What was Lou Costello's net worth, salary, and career earnings?
Lou Costello, a celebrated American actor and comedian, had a net worth of $250,000 at his death in 1959, equivalent to $2.3 million today after adjusting for inflation. Alongside his comedic partner Bud Abbott, Lou earned the equivalent of hundreds of millions of dollars. However, financial mismanagement and excessive spending significantly reduced their fortunes by the end of their lives.
Early Life
Born Louis Francis Cristillo on March 6, 1906, in Paterson, New Jersey, Lou Costello grew up in a family of diverse heritage. His father, originally from Caserta, Italy, worked as a silk weaver and insurance sales agent. His mother, Helen Rege, had roots tracing back to Italy, France, and Ireland. Lou showed exceptional athletic talent during his school years, excelling notably in basketball. Inspired by silent-film comedian Charlie Chaplin, Lou aspired to a career in entertainment from an early age.
Career and Earnings
Between 1940 and 1956, Abbott and Costello were box office sensations, starring in 36 movies that collectively grossed over $120 million, equivalent to $1.8 billion today. Their earnings were initially split 60-40 in favor of Abbott, but later settled at 60-40 in favor of Costello. Through their film work, they earned around $25 million, or $360 million in today's money, $180 million each.
Financial Struggles
Despite their immense earnings, Abbott and Costello faced severe financial troubles in the 1950s. The IRS revoked $500,000 in tax exemptions for Abbott, forcing him to sell his house and return from early retirement. Costello faced similar financial strains, leading both comedians to sell their mansions and the rights to many of their popular films to cover debts.
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Early Career
In 1927, 19-year-old Costello hitchhiked to Hollywood aiming to become an actor. Initially, he found work as a laborer and extra at Metro-Goldwyn-Mayer and Hal Roach Studios. Thanks to his athletic skills, he also scored stuntman roles, including in "The Trail of '98" in 1928. Subsequently, he adopted the stage name Lou Costello, inspired by actress Helene Costello, and moved back east to gain theatrical experience.
During his journey, he got stranded in St. Joseph, Missouri, and persuaded a local burlesque producer to hire him. By the end of 1928, he was back in New Jersey, working in burlesque. During the Great Depression, he worked with various burlesque impresarios, including the Minskys, where he met Bud Abbott.
Abbott and Costello
Costello first teamed with Bud Abbott in 1935 at the Eltinge Theatre in New York City. By 1936, they had officially formed a team with Abbott playing the straight man to Costello's bumbling character. Managed by the William Morris agency, they gained national exposure in 1938 on "The Kate Smith Hour," where their famous routine, "Who's On First?" debuted. Their success continued with appearances in the Broadway musical "The Streets of Paris" in 1939.
In 1940, Universal Pictures cast them in "One Night in the Tropics," leading to their breakthrough film, "Buck Privates" in 1941. They quickly rose to prominence, appearing in three more films that year and becoming the third highest box-office stars of 1941. Their growing popularity led to many successful films like "Hold That Ghost" and "Abbott and Costello Meet Frankenstein," and a war-bond tour credited with selling $85 million in bonds.
Lou Costello and Bud Abbott (Photo by Herbert Dorfman/Corbis via Getty Images)
Despite their success, tensions grew between the duo. Costello suffered from rheumatic fever in 1943 and personal tragedy when his infant son accidentally drowned. The two often clashed and grew distant by 1946. Abbott attempted to mend their relationship by naming their charitable foundation the Lou Costello Jr. Youth Foundation.
Their popularity waned in the 1950s, overshadowed by newer acts like Dean Martin and Jerry Lewis. They performed their last film together, "Dance with Me, Henry," in 1956 and officially dissolved their partnership in 1957. Costello continued performing and appeared in "The 30 Foot Bride of Candy Rock" before his untimely death.
Personal Life and Death
Lou Costello married Anne Battler, a burlesque dancer, on January 30, 1934. They had four children: Patricia (1936), Carole (1938), a son who tragically died in 1942, and Christine (1947). Costello died from a heart attack on March 3, 1959, just three days before his 53rd birthday. He was buried at Calvary Cemetery in East Los Angeles. His wife Anne passed away from a heart attack in December 1959, nine months after Lou's death.
