The Hollywood Reporter just released its list of “The 25 Most Powerful Business Managers” of 2015. It’s full of people who are trusted with the money and assets of the biggest names in Hollywood, and they divulged how reckless their clients could be with their cash.
Here are six of the most shocking examples.
1. Paying for pets to fly on private jets … by themselves
Jeff Bacon of Savitsky Satin & Bacon represents some of the biggest film producers, actors, and studio executives working today. And with those kind of power players come some interesting invoices. Bacon told THR that the oddest thing a client had spent money on was “transporting pets on a private jet … by themselves.”
2. $50,000 on an investment in water that claims to be ‘anti-stressful’
Barry Greenfield of Altman Greenfield & Selvaggi works with the likes of Sarah Jessica Parker, Kevin Spacey, Steve Martin, and Jimmy Fallon. All are amazing talents, but sometimes their investments are risky. “A client put maybe 50 grand into anti-stress water two years ago,” he said. “I’m still waiting for it to hit the shelves at Whole Foods.”
3. A diaper-wearing capuchin monkey and farm animals
- Wikimedia Commons
Michael Kaplan of Miller Kaplan Arase, who prides himself on helping entertainers with their branding, can’t forget the oddest purchase by a client: a capuchin monkey. “I was at their house,” he said. “The monkey was wearing a diaper.”
He’s not the only one. Steves Rodriguez of Freemark Financial recalls purchases of unusual pets by clients. “A cow, a few goats, and a bunch of chickens,” he said. “Nothing like receiving an invoice for a bunch of farm animals.”
4. Investing in a Hard Rock Cafe
- Flickr / Thomas Hawk
Chuck Shapiro of Shapiro & Co. has iconic figures like Tom Ford on his roster, but he still has to give them one basic piece of advice: Never invest in a restaurant. “Clients have stood in line to invest in restaurants, including Hard Rock Cafes,” he told THR. “All of which, after thorough analysis, were discouraged.”
5. Dog-massage-therapy school and $200,000 teeth
Lou Taylor of Tri Star Sports and Entertainment has helped Britney Spears get a two-year extension on her lucrative Las Vegas show and Gwen Stefani return as a judge on “The Voice.” And she’s not shy to say no to her clients.
She told THR she had gotten clients to reconsider investing in a school for dog-massage therapy to train people to soothe dogs; an Aston Martin (because the client already had six cars); and a “full grill of diamonds” for teeth, which would have cost $200,000. Of the dental work, she added: “It was the dumbest thing I ever heard. Sometimes this can be exhausting.”
6. $50,000 to walk on hot coals for 30 minutes at a retreat
David Weise of David Weise & Associates calls himself an “outsourced chief financial officer” for artists including The Weeknd, Usher, and Coldplay. And like all great artists, they have unusual interests that Weise sometimes has to question.
“A client wanted $50,000 in cash to go to a retreat to walk on hot coals for 30 minutes,” he said. “I told him that for $100 I’d burn some coals in the office and save him $49,900. He almost fired me.”