The Cost of Being Famous: Agents, Managers & Spiritualists Are Only the Start
We have heard the stories of uber-famous celebrities like Nicolas Cage and Johnny Depp going broke, and it's all too common. A-listers making $50,000,000 a year can quickly go bankrupt because the cost of fame is very high, especially if you're trying to live like a billionaire.
What does it cost to be a celebrity?
As a former PA, Estate Manager, and Chief of Staff to celebrities, billionaires, and royalty, I'm going to break down the actual cost of living the celebrity lifestyle (aka, "Ballin' like a billionaire").
Mega-Mansion
Having a sprawling estate is a must-have for the rich and famous. Celebrity mega-mansions exceeding 20,000 square feet are astronomical to maintain.
The more bells and whistles you have, the higher the cost. On the low end, mansions with views in the Hollywood Hills or Malibu are $20,000,000 and go up to $100,000,000. That's going to cost $60,000 to $300,000 a month for your payment.
The more bells and whistles you have, the higher the cost. On the low end, mansions with views in the Hollywood Hills or Malibu are $20,000,000 and go up to $100,000,000. That's going to cost $60,000 to $300,000 a month for your payment.
Mansion staff
In an article about staffing the estate called "The One" in Los Angeles, the figure was more than $3mn a year. Some of those staff members are as follows:
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As you can see, the figures for household staff can skyrocket into the millions of dollars per year without breaking a sweat. It all comes down to the level of service and "coverage" you want in your mansion. For example, the price for security is astronomical because you need 24-hour coverage (plus you need to spend more to have three at a time in eight-hour shifts: 24 agents in total). Multiple housekeepers are needed as well.
Mansion Maintenance
Once you buy the mega-mansion, then you have to maintain it. Not counting the staff's cost, sprawling estates can cost about $40,000 a month to maintain. Just some of those expenses include but are not limited to:
- Gardening, trimming, landscaping, etc.
- Salt-water aquarium technicians
- Pool cleaning and maintenance
- Miscellaneous repairs to the interior and exterior of the home
- Utilities: Gas, electricity, water, sewer, etc.
- Driveway maintenance
- Security cameras, HVAC & smart system repairs
- Property taxes
For large mansions, celebrities and billionaires could hit $500,000 a year in maintenance costs alone.
Private Jet
Celebrity private jets are the ultimate in bragging rights. Being famous requires that you appear in People Magazine with a spread of your luxury jet. Three aircraft are necessary to roll like Taylor Swift or the Kardashians. Just one private jet could set you back $50mn, and then you must buy fuel, have a crew, and pay to maintain it. In short, celebrities could spend $1 million a year on the backend, not even counting the purchase cost.
Private Jet Interior Designer
Buying a private jet "off the shelf" is so dull. That's like buying suits off the rack. Celebrities must have custom jet interiors with a hot tub, or Entertainment Tonight won't be interested in running a story. The price of a private jet customization can run into the millions. Basically, you're only limited by your imagination as long as the check will clear after it's deposited.
Exotic Car Fleet
The rich and famous must have a billionaire car collection to be featured on "Cribs." The standard Ferrari or Lamborghini will be in the $300,000 to $500,000 price range. Still, the true exotics like Bugatti are in the millions.
Suppose you want to make the cover of a popular magazine. In that case, arriving on the tarmac in style to meet your private jet crew means you need to come in one of Steve McQueen's former antiques. After it's all said and done and you have at least ten exotic cars, let's call it a five-million-dollar collection -- and then you have to maintain and insure them.
Suppose you want to make the cover of a popular magazine. In that case, arriving on the tarmac in style to meet your private jet crew means you need to come in one of Steve McQueen's former antiques. After it's all said and done and you have at least ten exotic cars, let's call it a five-million-dollar collection -- and then you have to maintain and insure them.
Lawyer
If you're a celebrity, you'll get sued -- a lot! Some celebrities are prone to being sued for looking at people incorrectly. Hiring the best lawyers to defend you is a costly undertaking. The rate for top lawyers is $1,000 an hour, and they don't take small retainers. The very best legal consultants are going to ask for $50,000 upfront.
