In his recently published memoir, Sonny Boy, Al Pacino describes how he lost all his money to corrupt accountants, was ultimately sentenced to seven and a half years in prison for running a pyramid scheme, and was the subject of a dramatic film. He wrote that he was forced to make a major career change. The accountant mismanaged the Oscar winner’s funds, and Pacino’s savings went from a staggering $50 million to $0.
“It was in 2011 that I started getting warnings that the accountant, who at the time had a lot of celebrity clients, wasn’t trustworthy,” Pacino said. The actor had already paid “an exorbitant amount of money to rent a big luxury house in Beverly Hills,” but then took his entire family on a trip to Europe, where he hosted various overseas guests in a “gorgeous Gulfstream 550.” and across an entire floor of the Dorchester Hotel in London, which we “rented”. ”
When Pacino returned to his home in Hollywood, he began to have doubts when he realized that despite spending a lot of money on vacations, his financial situation had not changed dramatically. “And I thought, It’s simple. It’s obvious. This much I know: Time has stopped. I’m a mess,” he wrote.
“I was bankrupt. I had $50 million and then nothing. I had property but no money,” Pacino said, eventually finding his own. I remember when I looked into my finances. “In this business, if you make $10 million on a movie, it’s not $10 million, because once you go through the lawyers, agents, publicists, the government, it’s not $10 million, it’s in your pocket. That’s $4.5 million. But you’re living on more than that because you’re aiming high. And that’s how you lose it. It’s so weird. It’s a method. The more money you make, the less money you have.”
“The type of money I spent and where it went was just a crazy montage of losses,” he added. “The landscaper was making $400,000 a year, and that’s not an exaggeration. It went on and on. I’ll tell you, that was for landscaping a house I didn’t live in.”
Pacino, who was in his 70s when he learned he was bankrupt, added: No more big paydays like I was used to. The pendulum swung and it became difficult to find the parts myself. ”
Before his bankruptcy, Pacino “would appear in movies if he thought he was relevant to the role and could bring something to the role.” Examples that fit this career mindset include “Ocean’s 13” and “88 Minutes.” It’s the latter, according to the actor, even if the latter’s title is “A Fiasco.” But when Pacino went bankrupt, he had to abandon all career restrictions and start taking any role that offered him big money. That’s why he agreed to appear in Adam Sandler’s infamous “Jack and Jill” and lifted his ban on appearing in commercials. For example, he filmed a coffee ad with director Barry Levinson.
“‘Jack and Jill’ was the first movie I made after I lost money, and to be honest, I did it because I didn’t have anything else,” Pacino wrote. “Adam Sandler wanted me and paid me a lot of money for it. So I went out and did it, and it worked. I love Adam. He’s great to work with and has become a great friend. He also happens to be a great actor and a great guy.”
Pacino also sold one of his two homes to make money and began charging fees to host seminars and universities. Up until now, we had hardly charged any fees. “The seminar was another big discovery for me. Previously, I would always go to universities and talk to the kids there, but in a way I just went out and performed for them. I told them a little bit about my life and asked them questions. …I just did it. I was like, ‘Keep doing this. Why not take a look?” I thought. There were other locations where these seminars could be held. It’s not necessarily a university. I knew there was a wider market for this. So I started traveling around the world. And it turns out they work. The audience came because it was still popular. ”
Pacino’s memoir “Sonny Boy” is now available for purchase.
