For close to two decades, spanning the mid-1990s to the 2010s, Kevin Spacey was celebrated as one of Hollywood’s most esteemed and highly-compensated actors. He garnered his first Oscar as a Supporting Actor for his role in 1995’s “The Usual Suspects” and went on to win another as Best Actor in 1999’s “American Beauty.” Spacey also delivered memorable performances in iconic films such as “Seven,” “L.A. Confidential,” “Glengarry Glen Ross,” “A Time to Kill,” and “Horrible Bosses.”

During his height in the early 2000s, Spacey commanded up to $10 million for leading roles in major films and $5 million for supporting roles.

Then, Netflix entered the scene. Interestingly, Kevin Spacey played a pivotal role in the conception of streaming services. Around 2012, when Netflix was still known for mailing DVDs, the company aspired to produce original content. Instead of relying solely on creative pitches, Netflix executives, driven by data, analyzed customer preferences. Their findings revealed viewer interests in political dramas, Kevin Spacey’s films, and works directed by David Fincher. Consequently, Netflix enlisted Spacey and Fincher to develop an American adaptation of the British political drama “House of Cards.”

“House of Cards” not only transformed the entertainment landscape but also significantly enriched Spacey. While his per-episode earnings were $500,000, his role as an executive producer brought his total earnings to $20 million per season.

At the zenith of his career, Spacey’s net worth reportedly exceeded $70 million.

Despite some personal and legal challenges, this substantial wealth should have been sufficient for a lifetime. However, as Spacey disclosed in a recent interview with the Daily Telegraph, he now finds himself financially strained, without a permanent home, and living out of a suitcase.

(Wiktor Szymanowicz/Future Publishing via Getty Images)

Millions In Debt?

Here are the key points from the recent Telegraph interview:

“The costs over these last seven years have been astronomical. I’ve had very little coming in and everything going out.” Spacey explained that after losing his longtime Baltimore home, “Everything is in storage, and I hope at some point, if things continue to improve, that I’ll be able to decide where I want to settle down again.“

For now, he says he drifts between temporary accommodations. “I’m living in hotels, I’m living in Airbnbs, I’m going where the work is. I literally have no home, that’s what I’m attempting to explain.“

As harsh as that reality may sound, believe it or not, Kevin’s finances may have actually improved somewhat since a year ago. Here’s how Kevin described his financial situation to Piers Morgan in June 2024:

Morgan: Are you facing bankruptcy?

Spacey: We’ve managed to sort of dodge it, at least as of today.

Morgan: How much money do you have?

Spacey: None… I still owe a lot of legal bills that I have not been.

Morgan: You’re actually in debt?

Spacey: Yes.

Morgan: Do you mind me asking how much you owe?

Spacey: It’s considerable… Many millions.

The Fall

Kevin Spacey’s dramatic downfall began in late 2017 when a wave of sexual assault allegations abruptly ended one of Hollywood’s most successful careers. In October 2017, actor Anthony Rapp accused Spacey of inappropriate behavior at a party in the mid-1980s, when Rapp was 14 and Spacey was around 27. More men soon came forward with their own allegations. The timing overlapped with the rise of the #MeToo movement, and the industry responded instantly and decisively.

Spacey was scrubbed from the already completed film “All the Money in the World,” prompting producers to bring Mark Wahlberg and Michelle Williams back to re-shoot scenes that had previously featured Spacey. Considering what was happening with the #MeToo & #TimesUp movements at the time, it was awkwardly later exposed that Wahlberg was paid $1.5 million for his re-shooting work while Michelle was paid just $1,000.

Worst of all for Spacey’s finances, he was not only fired from his $20 million per season “House of Cards” gig, but he was also subsequently sued by the show’s production company, Media Rights Capital (MRC). MRC sued Kevin after it was revealed that he had allegedly acted inappropriately towards someone on the set of the show. In the lawsuit, MRC accused Kevin of breaching “provisions of both the Acting and Executive Producing Agreements that set standards for his workplace conduct, including by breaching MRC’s Harassment Policy.”

MRC’s lawsuit sought compensation FROM SPACEY PERSONALLY for the financial damages it incurred for having to scrap the entire sixth season after filming two episodes. Furthermore, MRC claimed in the scramble to right the ship, it only had enough time to produce eight episodes for the sixth season, five fewer than Netflix ordered. Therefore, MRC lost millions in licensing fees by not being able to deliver a full season.

In November 2021, Spacey was ordered to pay MRC $31 million in damages, and in August 2022, that judgment was upheld. The award was broken out as $29.5 million in compensatory damages plus another $1.5 million in legal fees and other costs.

Kevin’s MRC judgment eventually grew to $34 million, with interest and penalties. In a surprise twist, in February 2024, MRC agreed to forgive the debt in exchange for Spacey’s testimony on the production company’s behalf in a separate $150 million lawsuit it filed against the show’s two insurance companies. That lawsuit has not yet gone to trial.

Suffice it to say, the last seven years have not been easy for Kevin Spacey. I’m not saying he did not deserve some form of comeuppance…  I’m just making a factual statement: The last seven years have not been easy for Kevin Spacey.

His reputation is gone. His career is gone. A year ago, his $6 million Baltimore townhouse was foreclosed, effectively rendering Kevin homeless today. As he confirmed in the Telegraph interview, he has no home, he has no money, and lives out of a suitcase, moving from hotel to hotel or AirBNB following whatever gig he can grab.

Asked to characterize his financial position, Spacey offered a blunt assessment: “Not great.“