Publicity Agent
If you're an A-list star, once you get on top, you must stay on top -- and it's costly. Publicity agencies like Mogul, Fifteen Minutes, and PMK-BNC will be phenomenally expensive. Like lawyers, the top publicists have small armies of support staff who are all "clocked in" maintaining the star's pristine reputation. Depending on their workload, PR firms could cost a celebrity $25,000 a month.
Talent Agent
The cost of winning is unbelievable. A celebrity's agent takes 10% for negotiating your contract with directors, producers, and studios. Johnny Depp, for example, made almost $300,000,000 from the Pirates movies alone, so that is a massive payday for his agents. And, if you don't know, Hollywood agents at firms like CAA, WME, and UTA continue to collect "their cut" even on backend residuals.
Business Manager
Celebrity managers are astronomical
A celebrity business manager takes between 10% and 20% of a star's pay. They take a lot more because they are doing a lot more work.
Suppose you want a company like Brillstein Entertainment to manage your career and navigate the complexity of the Hollywood landscape. In that case, it's going to cost you bigtime. As Tom Cruise famously said in Jerry Maguire, "Show me the money!"
Suppose you want a company like Brillstein Entertainment to manage your career and navigate the complexity of the Hollywood landscape. In that case, it's going to cost you bigtime. As Tom Cruise famously said in Jerry Maguire, "Show me the money!"
Celebrity Stylist & Tailor
Celebrities need to look "stage ready" at all times, and having an off-the-self personal shopper service at Neiman Marcus won't do. Hiring a personal shopper at a luxury department store could cost you $500 for a few hours, but if you're a star and you always want to be red-carpet ready, then the top talent costs tens of thousands of dollars a month, and that's not counting the cost of the tailor who will fit you after you've purchased the clothes -- or the cost of the clothes. There are designer jeans that cost $250,000 for one pair.
The Entourage
Having an entourage is where MC Hammer and Mike Tyson went wrong because the celebrity entourages are ridiculously expensive. Not only do you have to pay the salaries of all the aforementioned staff, but you also have to foot the bill when traveling: private jets, limos, 5-star dinners, luxury hotel rooms, etc. An entourage could easily exceed an additional $25,000 daily when you're on the road. Rockstars, you've been warned.
Feng Shui Expert & Spiritual Advisor
Feng Shui experts, Spiritual Advisors, and Celebrity Life Coaches are another very cost-prohibitive niche for the average person. On the low end, one session could be $1,000. Costs could climb into the stratosphere depending on how often the star uses the service.
Hair & Makeup Artist ("Glam Squad")
Whether you're Gwyneth Paltrow or George Clooney, being camera-ready is very important. Suppose you've got a red-carpet event, movie premier, or a charity fundraiser to attend. In that case, you need to look perfect, which will cost you as much as $2,500 for just one session. If you have multiple events per week, costs can explode into the tens of thousands of dollars per month.
Nutritionist
When Elle Magazine brags about your "aura," it's not just because they added a glow in Photoshop. Celebrities often hire top nutritionists with master's degrees to conjure up a magic elixir to look younger. These services can cost thousands of dollars.
Celebrity Doctors
Hollywood stars hire the best dentists for porcelain veneers on their teeth ($50K to $100K), dermatologists for skin treatments (hundreds to thousands of dollars), and plastic surgeons for nips and tucks (silly money).
A "Handler" or "Fixer"
While the celebrity's manager handles business, sometimes a "fixer" or a "handler" must be employed as well. Many people outside of the entertainment industry think these jobs are the same, but they're not:
A handler is a personal assistant, but it is very specialized. They handle the "circus" around the celebrity and manage all of the moving parts. They are often on the payroll, costing up to $150,000 a year.
A fixer is even more specialized, and they handle all things "delicate." Celebrities and billionaires sometimes get themselves into awkward situations and need someone extraordinary to resolve problems quickly and secretly. These are usually à la carte services. Depending on the complexity of the "problem," fees could be in the tens or hundreds of thousands of dollars.
A handler is a personal assistant, but it is very specialized. They handle the "circus" around the celebrity and manage all of the moving parts. They are often on the payroll, costing up to $150,000 a year.
