What was Lou Costello’s net worth, salary and career earnings?

Lou Costello, the American actor and comedian, had a net worth of $250,000 at the time of his death in 1959, which equals $2.3 million in today’s dollars after adjusting for inflation. Sadly, both Costello and his comedy partner, Bud Abbott, lost most of their fortunes due to careless spending, poor tax planning, and financial mismanagement.

Born in Patterson, New Jersey in March 1906, Costello was famous for his role as one half of the Abbott and Costello comedy duo, with Abbott playing the straight man to Costello’s bumbling character. Costello was a versatile performer, working in radio, television, film, and theater.

Some of Costello’s most well-known films include One Night in the Tropics, Abbott and Costello in Hollywood, and Abbott and Costello Meet Frankenstein. He also starred in TV series such as The Abbott and Costello Show and The Colgate Comedy Hour. Costello received stars on the Hollywood Walk of Fame for Motion Picture, Television, and Radio.

Lou Costello passed away on March 3, 1959, at the age of 52, from a heart attack.

Abbott and Costello’s Hollywood Success

Between 1940 and 1956, Abbott and Costello made 36 movies together, earning more than $120 million at the box office, equivalent to around $1.8 billion today. Initially, Abbott received 60% of their earnings, but they later settled on a 60-40 split in favor of Costello. The duo reportedly earned around $25 million from their films alone, equivalent to $360 million today or $180 million each.

IRS Troubles for Abbott and Costello

In the 1950s, Abbott and Costello’s careers began to decline, and they were hit with a major blow from the IRS. Abbott lost $500,000 in tax exemptions, and Costello faced a similar situation. They were both forced to sell their mansions and the rights to many of their popular films to pay off their debts.

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