In a bold move two years ago, Francis Ford Coppola unveiled an extraordinary film that stood out as one of the most daring projects of recent times. “Megalopolis,” featuring a stellar lineup with Adam Driver, Shia LaBeouf, Aubrey Plaza, Dustin Hoffman, and Laurence Fishburne, spun a tale of a visionary architect striving to reconstruct New York City post-catastrophe. Coppola’s brainchild, originating in the late 1970s, aimed to explore themes of civilization, authority, and optimism. Despite attempts to bring it to life in 1989 and the early 2000s, the film’s grand vision and cost proved too burdensome, stalling its production.

Disenchanted with the traditional studio system and disheartened by a string of box office setbacks, Coppola decided to abandon the project temporarily. He shifted his focus, building a formidable independent empire in Hollywood over the next two decades. His Napa Valley wines became a staple, his luxurious resorts in Central America and Italy attracted global visitors, and at last, Coppola seemed to have struck the elusive balance between creativity and commerce.

In a surprising twist in 2022, Coppola stunned the film community by announcing the sale of his wine business to self-fund “Megalopolis.” Investing a staggering $120 million of his own finances, the film ultimately garnered a modest $14 million in box office returns.

One might expect that a director with five Oscars and an illustrious career could weather such a financial storm. While peers like George Lucas and Steven Spielberg, boasting net worths of $9 billion and $10 billion, could easily absorb such a hit, Coppola found himself in a different situation.

Recently, it was disclosed that Coppola faced financial difficulties, prompting him to auction his cherished watch collection to generate funds. Set for December, the auction will feature an exclusive $1 million F.P. Journe watch that Coppola helped design, along with other remarkable timepieces.

Today, news broke that Coppola has also let go of another treasured possession: his private island sanctuary in Belize.

Coral Caye

Known as Coral Caye, the 2.5-acre island served as one of Coppola’s personal sanctuaries for nearly a decade. Located 25 minutes by boat from Placencia, the island was entirely self-sufficient, powered by solar panels and freshwater tanks, and featured three dwellings — the Great House, Coral Cottage, and Seahorse Cottage.

Francis listed the island for sale in October 2022, a month after Megalopolis was released. His initial asking price was $2.2 million. He just accepted $1.8 million.

“Mr. Coppola was very sad to see his lease come to an end,” agent Peter McLean told Mansion Global. “He treasured his time on this island paradise. It was a special place for him.“

The buyer reportedly is a Guatemalan businessman who plans to transform Coral Caye into a Maldives-style resort with guest villas both on land and over the surrounding coral reef. Construction is expected to take about a year, though the island will continue to operate as a boutique resort in the meantime. Coppola, who built the original cottages and dock, even left behind one beloved resident: his dog Rosie, who will remain on the island as its unofficial mascot.

Even after losing the Belize island, Francis Ford Coppola still owns and operates several other properties under The Family Coppola Hideaways brand. As far as we can tell, his portfolio still includes the following resorts, though, perhaps these are next up on the auction block:

• Blancaneaux Lodge – A 20-room luxury eco-resort in the Mountain Pine Ridge Forest Reserve, Belize.
• Turtle Inn – A beachfront resort in Placencia, Belize (roughly 25 minutes by boat from Coral Caye).
• La Lancha – A lakeside retreat near Tikal, Guatemala.
• Palazzo Margherita – A boutique hotel in Bernalda, Italy (his grandfather’s hometown).

The sale of Coral Caye marks the latest chapter in a familiar pattern for Francis Ford Coppola — the artist who has built and lost fortunes in pursuit of his vision. Over a 60-year career, he has mortgaged homes, sold vineyards, and now auctioned watches and islands to keep chasing his dreams. Even in financial freefall, Coppola seems incapable of playing it safe. Then again, they wouldn’t be “passion projects” without the kind of passion that blinds you to common sense.