Get All Access for $5/mo

Kevin Bacon Admits He Lost 'Most' of His Net Worth to Bernie Madoff's 'Too Good to Be True' Ponzi Scheme The actor detailed his foot-loss during an episode of the "SmartLess" podcast.

By Sam Silverman

Opinions expressed by Entrepreneur contributors are their own.

Actor Kevin Bacon reminded fans this week that celebrities make financial mistakes, too, after detailing how he lost a chunk of his fortune to Bernie Madoff's infamous Ponzi scheme.

While speaking on Monday's episode of the "SmartLess" podcast, Bacon dove into the great loss that he and his wife, Kyra Sedgwick, suffered to one of the largest financial fraud scams in U.S. history.

"We had most of our money in Madoff," Bacon said to hosts Will Arnett, Jason Bateman, and Sean Hayes. "There's obvious life lessons there – if something is too good to be true, it's too good to be true."

Although Bacon didn't reveal an exact figure, he said his family was able to recover "a portion of some money back."

The Madoff Victim Fund has returned more than $4 billion to over 40,000 victims who lost money to the disgraced businessman, according to its website. Madoff, who died in 2021, was sentenced to 150 years in federal prison on a variety of financial charges.

Despite claiming he lost a lot of money, Bacon and his wife have a reported net worth of $45 million, according to CelebrityNetWorth.com.

"I think people will be not happy to hear me whining about money," Bacon said on the podcast. "Certainly, you get angry and stuff, but I have to say, there were a lot of people who were much worse off than we were – old people, people whose retirement funds were completely decimated. So there's always going to be somebody that's going to have it a lot worse than you."

This isn't the first time Bacon admitted he suffered at the hands of Madoff. Following reports that the actor's family lost "millions" to the scheme in 2009, he said he didn't want to distract from the "real victims" while speaking to The Guardian in 2017. "I think there's a good cautionary tale there, to be cognizant of what's happening with your money," he added at the time.

In addition to Bacon, several other Hollywood celebrities lost big to Madoff's scheme, including director Steven Spielberg, actor John Malkovitch and producer Jeffrey Katzenberg.

Sam Silverman

Content Strategy Editor

Sam Silverman is a content strategy editor at Entrepreneur Media. She specializes in search engine optimization (SEO), and her work can be found in The US Sun, Nicki Swift, In Touch Weekly, Life & Style and Health. She writes for our news team with a focus on investigating scandals. Her coverage and expertise span from business news, entrepreneurship, technology, and true crime, to the latest in entertainment and TV news. Sam is a graduate of Lehigh University and currently resides in NYC. 

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Leadership

Why Your AI Strategy Will Fail Without the Right Talent in Place

Using fractional AI experts through specialized platforms allows companies to access top talent cost-effectively, drive innovation and scale agile strategies for growth.

Business News

Here's What the CPI Report Means for Your Wallet, According to JPMorgan and EY Experts

Most experts agree that there will be another rate cut next week.

Science & Technology

Use This Framework to Successfully Integrate AI Into Your Business Operations

Here's how to ensure both innovation and compliance when using AI in your organization.

Growing a Business

Why Business Owners Should Streamline Their Operations Now for Success in 2025

As the holiday season and year-end approach, business owners face heightened operational demands, from inventory management to spend control. By streamlining these processes and partnering with flexible suppliers, businesses can maintain efficiency, meet customer needs and focus on growth while navigating this busy period.

Productivity

6 Habits That Help Successful People Maximize Their Time

There aren't enough hours in the day, but these tips will make them feel slightly more productive.