Francis Ford Coppola, Who Says He’s “Broke,” Sells $1.8M Island Lease, $1M Gold Watch

After losing $100M+ on his passion project, “Megalopolis,” Francis Ford Coppola, 85, is currently undergoing a fire sale of his own private assets.

Coppola already auctioned off his “one-of-a-kind” F.P. Journe gold watch, which was worth at least $1M. This was to help offset the financial hit he took with “Megalopolis.” That’s obviously not enough to break even. More came this weekend.

It’s being reported that Coppola is selling the lease of a private island in Belize that he frequently vacationed on. Coral Caye consists of 2.5 acres and stretches eight miles long. For the last nine years, Coppola had leased it. He’s now sold it for $1.8M.

This comes after the $120M-costing “Megalopolis” bombed at the box office, grossing only $14M worldwide. The film starred Adam Driver, Shia LaBeouf, Aubrey Plaza, Nathalie Emmanuel, and Jon Voight. It’s still not available on VOD or streaming — mostly due to Coppola’s insistence that it should be seen on the big screen.

I do wonder how much Coppola could realistically make if he allowed “Megalopolis” to stream and make it available on digital platforms. He’s definitely leaving money on the table by not doing so. At this point, if he’s willing to sell his own valuable, sentimental assets, I don’t understand why he doesn’t just sell “Megalopolis” as well.

Earlier in the year, Coppola appeared on Rick Rubin’s Tetragrammaton podcast, where he revealed he was “broke.”

I don’t have any money because I invested all the money that I borrowed to make Megalopolis. It’s basically gone. I think it’ll come back over 15 or 20 years, but I don’t have it now.

In 15-20 years from now Coppola will be 100 years old. Regardless, he doesn’t seem too bothered by being in the red. That’s what he’s claimed at least in interviews.

I love Coppola’s persistence. He’s lost so much on his “Megalopolis” gamble, and yet he’s already lined up his next film, “Glimpses of the Moon,” which, thank the heavens, found funding in Italy—enough for a 30-day production in November/December. No cast has been announced, but it’s supposed to be shot all in Italian.