Netflix bought a sci-fi series from director Carl Rinsch in 2018 and spent $55M developing it.
Not a single episode has been finished. Instead, the director has reportedly spent $11M of Netflix’s money gambling on risky stocks and buying dogecoin, which he flipped for $27M.
After that, he went on a spending spree, buying 5 Rolls-Royces, a Ferrari, furniture, and designer clothing.
The only feature film he's directed prior to this was '47 Ronin' which has a 16% on Rotten Tomatoes
Mr. Rinsch financed the production with his own money at first and hired mostly European actors and crew members, which reduced costs and avoided Hollywood union rules. The early shoots followed punishing schedules. During a shoot in Kenya, Mr. Rinsch reportedly insisted on filming for 24 hours straight. In Romania, the lead actress caught hypothermia doing a scene barelegged in the snow and had to be rushed to a hospital.
To keep the project going, he secured investment from 30West and Keanu Reeves, who came on as a producer.
Rinsch finished editing six short episodes ranging from 4-10 minutes. He used them to pitch the big streaming companies on a 13-episode, 120-minute first season.
Netflix was convinced the show had potential to become a sci-fi franchise as successful as 'Stranger Things' that could spawn sequels and spinoffs