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The Kim Decade

During the latter half of the 1980s, actress Kim Basinger was one of the hottest actresses in Hollywood. The former Breck shampoo girl model saw her popularity spike with an appearance in Playboy magazine in 1983, leading to film roles opposite Hollywood's most popular leading men: Burt Reynolds in "The Man Who Loved Women" (1983), Robert Redford in "The Natural" (1984) and perhaps most memorably, Mickey Rourke in "9 ½ Weeks" (1986). She finished the decade by dumping her first husband, makeup artist Ron Snyder, and starring opposite Michael Keaton in the 1989 summer blockbuster "Batman."

So what's a single, successful movie actress to do? Go shopping, of course. But when you're making $2 million per picture, a new pair of shoes doesn't cut it.

Welcome to Braselton

In 1989, Basinger's family recommended she partner with the Ameritech Pension Fund and buy the town of Braselton, Ga. for $20 million.

Located on the I-85 corridor and boasting the world-class amenities of the 3,500-acre Chateau Elan Winery and Resort, the small burg brimmed with the potential to become a tourist-friendly vacation destination, with upscale boutiques and a smattering of recording studios for visiting musicians. Kim's older brother, Mick, was picked to be chief operating officer of the Braselton-Basinger Ltd. partnership.

One of the partnership's first orders of business was to triple the capacity of the town's sewerage system to accommodate all the planned development, including the proposed Basinger Film Festival.

Boxed In

In 1991, Basinger hooked up with Mainline Pictures, Inc. to star in "Boxing Helena." Written by then-19-year-old Jennifer Chambers Lynch (daughter of surrealist American filmmaker David Lynch), "Boxing Helena" tells the story of a deranged surgeon who amputates the arms and legs of his girlfriend.

In 1993, with less than a week before the start of production, Basinger bailed. Producers Carl Mazzocone and Philippe Caland sued for breach of contract, claiming Basinger had entered a verbal agreement over lunch. Basinger's lawyers argued the meeting never took place.

A Los Angeles Superior Court judge sided with the producers and ordered the actress to pay $8.5 million in damages. This penalty forced Basinger to declare bankruptcy and sell off her share of Braselton for a measly $1 million. (Basinger appealed the decision and eventually settled out of court.) Relative unknown Sherilyn Fenn wound up replacing Basinger in "Boxing Helena," which would go on to receive a drubbing from critics worldwide.

"Confidential to Kim Basinger," wrote Washington Post critic Joe Brown. "That $8.5 million you paid to get out of ‘Boxing Helena' was worth every penny."

Rolling Stone critic Peter Travers put it even more succinctly, writing, "Sometimes even the right decision can cost you."

Happy Endings

Basinger's career suffered in the early 1990s, with star turns in such flops as "Cool World," "The Real McCoy," and "The Getaway." Things changed in 1997, though, when at age 44 she took home an Oscar for Best Supporting Actress in 1997's "L.A. Confidential." The role also proved a financial shot in the arm: Her next film, "I Dreamed of Africa" paid a cool $5 million.

Despite Basinger's absence, the town of Braselton benefited from 300 percent population growth between 1990 and 2000. Under the ownership of developer Wayne Mason, it took first place in the 2005 American Dream Town Competition.

This is the seventh installment in our series "From the Vault: Financial Analyses of the Sometimes Rich and Famous," an ongoing ReZoom.com Finance feature that spotlights celebrities and their money. To learn about the marital and financial woes of TV legend Johnny Carson, click here.