A fixer is even more specialized, and they handle all things "delicate." Celebrities and billionaires sometimes get themselves into awkward situations and need someone extraordinary to resolve problems quickly and secretly. These are usually à la carte services. Depending on the complexity of the "problem," fees could be in the tens or hundreds of thousands of dollars.
Luxury Home Bunker (aka Panic Room)
"Panic Room" (2002) Columbia Pictures
Let's face it: The rich and famous are targets for kidnapping, extortion, and home invasions. And for the A-listers in cities like Los Angeles and New York City, crime is up.
There are dozens of stories online of celebrities having their homes broken into, so the affluent have turned to high-end "doomsday preppers" to build luxury bunkers and panic rooms -- just in case. We are talking about fees in the hundreds of thousands on the low end, but they could go into the millions if you want the space to be a "nuclear-proof" shelter.
There are dozens of stories online of celebrities having their homes broken into, so the affluent have turned to high-end "doomsday preppers" to build luxury bunkers and panic rooms -- just in case. We are talking about fees in the hundreds of thousands on the low end, but they could go into the millions if you want the space to be a "nuclear-proof" shelter.
Crisis & Reputation Management
Suppose something goes very wrong in a celebrity's life. In that case, the agents, managers, publicity teams, handlers, and fixers will all work together to solve the problem -- but sometimes, an additional crisis or reputation management firm will need to be brought in.
For example, online reputation management teams are Search Engine Optimization experts. They can be employed to "bomb the internet" with positive publicity to "push down" negative news in search engines. These elite crisis teams are the online equivalent of Navy Seals, and it costs millions of dollars to manipulate the search results worldwide.
For example, online reputation management teams are Search Engine Optimization experts. They can be employed to "bomb the internet" with positive publicity to "push down" negative news in search engines. These elite crisis teams are the online equivalent of Navy Seals, and it costs millions of dollars to manipulate the search results worldwide.
Private Home Theatre Designer
It's hard being famous because you live in a fishbowl. Even going for fries at your favorite burger joint is impossible because everyone wants selfies and autographs. A high-profile celebrity can't even go to the theater to see a movie because it's paparazzi central in L.A. and NYC.
So, in such cases, the super-rich are now building home movie theaters to entertain themselves and their rockstar friends in privacy. On the low end, a private home cinema will cost hundreds of thousands of dollars. Still, it could go into the millions for more extensive, ornate theaters.
So, in such cases, the super-rich are now building home movie theaters to entertain themselves and their rockstar friends in privacy. On the low end, a private home cinema will cost hundreds of thousands of dollars. Still, it could go into the millions for more extensive, ornate theaters.
Accountants & the Tax Man
If you're a celebrity raking in cash from the box office, an outstanding CPA or tax attorney will be required. The top accountants know how to creatively reduce your tax liability. Believe it or not, some of those expenses from the entourage are "tax-deductible" -- don't forget to keep the receipts (but not the ones from Las Vegas because what happens in LV stays in LV).
Here's another reason being a star is so expensive: Not only do you have to pay for the staff, makeup artists, and handlers, but people who are making millions fall into a much higher tax bracket. You can kiss almost half of your money goodbye because it goes to the tax man, and then all agents, managers, and lawyers are in line to take their cut afterwards.
Here's another reason being a star is so expensive: Not only do you have to pay for the staff, makeup artists, and handlers, but people who are making millions fall into a much higher tax bracket. You can kiss almost half of your money goodbye because it goes to the tax man, and then all agents, managers, and lawyers are in line to take their cut afterwards.
Private Travel Agent
Even if you're Richard Branson, Leonardo Dicaprio, or Steven Spielberg and have your private island, it can't be the only place you'd ever go because you'd be bored to death.
Because celebrities are always looking for those extraordinary selfie shots for their Instagram channels, they need private concierge companies to cater to their every whim. Some ultra-exclusive, invite-only concierge companies require as much as $100,000 to join, and you need to be prepared to spend hundreds of thousands of dollars, or they won't take you as a client (then they get their commissions and kickbacks from the vendors they book you at).
Many ultra-exclusive concierge companies are great for "bucket list" wishes, so if you want to sing a duet with Mariah Carey at a private party, they can arrange celebrity personal appearances -- starting at $1,000,000.
