Oscar-winning director Francis Ford Coppola has sold his beloved private island, Coral Caye, in Belize for $1.8 million after his ambitious film “Megalopolis” lost a lot of money. Coppola is famous for making movies like “The Godfather.” He put a huge $120 million of his own money into the sci-fi epic, but it only made $14.4 million around the world, which made him have to make tough decisions about his own money.
Coppola used Coral Caye, a 2.5-acre island eight miles off the coast of Belize, as a personal retreat for almost ten years. The island is known for its stunning beauty and eco-friendly features like solar panels and water tanks. Real estate agents called it a “special place” for the famous director, who is said to have visited with his family every few months. He loved how quiet and private the island was. The Corcoran Group, who handled the sale, confirmed it.
Coppola’s choice to sell comes after he talked about his money problems in public, saying, “I don’t have any money because I spent all the money I borrowed to make ‘Megalopolis.'” It’s pretty much gone, and they think it might come back in “15 or 20 years” at the box office. The director’s recent sale of luxury watches, including a rare F.P. Journe piece worth more than $1 million, shows that he is still working to get his finances in order.
“Megalopolis” had an all-star cast, but it didn’t do as well at the box office as expected, which made things even harder for the 85-year-old industry icon. Even though the money problems have hurt the industry, Coppola’s legacy is still strong. Fans and real estate watchers alike see the sale of his Caribbean paradise as the end of an era.
