Kevin Costner has agreed to mortgage his 10-acre Santa Barbara, California home to fund his $100 million movie franchise, which has been 30 years in the making.
In an interview with Deadline, the 68-year-old “Yellowstone” star said he planned to build a new family home on a plot of prime undeveloped shoreline in Carpinteria worth an estimated $145 million.
“I 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 thinking. It’s put my accountant in the king’s perception. But it’s my life, and I believe in the idea and the story.
This would be in line with the rumors as to why their 18-year marriage came to an end this year. There was a flurry of speculation that his wife, Christine Baumgartner, had grown tired of his obsessive commitment to his work.
Not only was their relationship destroyed for his deed, but he was also believed to have put one of his most prized possessions at stake.
The decision to do so was so the two-time Academy Award winner would be able to finance the development of his upcoming Western film franchise, “Horizon”.
Costner has been desperately trying to bring the four-part film series to life for more than 30 years, and is believed 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 going to do that again. I’m never putting my money into another movie after these four movies,” Costner said.
Apart from this parcel, the actor has a substantial real estate portfolio.
He owned another Carpentaria home, which was a 17-acre parcel of land that housed a modest two-bedroom, two-bathroom ranch. Costner bought the property in 2006 for $28.5 million after jogging the day before and seeing a for sale sign, later adding other structures to the land.
In 2007, they sold 7 acres to a neighbor, but joined their homes to form a secluded property. In 2017, he briefly listed the compound for $60 million, but later took it off the market.
The house became a source of controversy when it prevented him from accepting his Golden Globes win in January as she hunched down There, while in California, hurricanes ravaged the region.
His family’s primary residence was in Ventura, California, 30 miles south of Santa Barbara. That’s in addition to Costner’s 160-acre estate in Aspen, where he married Baumgartner, 49, in 2004.
The ranch, known as The Dunbar, has rooms that can be rented on the property for as much as $36,000 a night, The Post previously reported,
Costner has several other real estate investments including apartments in Los Angeles.
On 1 May his wife, a fashion designer, filed for divorce Citing “irreconcilable differences”.
A representative for Costner sought confidentiality, saying that “circumstances beyond his control have resulted in Mr. Costner participating in an action for dissolution of his marriage to Baumgartner.”
The couple has three children, ages 12, 14 and 15, and have both applied for joint custody.