Has Kevin Costner's huge gamble paid off?

Kevin Costner's latest gamble

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In 2024, Hollywood legend Kevin Costner boasts an estimated $250 million (£196m) fortune: a testament to his decade-spanning career as an actor, producer, and director. However, there's a very real possibility that net worth could take a significant hit.

The star's latest venture is a four-part western film series titled Horizon: An American Saga, and Costner, who both stars in and directs the upcoming movies, has invested millions of dollars into his passion project.

As the initial instalment hits cinemas, find out what the critics made of it, how much it's cost him so far and why it's far from the first time Costner has risked his own cash, with varying results.

All dollar amounts in US dollars

Costner's first epic triumph

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Costner made his acting debut in 1981, appearing in the rom-com Malibu Hot Summer. He worked steadily throughout the 80s, with his most notable role coming in the 1989 drama Field of Dreams.

His career reached new heights when he produced, directed, and starred in the 1990 Western epic Dances with Wolves. The film received critical acclaim, winning seven Oscars and earning 12 nominations. Costner took home the prestigious awards for Best Director and Best Picture.

A tidy return on investment

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Dances with Wolves marked the first time Costner invested his own money into a film – and the risk paid off. Thanks to a lucrative backend profit deal that gave him a slice of the box office revenues, he earned $50 million, equivalent to a staggering £121 million (£96m) when adjusted for inflation.

The film grossed $424 million worldwide, or around $1 billion (£780m) in today's money.

Costner strikes gold again

Warner Bros.

The following year, Costner scored another box office hit with Robin Hood: Prince of Thieves (pictured). He both starred in and produced the adventure epic.

The movie earned $390 million globally, equivalent to around $895 million (£703m) today. Another backend profit deal reportedly saw Costner bank $40 million for the project, or a juicy $92 million (£72m) in 2024 money. However, he went on to sue the film's production team in 2012 for reportedly cutting him out of the profit share since 2010. The case was settled in 2014.

That Bryan Adams song

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Robin Hood also earned critical acclaim, with its theme song (Everything I Do) I Do It for You by Bryan Adams receiving an Oscar nomination for Best Original Song.

Alas, the power ballad missed out on the prestigious prize, defeated by Beauty and the Beast from the Disney movie of the same name.

Costner's Midas touch

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It seemed that Costner had the Midas touch and he struck box office gold yet again in 1992. That year, he produced and starred in the romantic drama The Bodyguard alongside Whitney Houston.

The movie grossed $411 million worldwide, equivalent to a sensational $918 million (£723m) in today's money.

But the songs miss out again

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The Bodyguard received two Oscar nominations for Best Original Song for the ballads I Have Nothing and Run To You, but unfortunately missed out on the award, defeated by A Whole New World from Disney's Aladdin.

Costner's first major flop

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By the mid-90s, Costner had become an unstoppable force in Hollywood, solidifying his status as one of the highest-paid stars. His production and starring role in the 1995 blockbuster Waterworld earned him a juicy salary of $14 million, or $29 million (£23m) today.

However, Waterworld is infamous for its disastrous production. Filming on water presented several challenges, including unpredictable weather conditions, technical difficulties, and safety concerns. This pushed the film's total budget, including production and marketing costs, to $235 million, or $482 million (£380m) in today's money.

Costner's first major flop

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Waterworld then opened to mixed reviews, earning a modest $264 million at the box office, roughly $542 million (£424m) today, barely recouping its staggering costs.

This made it a massive flop by Hollywood standards. And that was only the beginning of Costner’s bad luck...

Box office disaster

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In 1997, Costner directed and starred in the sci-fi movie The Postman, a project which he partially funded with his own cash.

The movie was a disaster, with critics brutally slamming both Costner's directing and acting abilities. The film grossed a mere $20.8 million worldwide ($40m/£31m today), falling short of its hefty $80 million ($155m/£121m today) production budget.

 

From Oscar winner to Razzie recipient

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To make matters worse, The Postman received five Golden Raspberry Awards, including the dishonours of Worst Picture, Worst Actor, and Worst Director.

