Coppola sells Belize island after Megalopolis losses

Francis Ford Coppola has parted with another major asset after losing millions on his passion project, Megalopolis. The 85-year-old filmmaker recently saw his private island in Belize change hands for $1.8 million. Known as Coral Caye, the 2.5-acre retreat sits eight miles from the mainland and runs on solar power and water tanks. Coppola had leased it for the last nine years and often vacationed there.

“Mr Coppola was very sad to see his lease come to an end,” Corcoran Group’s Peter McLean told Mansion Global, adding that the island meant a great deal to him.

The sale follows the director’s massive financial hit from Megalopolis, a film he financed with $120 million of his own money. The movie brought in only $14.4 million globally, despite a star-studded cast including Adam Driver, Shia LaBeouf, Aubrey Plaza, Nathalie Emmanuel and Jon Voight.

At the Cannes premiere, Coppola said the high cost didn’t bother him, insisting that money fades but friendships matter more. But in a March appearance on the Tetragrammaton podcast, he admitted he is currently broke, saying the funds he borrowed and invested are “basically gone,” though he believes it will eventually pay off.

In addition to the island, the Apocalypse Now director has also sold his rare F.P. Journe watch, valued at more than $1 million, to soften the financial blow.