Francis Ford Coppola famously self-funded his newest epic “Megalopolis” — but unfortunately, it doesn’t seem likely the film auteur will recoup the millions he invested.
“Megalopolis,” released Friday in theaters, is currently tracking for a $5 to $7 million debut at the box office, per Variety. It’s shockingly low compared to the over $100 million that Coppola reportedly spent on the film. (In a 2022 interview, Coppola said he’d invested $120 million in the project; on Thursday, The Wall Street Journal, citing an unnamed source involved with the film, reported that it was $136 million.)
Coppola is best known for films like “The Godfather,” its 1974 sequel, and Cannes Film Festival Palme d’Or winners “The Conversation” and “Apocalypse Now.” “Megalopolis” was a long-gestating project, a sci-fi epic that takes place in a Roman reimagining of New York City.
The film has received extremely mixed reactions from critics, with The Wall Street Journal calling it a “spectacular catastrophe.” It’s also been plagued by bad press and controversy: There were allegations that Coppola engaged in inappropriate on-set conduct (which Coppola has denied), and distributor Lionsgate pulled a trailer for the film after Vulture reported it contained inaccurate quotes from critics.
In his new interview with The Wall Street Journal, Coppola explained how he funded the film by leveraging his own wine business, the Francis Ford Coppola Winery. Per the publication, the filmmaker merged the business with Delicato Family Wines in 2021 in a deal he says was valued at $650 million. As part of the deal, he retained the Inglenook estate that houses the Coppola family home and the original vineyards on which he built the business.
The deal also enabled him to take out a massive $200 million loan against his stake in Delicato. Those millions went to “Megalopolis,” as well as other projects on 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, wasn’t surprised by the move, telling the Journal that he found it “thrilling” to see his father use the money to pursue something he’s passionate about.
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 my side.” But even if it fails at the box office, he has a plan that could involve a tax write-down.
“I’m very old so it all goes into an estate plan,” he said.
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