Francis Ford Coppola sells luxury watches after going broke on ‘Megalopolis’

“The Godfather” Director Francis Ford Coppola is selling several luxury watches from his personal collection, including a custom watch worth more than $1 million, after losing most of his fortune financing his decades-long passion project, Megalopolis.

The 86-year-old Oscar-winning director reportedly invested $120 million of his own fortune in producing the epic sci-fi film, which grossed just $14.3 million at the worldwide box office after its September 2024 release.

According to new york times, Coppola also publicly admitted that the film left him penniless.

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Now, seven of Coppola’s prized watches will go up for sale on December 6 and 7 at Phillips Auctions in New York City.

“I need to get some money to keep the ship afloat,” he told the New York Times last Friday, one day after luxury watch company Phillips announced the sale.

“The Godfather” director Francis Ford Coppola has admitted that he is broke after his epic film “Megalopolis” failed at the box office. (Stefan Cardinale – Corbis/Corbis via Getty Images)

The auction will include Coppola’s one-of-a-kind watch, the FP Journe FFC Prototype, which is expected to start at over $1 million and is set to headline the sale.

The watch was designed by Coppola himself in collaboration with famous watchmaker François-Paul Journe over the course of eight years.

The other six luxury watches from Coppola’s personal collection include another FP Journe, two Patek Philippes, a Breguet Classique, an IWC Portugieser Chronograph, and a Blancpain Minute Repeater.

Meanwhile, Coppola said he rarely wore the FFC watch, telling the Times that the watch was too expensive to insure.

“I only wore it a few times,” Coppola said.

One of those times was in Cannes Premiere From “Megalopolis”, which he wrote, directed and produced.

Coppola spent $120 million of his personal fortune to create his passion project. (Alberto E. Rodriguez/Getty Images)

The film features an ensemble cast led by Adam Driver, Giancarlo Esposito, and Nathalie Emmanuel, along with Aubrey Plaza and Shia LaBeouf. Jon VoightLaurence Fishburne, Dustin Hoffman, Jason Schwartzman, Talia Shire, Chloe Fineman, Grace VanderWaal, Katherine Hunter, and James Remar.

“The new city of Rome must change, causing conflict between Cesare and Catilina [Driver]a genius artist who seeks to leap into an ideal and utopian future, and is opposed by Mayor Franklin Cicero [Esposito]which remains committed to a regressive status quo, which perpetuates greed, special interests, and partisan warfare.

“Torn between them is the socialite Julia Cicero [Emmanuel]”The mayor’s daughter, whose love for Caesar divides her loyalties, forcing her to discover what she truly believes humanity deserves,” she added.

Apart from It blew up at the box office“Megalopolis” received a divided response from critics. Some praised Coppola for his ambition and refusal to play it safe, but criticism went beyond praise, calling the film incoherent and self-indulgent.

The film grossed only $14.3 million at the worldwide box office. (Scott A. Garvitt/Invision/AP)

“Megalopolis” won two Razzies at the 45th Golden Raspberry Awards, including Worst Director for Coppola and Worst Supporting Actor for Voight. Coppola jokingly accepted his award Posted on Instagram While also criticizing Film industry For being “without courage” and not taking risks with original ideas.

Five times Academy Award winner JHe compared himself to French director Jacques Tati, who famously went bankrupt when he directed “Playtime” in 1967. However, the satirical comedy was later hailed by many critics as one of the greatest films of all time.

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“What an honor to stand alongside a great and courageous filmmaker like Jacques Tati who completely impoverished himself to make one of cinema’s most beloved flops, PLAYTIME! My sincere thanks to all my wonderful colleagues who joined me in making our masterpiece, MEGALOPOLIS, and let’s remind ourselves that box office is only about money, and like war, stupidity and politics have no real place in our future.”

Big Cities also received mostly negative feedback from critics. (Lionsgate via AP)

Coppola made his fortune primarily through the success of “The Godfather” and “Apocalypse Now” trilogies. He later expanded his wealth through business ventures, most notably Napa Valley wineries, luxury resorts, and lifestyle brands, which became major sources of income outside of the film industry.

In 2021, the director sold his Coppola winery brand to Delicato Family Wines in a deal worth approximately $650 million. However, he did capitalize on his stake in the wine business, reportedly taking out loans of up to $200 million against it, to finance “Megalopolis.”

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“I don’t have any money because I invested all the money I borrowed to make ‘Megalopolis,'” he told music producer Rick Rubin during an appearance on “Tetragrammaton” in March.

“He basically disappeared,” Coppola added. “I think it will come back in 15 or 20 years, but I don’t have it now.”

“Megalopolis” is widely considered Coppola’s biggest financial disaster, although the director’s high-risk filmmaking led to other major losses.

