Surrounded by the mountains of his beloved Utah, Robert Redford passed away in his sleep on Monday night at the age of 89. Over seven decades of work, the movie heartthrob whose blue eyes were only rivaled by those of his close friend Paul Newman, amassed a considerable fortune that, according to Celebrity Net Worth, amounted to $200 million.
Although he was not one of the highest-paid actors in the history of cinema, the $500 he received for his first role in War Hunt (1962) would eventually turn into $11 million after starring in The Last Castle (2001). This was the highest amount he received for a job. His first stellar paycheck came with Butch Cassidy and the Sundance Kid (1969), for which he earned $750,000.
Aware that he did not want to indulge in the hedonistic pleasures of Hollywood, the star invested his savings mainly in land in the state of Utah, where he acquired several thousand acres in the Sundance area. Redford discovered this enclave while riding his motorcycle from his California home and was so impressed that he bought nearly an acre for $500 from farmers in 1961. As he made money at the box office, he increased the number of properties.
In fact, as the area began to appreciate for the wealthier pockets, the actor bought another 1,200 acres in the late sixties. He created the Sundance Mountain Resort, a small ski resort that in the eighties became one of the most profitable in the country as 95 cabins were built, and shortly after, another 200 private homes.
In 2020, he decided to sell the ski area to Broadreach Capital Partners and Cedar Capital Partners for a staggering amount, but the actor's request kept it private. Experts have estimated that he could have pocketed around $300 million. The sale included all assets, including the complex's buildings, ski lifts, restaurants, and event spaces. However, this did not affect Robert Redford's involvement in the Sundance Institute and Festival, the Sundance catalog, Sundance TV, or the Redford Center.
The resort has continued to host the annual Sundance Festival, the most important in the United States for independent cinema. Economically, to give an idea, according to the latest economic data available from 2020, the event generated total profits of $167 million. In 2027, the event moves to the state of Colorado.
While California was his way of life for decades, the star of Barefoot in the Park invested in several properties that he eventually put up for sale. In 2018, he put up for sale a house with four acres in Napa Valley for $7.5 million, and last year they did the same with his mansion in Tiburon, California, for $4.1 million.
The actor and his second wife, multimedia artist Sibylle Szaggars, whom he married in Hamburg in 2009, stated that they did not spend much time in those properties. The couple had settled for much of the year at their ranch in Santa Fe, New Mexico, where Sibylle had her gallery.
It is expected that his legacy will pass to his two surviving daughters,Shauna (64) and Amy (54), as well as to his seven grandchildren, including those of his son James, who passed away at 58 in 2020 due to bile duct cancer. The actor had another son, the eldest named Scott Anthony, who died at two months in 1959 due to sudden infant death syndrome.
According to the American press, Sibylle will receive the majority of the inheritance, especially the main properties where the couple resided and a percentage of the cash.