In just seven years, Costner had transitioned from an Oscar winner to a multiple Razzie recipient.

A fading star

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In Hollywood, they say you're only as good as your last hit, and by the turn of the new century, Costner’s star power had firmly faded.

Undeterred, he continued his creative pursuits, directing and starring in the 2003 Western Open Range. The film was a modest success, grossing $68.3 million against a production budget of $22 million; that's a gross of $108 million (£84m) against a budget of $37 million (£29m) in today's money.

A foray into superhero films

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Costner continued appearing in movies over the next decade, perhaps most notably landing a role as Jonathan Kent in the DC Cinematic Universe.

He appeared in the superhero flicks Man of Steel and Batman v Superman: Dawn of Justice, which were released in 2013 and 2016 respectively.

Yet another box office flop

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In 2014, Costner once again used his personal fortune to finance a movie, the family drama Black or White.

He starred in the film alongside the critically acclaimed actress Octavia Spencer. However, it received mixed reviews and failed to cause a stir at the box office, grossing a mere $21.8 million (£17m) against its $9 million (£7m) production costs.

The highest-paid TV star in the world

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Costner's dwindling career got a major resurgence in 2018 when he landed the role of rancher John Dutton in the neo-Western TV series Yellowstone. By 2022, he had become the highest-paid TV star in the world, earning a remarkable $1.3 million (£1m) per episode.

And a sudden exit...

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However, Costner recently shocked fans by announcing that the fifth season of Yellowstone would be his last.

He claimed he was leaving the show to focus on his new film series Horizon: An American Saga, with rumours hinting at a possible feud between Costner and Yellowstone creator Taylor Sheridan (pictured together).

A $50 million gamble?

New Line Cinema

Costner's Yellowstone success and pay cheque may have spurred him on to his biggest gamble yet. As mentioned, he's both starring in and directing the highly anticipated Western film series Horizon: An American Saga, with the first two instalments hitting the silver screen this summer.

Costner recently revealed that he mortgaged a $50 million (£39m) plot of land, initially earmarked as the site of a new home, to fund the upcoming project. In an interview with Deadline, he confessed: "I’ve mortgaged 10 acres on the water in Santa Barbara, where I was going to build my last house. But I did it without a thought. It has thrown my accountant into a f***ing conniption fit. But it’s my life, and I believe in the idea and the story."

More like a $100m gamble

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Promoting the first instalment of the saga at Cannes, Costner floated an even larger figure, telling Deadline he's on schedule to spend $98 million (£77m) on the first three movies, with the fourth likely to tip him over the $100 million (£79m) mark.

Again, it's Costner's significant property portfolio that appears to be taking the hit, and his children may also be in for some bad news if his press conference comments are anything to go by: "I’ll risk those homes to make my movies. I want to leave them to my children, but my children will have to live their own lives."

What the critics said

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So how has the film gone down? According to reports, Costner received a 10-minute standing ovation after Horizon's premiere and was moved to tears by the reaction. However, there were also reports of people walking out during the three-hour epic.

It's also fair to say the initial critical reception has been a little mixed. At the time of writing Horizon has a Rotten Tomatoes rating of 46%, and while it's been praised for its cinematography, the movie has been criticised for its sprawling runtime and myriad plotlines.

The box office test

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The first instalment of Horizon: An American Saga opened in US cinemas on June 28 and it hasn't had the best of starts, pulling in just $11 million (£8.6m) at the domestic box office so far.

What's more, recent reports have suggested that Costner and his financial backers are also footing the bill for the movie's marketing budget, rumoured to be a substantial $30 million (£24m). As it stands, Costner's passion project isn't even close to breaking even and the star looks likely to have a sizable box office flop on his hands.

It's early days, and Horizon and its imminent sequel could yet find an audience. However, this looks to be a gamble too far for Costner that could have a significant financial impact.

Read on: The art of the deal: how Hollywood's richest directors have made millions