His 1982 film “One from the Heart” was his previous biggest loss. The film cost approximately $26 million to produce and grossed only $637,355 at the box office, a disastrous failure.

Coppola said he believes “Megalopolis” will eventually become profitable. (Getty Images)

It was the first feature film produced by Zoetrope, which financed the project using bank loans, private investors, and Coppola’s personal guarantees.

It was originally planned to be a romantic comedy with a modest budget of $2 million, but Coppola’s vision for the film was greatly expanded during production, leading to higher costs. He believed that “One from the Heart” could revolutionize filmmaking through the use of groundbreaking technology including the “electronic cinema” process and prove that independent artists could compete with Hollywood studios.

The financial hit from “One from the Heart” drove Zoetrope Studios into bankruptcy later that year. Coppola, who invested millions of dollars from his real estate holdings in the film, had significant debt, which he spent years working to pay off. During most of the 1980s, he had to direct more commercial films to pay off his loans.

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In 1988, Coppola suffered another financial setback with his film Tucker: The Man and His Dream, which grossed $19 million against a budget of $24 million. Although critically acclaimed, it was other commercial disappointments that kept his financial recovery slow.

However, Coppola has consistently said that he prefers artistic achievement over money. During an appearance on the “Tetragrammaton” podcast, he acknowledged that he would have to do it His next movie “Very cheap” due to his losses from Megalopolis.

“As a director, I don’t care if I lose all the money I have,” he said. “I didn’t do this to make money, I did it to do something nicer than making money.”

Coppola made most of his wealth through the success of “The Godfather” and “Apocalypse Now” trilogies, as well as his work in the wine industry. (FilmPublicityArchive/United Archives via Getty Images)

During his interview with the New York Times, Coppola said he believed “Megalopolis” would eventually be profitable.

“Many of my films “Earn over time,” he told the outlet.

Coppola referred to his 1979 war film “Apocalypse now“The film cost approximately $31 million to produce, which was considered a huge sum in the late 1970s and far exceeded its original budget of $12 million.

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“Apocalypse Now” was a hit with critics, winning Academy Awards for Best Cinematography and Best Sound. It also received six other nominations, including Best Picture and Best Director.

Because of its huge budget, the film plunged Coppola and his studio Zoetrope Studios, which he co-founded with George Lucas, into significant short-term debt. However, it was a box office success and eventually grossed a worldwide gross of $150 million across decades of new releases and home video.

However, “Megalopolis” is unlikely to become a major moneymaker on the scale of “Apocalypse Now,” which capitalized on a different era of movie economics, according to Business insider.

Unlike the home video boom of the 1980s and 1990s that helped films like “Apocalypse Now,” those revenue streams are much weaker today, Coppola acknowledged.

Coppola previously said he “never cared about money.” (Photo by Willie Sangwan/Invision/AP)

Additionally, Coppola has not yet made the film available Streaming platforms. In May, it is He told GQ That he intentionally delayed the broadcast or physical release because the film was “still showing in theaters” and he didn’t want viewers to “own” it yet.

He has also previously said that he was holding Megalopolis off the air because he felt it should be seen on the big screen with an audience as he intended when it was produced.

A few months after the premiere of “Megalopolis,” Coppola began telling people he was broke, according to the New York Times.

During a press conference for the film “Megalopolis” at the Cannes Film Festival in May 2024, Coppola said that he “never cared about money,” according to the British newspaper “Daily Mail.” People magazine.

He said: “I have no problems with finances. One more thing, my children, without exception, Sofia, Roman and my granddaughter Gia, have a wonderful career without wealth. They do not need wealth.”

Coppola is photographed with his son Roman Coppola, wife Eleanor Coppola, and daughter Sofia Coppola at the 2007 premiere in Rome, Italy. (Ernesto Rocio/Film Magic)

Coppola shared his son, Roman, 59, and daughter Sophie, 53, with his late wife, Eleanor, who died at the age of 87 in 2024.

The two were also parents to their son, Gian Carlo, who died at the age of 22 in a boating accident in 1986. Roman worked as a second unit director on several Coppola films, including “Megalopolis,” while Sofia worked as an Academy Award-winning director and producer.

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The director’s granddaughter Gia, the only daughter of Gian Carlo and Jackie de La Fontaine, is also a director whose recent films include 2024’s The Last Showgirl.

Sofia followed in her father’s footsteps and became an Oscar-winning director. (Patrick T. Fallon/AFP)

while Speaking in CannesCoppola further explained his philosophy about money.

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“It doesn’t matter… the money doesn’t matter,” he said, according to People magazine.

“What’s important is friends,” Coppola added. “Because a friend will never let you down. Money may evaporate.”