Kevin Costner has admitted to mortgaging his 10-acre Santa Barbara, California home in order to fund his $100 million movie franchise that has been 30 years in the making.
In an interview with Deadline, the 68-year-old “Yellowstone” star said he had planned to build a new family home on the plot of prime undeveloped coastline in Carpinteria worth an estimated $145 million.
“I’ve mortgaged 10 acres on the water in Santa Barbara where I was going to build my last house,” he told the outlet. “But I did it without a thought. It has thrown my accountant into a f–king conniption fit. But it’s my life, and I believe in the idea and the story.”
This would align with rumors as to why his 18-year marriage came to an end this year. A flurry of speculation was that his wife, Christine Baumgartner, had grown tired of his obsessive commitment to his work.
Not only was his relationship destroyed for his work supposedly, but he also put one of his most prized properties on the line as well.
The decision to do so was that the two-time Academy Award winner would be able to finance the development of his forthcoming Western movie franchise, “Horizon.”
Costner has been desperately trying to bring the four-part movie series to life for more than 30 years, and is thought to have personally raised up to $50 million of the film’s $100 million budget.
But at what cost?
“I’ll tell you what. I’m never gonna do this again. I’m never putting my f–king money in another movie after these four,” Costner said.
The actor has a dense real estate portfolio in addition to this parcel.
He has another Carpinteria home, which was a 17-acre parcel of land, complete with a modest two-bedroom, two-bathroom ranch. Costner…