Francis Ford Coppola is saying goodbye to his private island escape in Belize.
Coral Caye, a 2.5-acre island the 85-year-old filmmaker long leased and frequently visited, has sold for $1.8 million, as first reported by Mansion Global. The property, located about eight miles off the mainland behind the Belize Barrier Reef and reachable by a 25-minute boat ride, is completely self-sufficient with solar panels and water tanks, and can accommodate up to 10 guests across its three main residences.
“Mr. Coppola was very sad to see his lease come to an end,” Corcoran Group broker Peter McLean, who had the listing, told the outlet. “He treasured his time on this island paradise and it was a special place for him.”
According to Corcoran, the buyer is a Guatemalan businessman with plans to convert the island into a “Maldives style” resort.
Coppola had leased the island for the past nine years, using it as a retreat and part of his collection of hospitality assets, which includes resorts in Belize, Guatemala and Argentina.
Recently, Coppola has been facing mounting financial losses tied to “Megalopolis,” the director’s long-gestating passion project that reportedly cost $120 million to make — all self-financed. Despite its ambitious scope and star-studded cast — which Adam Driver, Aubrey Plaza and Shia LaBeouf — the film grossed just $14.4 million worldwide.
Coppola, who premiered the film at Cannes last year, brushed off concerns about the expense at the time, telling audiences, “The money doesn’t matter. What is important are the friends.” But by March, he was more candid, telling the “Tetragrammaton” podcast that he’s effectively broke.
“I don’t have any money because I invested all the money that I borrowed to make ‘Megalopolis,’” Coppola said. “It’s basically gone.”
Coppola has offloaded some assets he’s owned after the film’s major flop. Earlier this year, he reportedly sold a rare F.P. Journe wristwatch valued at more than $1 million. His remaining portfolio includes several boutique resorts under the Family Coppola Hideaways brand, as well as his Napa Valley winery.
— Eric Weilbacher
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The article was updated to further reflect that Coppola leased the island.