Kevin Costner Reigns Supreme
Kevin Costner is sitting tall in the saddle over in Deadwood.
The South Dakota Supreme Court unanimously ruled Thursday that the Dances with Wolves star doesn't have to sell his majority stake in a Deadwood casino in order to cut ties with two former business associates looking to cash in on his desire to become the sole owner.
Costner brought out the big guns last month after a lower court ordered him to pay $6.2 million to Carla and Francis Caneva, to whom he gave a 6.5 percent share in the Midnight Star casino when he hired them to manage the place. Costner owns the remaining 93.5 percent.
The actor-director, who filmed much of his Oscar-winning epic in the surrounding Black Hills, fired the Canevas in 2004, offering to buy them out. They balked, questioning the casino's worth, which Costner's financial experts estimated at $3.1 million.
The disgruntled ex-managers, however, found another Deadwood casino owner to testify that he would pay $6.2 million for the establishment, which also features a restaurant and Costner movie memorabilia lining the walls.
Before the high court's decision, the Guardian star was either going to have to shell out the millions or let the casino be sold on the open market.
The State Supreme Court agreed with Costner's appeal, stating that the lower court did not abide by the correct IRS standard when assessing the property's value. The five justices ordered the casino to be revalued and said that Costner is only obligated to pay 6.5 percent of any accumulated interest if it turns out the place is worth more than the $4.9 million that Costner put into it himself.
If it turns out the casino is worth $4.9 million or less, the Canevas are entitled to nothing, the court said.
The Midnight Star is named after the saloon in Costner's breakout film, 1985's Silverado.
Next up for the 51-year-old actor is the thriller Mr. Brooks, in which William Hurt plays Costner's murderous alter ego.
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