In his new autobiography, “Sonny Boy,” legendary actor Al Pacino opens up about his tumultuous financial journey, revealing how he squandered a $50 million fortune due to unchecked spending, financial negligence, and trusting the wrong people.
His story is not unique, as many actors and athletes, have talked about the pitfalls that come when they first become wealthy and hire financial advisers and accountants that take advantage of them.
Movie Successes, Money Troubles
Pacino’s financial troubles began early in his career, shortly after he landed the iconic role of Michael Corleone in “The Godfather.”
The film that would change his life almost slipped away when studio executives didn’t want him. They preferred Robert Redford, according to an excerpt from “Sonny Boy” published by The Guardian.
Also, while filming the movie, the filmmakers, according to his book, didn’t think his performance was “cutting it,” causing another panic for the then-young star.
But Francis Ford Coppola fought very hard for him to stay on the film in a role for which he would go on to earn his first Academy Award nomination for Best Supporting Actor.
While “The Godfather” changed his life, it almost caused him financial ruin, according to Pacino’s memoir.
The actor faced a lawsuit from MGM Studios for accepting the “Godfather” role while already signed on for a different Mafia comedy.
He wrote in the memoir, “It was like I was some sort of gambler, and the bookies were going to get me,” according to excerpts that Business Insider shared.
Legal fees from the dispute added $15,000 to his mounting debt. Ultimately, Pacino settled by offering MGM first-look rights on future projects. By doing this, the actor was avoided financial collapse and was able to start digging his way out and enjoy some of the success headed his way.
Over the years, the “Scarface” actor would have other money woes, after entrusting his finances entirely to his accountant, barely checking on where his money was going.
That would all change in 2011, after returning from an expensive European family vacation, when he out of the blue took a closer look at his books.
“I was broke,” he recalled. “I had $50 million, and then I had nothing. I had property, but I didn’t have any money.”
The extent of his financial mismanagement shocked him, but he actually missed a few red flags. One of his friends that knew the bookkeeper had told him that he was an “arrogant crook.”
Pacino found out just how crooked the bookkeeper was, spotting out places where money was hemorrhaging from multiple unauthorized sources.
“The kind of money I was spending and where it was going was just a crazy montage of loss,” he wrote. “The door was wide open, and people who I didn’t know were living off me. It was ‘Come one, come all! Al’s got it, and he doesn’t care!'”
An audit revealed absurd expenses, including 16 cars when he only drove two, 23 cellphone plans he didn’t use, and a $400,000 annual landscaping bill for a house he “didn’t even live in.”
The situation took a darker turn when he discovered that his accountant had been involved in a Ponzi scheme, eventually landing a 7½-year prison sentence.
It became clear that his passive approach to managing his finances had allowed others to exploit him.
Facing financial ruin, Pacino scrambled to regain stability. He sold one of his properties, accepted commercial work he had once shunned, and even agreed to star in the critically panned “Jack and Jill,” simply because, as he put it, “They paid me a lot for it.”
The actor’s strategy extended to paid seminars, which helped him cover his monthly expenses.
Reflecting on his financial journey, the movie star acknowledged that ignoring his finances was a costly mistake.
“There’s almost nothing worse for a famous person — there’s being dead, and then there’s being broke,” he wrote, summing up the harsh reality of his situation.
His story serves as a cautionary tale for anyone who finds themselves suddenly wealthy, similar to former NFL player Terrell Davis.
Pacino’s experience underscores that even the highest earners must actively manage their wealth to avoid the traps of extravagance and financial deceit.