughter Sosie born in 1992.