$97 million loss: This was supposed to be the biggest adventure film of the 90s… but the failure was resounding and ended the existence of the legendary studio.

Some films are expensive, but they hardly bring furniture to store. Pirate Island is a perfect example: this adventure feature film by Renny Harlin turned into a real financial pit, bringing with it the downfall of its producer, Carolco Pictures.

Originally intended as a great entertainment film that could revive the pirate movie genre, Pirate Island Blooming classics like Le Corsaire Rouge or Captain Blood should be remembered. But the project quickly spiraled into a storm of problems as this epic dream turned into a disaster.

Colossal losses and bitter failure

With an originally planned budget of 60 million dollars, the shooting blew through the roof: between the expensive construction of real wooden sailing boats and multiple delays, the final bill exceeded 115 million.

Released in 1995, the film grossed only ten million dollars in the United States and barely 18 million worldwide. The result: The net loss was estimated at $97 million, or about $195 million in today’s money. It made a monumental failure Pirate Island One of the biggest fiascos in movie history, right up there with Heaven’s Gate or The 13th Warrior.

Cursed genre and weakened actress

Far from the fad of pirate movies, the movie buried it for nearly a decade. The failure left such a mark that years later Disney almost gave up on the production of Pirates of the Caribbean. Director Gore Verbinski also recalled, in this lengthy interview with Collider in March 2021, that some executives judged the pirated film to be “Worst idea ever“.

The failure also damaged the career of Geena Davis, who was then at the height of her popularity and married Rennie Harlin. He even started his own production company to back the film, a gamble that cost him dearly and took years to correct.

Carolco Pictures’ Last Breath

For Karolko’s pictures, Pirate IslandAlso featuring Matthew Modine and Frank Langella, was the final straw. Founded in 1976 by Mario Cassari and Andrew Vajna, the company has achieved major successes such as Terminator 2, Total Recall, Cliffhanger: Hunting the Top, Basic Instinct and The Doors, Chaplin and Angel Heart. But debts were already piling up before that ship went down, and the film’s financial collapse eventually hastened its demise.

Thus, in 1996, Carolco sold its last assets to Twentieth Century Fox for $50 million, highlighting the adventure that marked the best action films of the 80s and 90s.

A tragic twist

before placing a bet Pirate IslandKarolko was reluctant to finance Paul Verhoeven’s ambitious project on the Crusades, with Arnold Schwarzenegger headlining the bill. Deemed too risky and too expensive, the film was abandoned after swallowing several million in pre-production. The studio eventually opted for a pirate script, which is considered safer. History would decide otherwise: this “smart” bet would be the one that would ultimately seal his fate.

For those curious, Pirate Island can be seen on VOD.