What was Lou Costello's net worth, salary and career earnings?
Lou Costello was an American actor and comedian who had a net worth of $250,000 at the time of his death in 1959. That's the same as $2.3 million in today's dollars after adjusting for inflation. Both Lou and his comedy partner Bud Abbott earned the equivalent of hundreds of millions of dollars during their careers. Unfortunately, profligate spending, poor tax planning and financial mismanagement reduced their net worths significantly by the end of their lives.
Lou Costello was born in Patterson, New Jersey in March 1906. He was best known for being one half of the comedy doubt act of Abbott and Costello along with Bud Abbott. Costello acted for radio, television, film, and theater. He was the bumbling character while Abbott played the straight man.
Lou Costello starred in several films including One Night in teh Tropics, Buck Privates, In the Navy, Ride 'Em Cowboy, Who Done It?, It Ain't Hay, Here Come the Co-Eds, Abbott and Costello in Hollywood, Little Giant, The Wistful Widow of Wagon Gap, The Noose Hangs High, Abbott and Costello Meet Frankenstein, Jack and the Beanstalk, and more. He starred in TV series including The Colgate Comedy Hour and The Abbott and Costello Show. Costello received three stars on the Hollywood Walk of Fame for Motion Picture, Television, and Radio. Lou Costello passed away on March 3, 1959 at 52 years old from a heart attack.
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Earnings
Between 1940 and 1956 the duo made 36 movies together. For much of that period their films were box office gold earning more than $120 million at the box office. That's the same as around $1.8 billion in today's dollars. In the early part of their career, they split earnings 60-40 in favor of Abbott. They dabbled with a 50-50 split but ended up with a 60-40 split in favor of Costello for much of their time in Hollywood. From their films alone, the duo reportedly earned around $25 million. That's $360 million in today's dollars, $180 million a piece.
Finances
Unfortunately, as their careers waned in the 1950s, the IRS came calling. The IRS reversed $500,000 in tax exemptions that had been credited to Abbott, forcing him to sell his house and end an early retirement. A similar situation befell Costello. They both found themselves being forced to sell their mansions and the rights to many of their most popular films to cover their respective debts.
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