There are hundreds of examples of producers having faced back-breaking losses in movies and having had to sell off their homes and offices. It has been happening since time immemorial.
The latest victim is Vashu Bhagnani. The prolific producer who has such hits to his credit as Biwi No. 1, Mujhe Kucch Kehna Hai, Coolie No. 1, Hero No. 1 and Bade Miyan Chote Miyan (Amitabh-Govinda), has sold off his sprawling Juhu (Bombay) office, reportedly to pay off his heavy dues to people. Bhagnani is also said to have retrenched 70-80% of his staff.
The producer has been passing through tough times, what with his last several films having had to bite the dust. In just the last four films — Bell Bottom, Mission Raniganj, Ganapath and the latest and biggest disaster, Bade Miyan Chote Miyan (Akshay-Tiger) — Vashu must’ve lost around Rs. 400 crore. Even before these films, Bhagnani had been delivering one flop after the other. In fact, he has not had a success to his credit after Mujhe Kucch Kehna Hai (2001). In the last 23 years, he has delivered almost 30 flops and disasters, making the trade wonder where he was getting his funding from. His losses seem to have finally caught up with him.
Of late, there were stories in the media about his banner, Pooja Entertainment, defaulting in its payments.