Because celebrities are always looking for those extraordinary selfie shots for their Instagram channels, they need private concierge companies to cater to their every whim. Some ultra-exclusive, invite-only concierge companies require as much as $100,000 to join, and you need to be prepared to spend hundreds of thousands of dollars, or they won't take you as a client (then they get their commissions and kickbacks from the vendors they book you at).
Many ultra-exclusive concierge companies are great for "bucket list" wishes, so if you want to sing a duet with Mariah Carey at a private party, they can arrange celebrity personal appearances -- starting at $1,000,000.
Superyacht
Nothing says "I've made it" like having a superyacht, but this is by far the most expensive item a celebrity could get involved with. It's possible to take the expense of everything else on this list combined and still have the superyacht cost more.
Just the cost of a superyacht charter could be as much as $1,000,000 a week, and purchasing one of these bad boys is interplanetary in cost. For example, Jeff Bezos's new yacht cost him half a billion dollars (yes, $500 million). On top of that, it's another 10% a year to staff and doc the vessel (so add another $50 million).
Just the cost of a superyacht charter could be as much as $1,000,000 a week, and purchasing one of these bad boys is interplanetary in cost. For example, Jeff Bezos's new yacht cost him half a billion dollars (yes, $500 million). On top of that, it's another 10% a year to staff and doc the vessel (so add another $50 million).
Kidnapping, extortion & ransom broker
You may have heard of Lloyd's of London, which was founded in the year 1688. They used to be the only game in town regarding insurance for the obscure (J-Lo and Julia Roberts once insured their legs and lips with Lloyd's).
Nowadays, many super-brokers for celebrities can cover kidnapping, extortion, ransom, and identity theft (It was reported that Steven Spielberg, Warren Buffet, and Oprah Winfrey have had their identities stolen).
It's hard to give a price for coverage because it depends on what you want to insure and the limits you want to have, but it could easily range in tens of thousands of dollars a year. The hard truth is there is a cost to being a celebrity in so many ways.
Nowadays, many super-brokers for celebrities can cover kidnapping, extortion, ransom, and identity theft (It was reported that Steven Spielberg, Warren Buffet, and Oprah Winfrey have had their identities stolen).
It's hard to give a price for coverage because it depends on what you want to insure and the limits you want to have, but it could easily range in tens of thousands of dollars a year. The hard truth is there is a cost to being a celebrity in so many ways.
Sober Companion
It's hard being a celebrity. And, no, we're not being facetious. Having the mega-mansions, entourages, agents, domestic staff, and private jets puts the weight of the world on your shoulders. Unfortunately, for some celebrities, it's too much, and they turn to substance abuse to cope.
In cases like this, celebrity sober companions are needed, and they cost a hefty fee. A sober coach costs $1,000 a day on the very lowest end. In "combat pay" situations where the rock star has gone overboard and hasn't been through rehab yet, then $2,500 a day is in order.
Let's do the math; these sober companion gigs can become extended stays for a year or more. Since services cost a minimum of $30,000 a month, that exceeds $350,000 a year.
Suppose the issue can't be solved privately in the celebrity's home. In such a case, luxury detox facilities are available for as much as $350,000 monthly (yes, per month).
In cases like this, celebrity sober companions are needed, and they cost a hefty fee. A sober coach costs $1,000 a day on the very lowest end. In "combat pay" situations where the rock star has gone overboard and hasn't been through rehab yet, then $2,500 a day is in order.
Let's do the math; these sober companion gigs can become extended stays for a year or more. Since services cost a minimum of $30,000 a month, that exceeds $350,000 a year.
Suppose the issue can't be solved privately in the celebrity's home. In such a case, luxury detox facilities are available for as much as $350,000 monthly (yes, per month).
A final word on the cost of being a high-profile celebrity
It's not hard to see why celebrities who should have a net worth of $500,000,000 have gone broke. If A-listers are buying castles on every continent and getting a Rolls Royce in every color (every year), the money is going to run out. Celebrities with out-of-control egos need to curb their desire to show off and be conservative with their spending because the money won't last forever. When box office receipts or record sales dwindle, having enough put away for the inevitable is important.
