As reported by Variety, in his recently-published memoir Sonny Boy, Al Pacino reveals the tumultuous financial downfall that led to dramatic career changes. The Oscar winner recounts how a corrupt accountant, who eventually served seven and a half years in prison for running a Ponzi scheme, mismanaged his funds, resulting in the depletion of his once-staggering $50 million savings.
Pacino recalls receiving warnings about his untrustworthy accountant in 2011, a time when he was already spending exorbitant sums on lavish expenses, including renting a luxurious Beverly Hills mansion and indulging in an extravagant European trip with his family and guests. Upon returning home, he realized that his finances had not significantly changed despite his lavish spending, leading him to the stark realization of his dire situation.
"I was broke. I had $50 million, and then I had nothing," Pacino laments. "In this business, when you make $10 million dollars for a film, it’s not $10 million. Because after the lawyers, and the agents, and the publicist, and the government, it’s not $10 million, it’s $4.5 million in your pocket."
The actor further details the exorbitant expenses he incurred, including paying a landscaper $400,000 annually for a house he didn't even reside in. This financial mismanagement left Pacino in an unfavorable position, especially considering his age and the lessening of opportunities for high-paying acting roles. “I wasn’t a young buck, and I was not going to be making the kind of money from acting in films that I had made before. The big paydays that I was used to just weren’t coming around anymore. The pendulum had swung, and I found it harder to find parts for myself.”
As a result of his financial turmoil, Pacino found himself taking on roles purely for financial gain, such as starring in Adam Sandler's "Jack and Jill" and participating in commercial ventures, which he had previously shunned. “‘Jack and Jill’ was the first film I made after I lost my money. To be honest, I did it because I didn’t have anything else,” Pacino writes. “Adam Sandler wanted me, and they paid me a lot for it. So I went out and did it, and it helped. I love Adam, he was wonderful to work with and has become a dear friend. He also just happens to be a great actor and a hell of a guy.”
Additionally, to alleviate his financial strain, Pacino sold one of his two homes and began charging for seminars and speaking engagements, a departure from his previous practice of offering them for free. Despite the hardships, Pacino found solace in the continued support of his fans and the success of his seminars, which allowed him to navigate his financial challenges.
Pacino’s memoir Sonny Boy is now available, offering a candid glimpse into his personal and professional journey.
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