By Lisa Horowitz of The WrapWhile Hollywood goes chasing to Abu Dhabi and Mumbai for ever-scarcer funds to finance its movies, the industry might do better just heading to 7-Eleven.
The latest film fund, $30 million to make romantic comedies, thrillers and faith-based dramas, comes from the lottery winnings of Cynthia Stafford, who shared a $67 million jackpot with her father and brother in 2007.
Now the African American single homemaker from Hawthorne, California wants to make movies.
"What I like about movies is it's something ongoing," Stafford said. "Movies from the '20s, '30s, '40s -- I still see them today and think, 'Wow, this is something that can go on forever."
The film fund, which follows the creation of her production company Queen Nefertari Productions, will be repped by the Gersh Agency. The banner already has four projects lined up.
Stafford is CEO and executive producer of Queen Nefertari.The production funding, which comes from private investments, will be used to finance or co-finance commercial feature films. They aim to expand the fund over the next 18 months by recruiting other investors or forming partnerships.
Given the difficult financing climate in Hollywood of late, with even big names such as Imagine Entertainment, George Clooney and Brett Ratner turning to outside sources like India's Reliance Big Pictures, Stafford definitely has a leg up with her lottery winnings.
With the assistance of the Gersh Agency, specifically Jay Cohen, the Queen Nefertari partners have been setting up meetings and putting together projects. Gersh's film financing and packaging division represents the banner.
Stafford was quietly raising her late brother's five children in Hawthorne, California, when she and her father and another brother bought a $2 Mega Millions lottery ticket. They won $112 million, but took a lump-sum payment of $67 million.
Since that life-changing event, Stafford has become a philanthropist, donating $1 million to the Geffen Theater and becoming part of its outreach efforts. She said she named her company after the Egyptian queen Nefertari because she was a patron of the arts, and “a queen for peace. She had tremendous power, a great love of herself and her family – that's who I am.”
Stafford recently produced a pair of independent movies, multicultural coming-of-age tale “Polish Bar” and supernatural thriller “The Gathering.”
Queen Nefertari expects to have its first film in production by the end of this month or, at the latest, the first of the year.
The company is looking primarily at commercial projects in four broad genres: comedy, romantic comedy, thriller/horror and faith-based.
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