Lou Costello Net Worth 2024

What was Lou Costello’s net worth, wage and profession earnings?

Lou Costello was an American actor and comedian who had a net worth of $250,000 on the time of his demise in 1959. That’s the identical as $2.3 million in right now’s {dollars} after adjusting for inflation. Both Lou and his comedy associate Bud Abbott earned the equal of a whole bunch of hundreds of thousands of {dollars} throughout their careers. Unfortunately, profligate spending, poor tax planning and monetary mismanagement lowered their internet worths considerably by the tip of their lives.

Lou Costello was finest recognized for being one half of the comedy doubt act of “Abbott and Costello,” together with Bud Abbott. He was the bumbling character whereas Abbott performed the straight man. Costello acted for radio, tv, movie, and theater. Abbott and Costello had been among the many hottest and highest-paid entertainers throughout World War II. Lou Costello handed away on March 3, 1959 at 52 years previous from a coronary heart assault.

Early Life

Lou Costello was born on March 6, 1906 in Paterson, New Jersey and was given the title Louis Francis Cristillo by his mother and father Helen Rege and Sebastiano Cristillo. His father labored as a silk weaver and insurance coverage gross sales agent and was initially from Caserta in Campania, Italy. His mom was American of Italian, French, and Irish ancestry.

Costello attended Public School 15 and was thought-about a gifted athlete whereas at school. He excelled in basketball. In truth, his abilities in basketball might later be seen in “Here Come the Co-Eds” in 1945, wherein he carried out his personal trick basketball pictures. Growing up, Costello tremendously admired the silent-film comedian Charlie Chaplin and it was Chaplin that impressed Costello to pursue a profession in leisure himself.

Earnings

Between 1940 and 1956 the duo made 36 films collectively. For a lot of that interval their movies had been field workplace gold incomes greater than $120 million on the field workplace. That’s the identical as round $1.8 billion in right now’s {dollars}. In the early a part of their profession, they cut up earnings 60-40 in favor of Abbott. They dabbled with a 50-50 cut up however ended up with a 60-40 cut up in favor of Costello for a lot of their time in Hollywood. From their movies alone, the duo reportedly earned round $25 million. That’s $360 million in right now’s {dollars}, $180 million a bit.

Finances

Unfortunately, as their careers waned within the Fifties, the IRS got here calling. The IRS reversed $500,000 in tax exemptions that had been credited to Abbott, forcing him to promote his home and finish an early retirement. An analogous state of affairs befell Costello. They each discovered themselves being pressured to promote their mansions and the rights to a lot of their hottest movies to cowl their respective money owed.

Early Career

In 1927, on the age of 19, Costello hitchhiked to Hollywood to develop into an actor. However, he might solely discover work as a laborer or further at Metro-Goldwyn-Mayer and Hal Roach Studios. Because he was athletic, he additionally often landed work as a stuntman, notably in “The Trail of ’98” in 1928. He additionally had a small position within the Laurel and Hardy movie, “The Battle of the Century.” Around this time, he adopted the skilled title of Lou Costello, impressed by actress Helene Costello.

In 1928, Costello moved again east with a view to achieve some expertise in theater, given the appearance of speaking movies. While on his means by way of the nation, he grew to become stranded in St. Joseph, Missouri and persuaded a neighborhood burlesque producer to rent him as a comic book. By the tip of the 12 months, he was again in New Jersey. The following 12 months, he started working in burlesque on the Mutual Burlesque wheel. However, through the Great Depression, the Mutual Wheel collapsed and Costello started working for a number of inventory burlesque impresarios, together with the Minskys, an American burlesque model operated by the 4 Minsky brothers. There, he met the gifted producer and performer, Bud Abbott.

Abbott and Costello

Costello and Abbott first labored collectively in 1935 on the Eltinge Theatre on 42^nd Street in New York City after Costello’s unique associate grew to become unwell. They then formally fashioned a staff in 1936, with Abbott taking part in the straight man to Costello’s comedy. The duo had been signed by the William Morris expertise company, which landed them featured roles and nationwide publicity on “The Kate Smith Hour,” a well-liked radio selection present, in 1938. Their signature routine, “Who’s On First?” made its radio debut on Smith’s present. It has since grew to become very fashionable and is carried out by comedians nonetheless right now. Many of Abbott and Costello’s sketches had been additional polished by John Grant, a comedy author, after the duo joined Smith’s present. Their success on “The Kate Smith Hour” led to their look within the Broadway musical “The Streets of Paris” in 1939.

In 1940, Abbott and Costello had been signed by Universal Pictures for supporting roles in “One Night within the Tropics.” The staff’s breakthrough image was “Buck Privates” in 1941. They appeared in three extra movies that 12 months and had been voted the quantity three box-office stars of 1941. They additionally grew to become regulars on Edgar Bergen’s “The Chase and Sanborn Program.” In October 1942, they launched their very own sequence, “The Abbott and Costello Show,” on NBC. The present ran on NBC by way of the spring of 1947 after which on ABC by way of the spring of 1949.

Abbott and Costello’s movie profession continued to take-off all through the Nineteen Forties and into the Fifties. Between 1940 and 1956, Abbott and Costello appeared in 36 movies. They had been among the many hottest and highest-paid entertainers on the earth throughout World War II. Among their hottest movies are “Hold That Ghost,” “Who Done It?” “Pardon My Sarong,” “The Time of Their Lives,” “Abbott and Costello Meet Frankenstein,” and “Abbott and Costello Meet the Invisible Man.” In the summer time of 1942, the duo launched into a 35-day cross-country tour to advertise and promote battle bonds. The Treasury Department credited them with the sale of $85 million in bonds.

However, as their fame grew, cracks began appearing in Abbott and Costello’s relationship. They generally had disagreements over what reveals to e book and through the years, grew more and more frosty with each other. Costello additionally suffered some private tragedies throughout this time, as he had an assault of rheumatic fever in 1943 and was unable to work for six months. The similar 12 months, his toddler son additionally died by unintended drowning. By 1946, the 2 had been hardly ever talking to one another off digicam. However, Abbott tried to heal their relationship by suggesting that the muse they had been founding collectively for rheumatic fever victims be named the Lou Costello Jr. Youth Foundation, an act that touched Costello deeply.

By the mid-Fifties, Abbott and Costello had been not ranked among the many prime field workplace stars. In specific, Dean Martin and Jerry Lewis had develop into very fashionable. They carried out of their closing movie collectively, “Dance with Me, Henry,” in 1956. They dissolved their partnership in 1957. Costello went on to work with a number of different comedians and appeared on “The Tonight Show” a couple of occasions. He additionally had a job in “The 30 Foot Bride of Candy Rock,” the one movie he appeared in after his partnership with Abbott ended, and earlier than affected by a coronary heart assault.

Personal Life and Death

On January 30, 1934, Costello married Anne Battler, a burlesque refrain dancer. Thy had their first daughter collectively, Patricia, in 1936. In 1938, they welcomed a second daughter named Carole. They had a son collectively in 1942 who handed away by unintended drowning earlier than reaching his first birthday. In 1947, that they had their closing little one, a daughter named Christine.

Three days earlier than his 53^rd birthday, Costello died at Doctors Hospital in Beverly Hills on March 3, 1959 after struggling a coronary heart assault. He was interred on the Calvary Cemetery in East Los Angeles on March 8. His spouse, Anne, died from a coronary heart assault 9 months later in December 1959.