OscarsSoExpensive: Academy museum goes $100m over budget
The much-delayed Academy Museum of Motion Pictures has gone $100m over budget.
The museum, which was supposed to open three years ago, will finally open its doors in December, as revealed during Sunday night’s Oscars. It was originally set to cost $388m but the number has now ballooned to $482m, an increase of 24%.
The museum’s director, Bill Kramer, said that the project was more difficult than originally anticipated. He replaced the original director, Kerry Brougher, last year, who stepped down after internal disagreements with staff over his leadership.
The Academy is now in a “silent phase” of a fundraising campaign to cover the money to finish the museum. The money will initially be covered by a $100m bond and then fundraising will officially launch once the museum opens later this year.
“I think it’s very safe to say we have a grip on the budget,” Kramer said to Variety.
“We have a strong sense of schedule and timeline.”
The space, designed by the renowned architect Renzo Piano, will include the 1,000-seat Geffen Theatre, which will be housed within a raised concrete orb covered with glass and rented out for premieres, as well as another 288-seat theatre in the basement, a restaurant and galleries. One confirmed exhibition will be curated by Spike Lee.
“Spike is an incredible collector,” Kramer said to the Hollywood Reporter. “He’s been collecting film memorabilia since he started his career. So his personal collection is spectacular and unexpected and a lot of that will be shown in the gallery.”
Kramer also confirmed that the museum will not shy away from featuring darker aspects of Hollywood history, including figures involved in any #MeToo controversy.
“This will be a museum that celebrates movies and movie artists, but it will also tell a lot of complicated stories,” he said. “It’s our obligation to do that and it’s our pledge to do that.”