EXCLUSIVE: Disgraced Will Smith's Latest Slap in the Face — How Hated Ex-Hollywood Golden Boy 'Faces Going Broke' As He's Shunned From Showbiz
July 15 2025, Published 11:30 a.m. ET
Will Smith may have brazenly declared “You can’t cancel no icon” in the wake of his Slapgate scandal.
But those around the egomaniac tell RadarOnline.com the exact opposite may be true – as the actor’s bank balance is taking a beating while his career dries up.
'Slapgate' Scandal
The 56-year-old Oscar winner has reportedly been struggling to stay afloat financially.
The 56-year-old Oscar winner has reportedly been struggling to stay afloat financially since the infamous “#Slapgate” incident at the 2022 Academy Awards, when he slapped comedian Chris Rock live onstage.
That moment – broadcast globally – stunned viewers and marked a dramatic fall from grace for one of Hollywood’s most bankable stars.
While Smith picked up the Best Actor award for King Richard that same night, the long-term fallout has left him professionally adrift and reportedly cash-strapped.
The Bad Boys star was banned from Academy events for 10 years and resigned his membership, and insiders say his earning power has taken a major hit.
A source close to Smith said: “Since the Oscars incident, the money’s been going out way faster than it’s coming in.
“Will’s still picking up some checks, and Bad Boys: Ride or Die performed decently, but it’s nowhere close to covering the kind of life he’s used to.
“He might still have more in the bank than most people in the world, but he’s got a lifestyle to match, with a massive bank of staff to maintain his house and his – now failing – brand.
“His outgoings are in danger of killing his savings with no more big movie checks on offer like the old days.”
Will's Comeback?
Will tried to make a comeback in music.
In March, Smith attempted a comeback in music with the release of Based on a True Story, his first album in two decades.
But the effort flopped spectacularly, selling just 268 copies in the UK in its first week and failing to crack the US Billboard 200.
Critics, including Rolling Stone, dismissed it as “clunky and sullied by the fallout of the 2022 Oscars.”
On one track, Smith raps: “Will Smith is cancelled / You can’t cancel no icon,” in a bid to make light of his Oscars attack on Chris Rock and the fallout.
He also inserted a nod to the incident in Bad Boys: Ride or Die, in which his character gets slapped in the film’s closing scene.
But fans weren’t amused.
Our source added: “Lately, it feels like whatever Will puts out just gets torn apart.
“The album was slammed – people mocked the lyrics and dismissed them as childish.”
Smith, who once boasted an estimated net worth of $350million, is now reportedly downsizing.
He and Jada Pinkett Smith, 52 – who revealed last year they had secretly separated years ago – have started offloading properties from their extensive real estate portfolio.
Property Problems
Smith currently resides in a vast $42million Calabasas estate.
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In April, the pair listed their Woodland Hills, Los Angeles home for $2million, only slightly above its 2010 purchase price. They’ve already sold a Baltimore property for $795,000 and a $12million Hawaii beachfront home.
RadarOnline.com recently revealed how Smith currently resides in a vast $42million Calabasas estate that spans 150 acres and features two tennis courts, a private lake – and is so large it takes up so much room it has its own zipcode.
Jada lives nearby in a separate residence.
An insider said: “They were already burning through cash keeping up all those properties even before the slap. “Now that they’re living apart, it’s become a real financial headache.”
He is currently set to star in three upcoming films.
The couple shares two children – Jaden, 27, and Willow, 24 – but insiders say the duo’s separation and Smith’s burden of ongoing property and lifestyle costs have made his financial situation worse.
Our insider added: “No matter how wealthy Will is, staying on top of the bills is becoming more and more difficult.”
Still, Smith isn’t giving up.
He is currently set to star in three upcoming films – I Am Legend II, Resistor, and a remake of Trains, Planes and Automobiles – though none have confirmed release dates.
Our source warned: “Will doesn’t give up easily. He’s throwing himself into work trying to bounce back, but the stress, his ego, and the financial strain are really wearing him down.”
