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Al Pacino, the iconic star known for roles in The Godfather and Scarface, recently revealed a hard truth about his finances: once worth an impressive $50 million, he now finds himself on a list of celebrities who’ve seen their fortunes vanish.

Pacino detailed all his money problems in his new autobiography, Sonny Boy, explaining that years of lavish spending, a lack of attention to his personal finances, and a scandalous accountant who ended up in prison for fraud all played a role in his financial downfall. The actor’s story echoes the experiences of other high-profile stars who’ve soared to unimaginable wealth, only to see it slip away due to poor choices, misplaced trust, or simple bad luck.

The 84-year-old divulged how his first cash crunch occurred after he finished making The Godfather when MGM Studios sued him for taking that role when it had already cast him in a Mafia comedy.

“It was like I was some sort of gambler and the bookies were going to get me,” Pacino wrote. “I had to hire lawyers to help get me out of that contract. Soon I was $15,000 in debt to the lawyers too.”

In a scene weirdly reminiscent of the mob movie he played in, Pacino set up a meeting with the studio’s boss and asked him to back down.

“You’re killing me. I don’t have any money, and I have to keep paying for lawyers because you keep suing me,” he wrote.

The studio head agreed to step back, but only on one condition: Pacino had to let MGM have the first shot at any book or script he wanted to bring to life. It was an offer he couldn’t refuse.

A born-and-bred New Yorker, Pacino built a fortune with iconic roles in films like Heat and Donnie Brasco. Throughout most of his career, he admitted to virtually ignoring his finances, placing full trust in his accountant to manage his wealth.

In 2011, fresh from an extravagant European getaway with family, Pacino took a rare look at his accounts, surprised to find his wealth had mysteriously increased. As he started digging further, red flags emerged. Finally, a new accountant delivered a blunt assessment: his trusted bookkeeper was, in his words, an ‘arrogant crook.’

“I was broke,” Pacino wrote. “I had $50 million, and then I had nothing. I had property, but I didn’t have any money.”

Admitting he’d been too easy on the purse strings, he added: “There’s almost nothing worse for a famous person — there’s being dead, and then there’s being broke.”

“The kind of money I was spending and where it was going was just a crazy montage of loss. The door was wide open, and people who I didn’t know were living off me. It was ‘Come one, come all! Al’s got it and he doesn’t care!'”

“Even though I only had two cars, I was somehow paying for 16, along with 23 cell phones I didn’t know about,” he added. “The landscaper was getting $400,000 a year and, mind you, that was for landscaping at a house I didn’t even live in.”

“It was all about: let’s keep this dumb actor happy, just keep him working, and we will reap,” he lamented, but in the end, being taken for a ride didn’t last long.

Pacino admitted he had steered clear of his finances for years, convinced they were too complex and that he was ‘too old’ and too busy to make sense of them. But when reality hit, the star found himself scrambling to stay afloat.

To make ends meet, he sold one of his two homes, endorsed a coffee brand he’d once turned down, and even took on seminar gigs to cover his monthly expenses. In a surprising turn, he also signed on to star alongside Adam Sandler in Jack and Jill, bluntly admitting, ‘They paid me a lot for it.’

Around that time, Pacino discovered that his former accountant had been arrested and charged with running a Ponzi scheme. The once-trusted bookkeeper was sentenced to seven and a half years in prison, leaving Pacino stunned by the depth of betrayal.

Pacino’s story is far from unique; countless athletes, actors, musicians, and other celebrities have soared to extraordinary wealth, only to watch it slip through their fingers.

The list includes pop legend Michael Jackson, boxing powerhouse Mike Tyson, rap mogul 50 Cent, soccer icon Diego Maradona, and basketball star Dennis Rodman—each a reminder that fame and fortune don’t always guarantee financial security.

Someone’s mum needs to tell them that money doesn’t grow on trees.

[source:businessinsider]