The franchise companies in Hollywood have played a major role in establishing the American film industry as number one in the world. Two of these franchises are Star Wars and Indiana Jones, both founded by George Lucas. Apart from making Hollywood the number one film industry in the world, they have also helped George Lucas build a $6 billion fortune, and we now know how the media-shy filmmaker spends his billions.
In this article, we describe everything we’ve learned about how the Star Wars creator enjoys his massive wealth through luxurious spending and philanthropy. Take a look below.
How George Lucas Spends His Money
A strategic mistake by Fox to sell the rights to Star Wars to George Lucas for $500,000 because they were convinced that the film would be a flop has made the filmmaker the richest celebrity in the United States. The films themselves have not only brought in more than $2 billion in theatrical exploitation but have also spurred many merchandising and entertainment options that have generated more than $3 billion since they were made.
Through the success of the franchise, George Lucas’ Studio, LucasFilm has become one of the most successful film studios in Hollywood, leading to a $4.1 billion sale to Disney in 2012, in stock and cash, and bringing it a total net value of $6 billion.
Having such assets opens the limits of a person’s ability to spend practically to zero. Armed with his financial freedom, George Lucas has spent his money on everything from real estate to philanthropy. Here is a closer look at how he spends his money in each category.
Many billionaires are known for flaunting their wealth, but with George Lucas, who doesn’t spend his money on luxury cars and megayachts, but has invested a significant portion of his wealth in real estate, this is less likely.
George Lucas, who lives mostly in Silicon Valley, has made the majority of his real estate investments in California, his most significant being the famous Skywalker Ranch, which he bought in 1978.
The ranch, which is located in northern San Francisco, is 4,700 acres in size, and the billionaire has spent more than $100 million of his fortune developing the property since the purchase, with buildings so far comprising only 15 acres of the huge ranch.
The Skywalker Ranch serves as a retreat for the filmmaker as well as a work and studio space. The Ranch is home to a 153,000 square meter technical building that houses 10 stages, several designs and editing suites, and a 300-seat theater. The Ranch also has a house with Victorian architecture that covers an area of 50,000 square meters.
The house has a fitness center, a cinema, projection rooms, a pool as well as racquetball courts and an underground garage. As part of the security mechanism of the ranch, it also has a fire department.
Other real estate investments that George Lucas has spent his money on including a Hollywood house that he bought and owned between 2008 and 2010. He also owned a plot of land in San Anselmo that he donated to the San Anselmo Chamber of Commerce and which has now been transformed into the Imagination Park, which covers an area of 8,700 square meters.
George Lucas also spent $33.9 million of his billions on a villa in Bel Air in 2017. The mansion, known in the region as Mi Patria, has nine bedrooms and eight bathrooms as well as a patio, library, gourmet kitchen and tropical gardens.
We have already mentioned that George Lucas is a very reserved man who prefers to live without public attention. He is also quite a philanthropist and has donated more than a billion to charity since becoming a remarkable filmmaker.
One of the most significant philanthropic acts on which George Lucas has spent his billions is his foundation, the George Lucas Family Foundation, which he has endowed with more than a billion dollars.
In addition, through this foundation, he has donated more than $64 million to 200 charitable and philanthropic organizations, including the Film Foundation, Stand Up to Cancer, Make-A-Wish Foundation, and various other programs that address issues such as inner-city youth development, museums, wildlife initiatives, and refugee assistance.
George Lucas is also known for giving his billions to students through the George Lucas Educational Foundation, which has been in existence since 1991. He has also donated more than $175 million to the University of Southern California where he graduated. In the education sector, he signed the pledge in which he pledged to use the majority of his assets for education after his death.
His other philanthropic efforts include a $1 billion non-profit project to build a museum of narrative art in Los Angeles. The project began in 2017 and is expected to be completed in 2021, employing more than 1,400 people.