Summary
- Kevin Costner made a savvy investment in Ocean Therapy Solutions, a company dealing with oil spills, which earned him a fortune, especially during the Gulf of Mexico spill in 2010.
- Costner faced tension and a lawsuit from Stephen Baldwin and Spyridon Contogouris over profits from the technology leased to BP for the Deepwater Horizon spill.
- Costner is still willing to take major risks, as he mortgaged his $50 million home to fund a new movie series, despite not being a "very good businessman."
Similar to other stars before their fame, actor Kevin Costner once tried to work a regular job but absolutely hated it. The star would go on to make a fortune thanks to his work in Hollywood, however, that isn't the only reason for Costner's massive net worth.
In the following, we're going to take a closer look at the company Kevin Costner dropped millions on. We'll take a closer look at the investment and why it caused a lawsuit in the following years. In addition, we'll take a look at another investment made by Costner. This one on the other hand appears to be because of a passion project. We're going to take a look at the huge investment made by Costner, and what he did in order to make it work.
Kevin Costner Made A Huge Investment For A Company Dealing With Oil And Water
Kevin Costner has a massive net worth, however that huge chunk of change doesn't just come from acting. The actor has made savvy business investments in the past, and one of them took place back in 1995. Costner spent $24 million on Ocean Therapy Solutions from the US government. The goal of the purchase was for Costner to buy a device that separated oil from water after spills would take place.
According to ABC News, Costner was able to make a fortune thanks to the technology, especially during the Gulf of Mexico spill back in April of 2010.
The publication writes, "After the oil spill in the Gulf of Mexico in April 2010, Costner made headlines again marketing his device and snagging a $52 million deal with BP for 32 of his centrifuges."
Although Costner made a fortune, he also ran into a few issues. It is said that Costner sold $52 million of contrifuges that BP never used in the Gulf cleanup. This caused tension, especially between Costner and a celebrity partner.
Stephen Baldwin Took Kevin Costner To Court Over The Profits Of The Company
It seems like Stephen Baldwin wasn't content with the way the profits were shared. Baldwin took exception to the technology that BP leased for the Deepwater Horizon spill. Baldwin took Costner to court, while also suing another partner.
ABC writes, "Baldwin, the youngest of the four acting Baldwin brothers, filed a suit in December 2010 against Costner and his business partner, Patrick Smith, over profits from a technology that BP leased for the Deepwater Horizon spill."
"Joining Baldwin in the lawsuit is Spyridon Contogouris, described as a hedge fund consultant and having "been friends for many years" in a court filing. The two seek more than $21 million in damages against Costner, Smith and their company, WestPac, for duping them into selling their shares in the company, Ocean Therapy Solutions, before making the $52 million deal with BP."
Baldwin would go on to claim that he was bought out of the company for $500,000.
Ultimately, Baldwin's case was on the losing side, as Costner was able to emerge victorious from the court battle.
Following the verdict, Costner revealed that he was happier to clear his name.
"My name means more to me than money and that's why we didn't settle." Costner isn't done with the massive investment as another one seems to be looming.
Kevin Costner Is Still Making Massive Business Moves Today
He doesn't need to be taking any risks at this point in his career. However, Kevin Costner mortgaged his $50 million home to fund a new movie series. Costner was revealed that it was all done to fund a portion of, 'Horizon: An American Saga.'
The actor revealed, "I’ve mortgaged 10 acres on the water in Santa Barbara where I was going to build my last house," Costner said. "But I did it without a thought. It has thrown my accountant into a f------ conniption fit. But it’s my life, and I believe in the idea and the story."
Costner would go on to reveal that he was trying to get the film done for years.
"Eight years later, I started thinking about the story, started writing with a partner, and it ended up being four screenplays," he said.
"So I reverse-engineered everything from 1988. I thought it was really good. But I still couldn’t get anybody to make it."
He continued: "At the end of the day, I’m a storyteller, and I went ahead and put my own money into it. I’m not a very good businessman, so, scratch your head, if you will. I don’t know why, but I have not let go of this one. I’ve pushed it into the middle of the table three times in my career and didn’t blink. This is my fourth."
After all these years, Costner is still willing to take a major risk.
