Stan Lee says he made just $6 million in a deal with Disney because he got bad legal advice — when he should have become “indescribably rich” in the deal.
In an unreleased documentary “Stan Lee: The Final Chapter,” the late Marvel writer opens up about the paltry sum while admitting, “Nobody has made more bad business decisions than I have.”
“Disney wanted to buy Marvel and they offered me a contract giving me ten percent of Marvel’s profits, so, I said, ‘Man that’s wonderful,’” he says in an exclusive clip of the doc obtained by Page Six.
Lee was responsible for creating comic characters such as Spiderman, Black Panther and the Incredible Hulk, the core of the four stunningly successful “Avengers” movies, which have spawned more than a dozen spin-off.
He said in the documentary that a lawyer convinced him to sell for an upfront lump sum rather than a share of profits.
Lee says he realized too late “[the lawyer] wanted me to take it now because he wanted his share, so I listened to [my lawyer] and I did what he said.”
He said he sold for $6 million. “I think [the lawyer] took three, so there I was with $3 million,” he said.
It’s not entirely clear what the terms of the deal were or what Lee was selling. He was an employee of Marvel, so he never owned rights to his comic book creations.
The rights to Marvel’s intellectual property have been bought and sold several times since, most recently when Disney acquired 100% of the rights in 2009 for $4 billion.
It also purchased a stake in Lee’s POW! Entertainment production company.
He had sued Marvel over profits in movies based on his characters, but settled the claim in 2005.
Lee opened up about the deal about a month before his death. “If I had waited for this contract to come through, I would’ve been part owner of Disney. I would’ve been indescribably wealthy,” he said.
The Marvel universe is a multibillion dollar franchise for Disney.
Lee passed away in 2018 at 95, and his controversial business dealings – including several legal disputes over his estate and elder abuse claims against his managers – followed his death. The doc “gives a first-hand account of Lee’s enduring positivity, amidst the power struggles, exploitation, and behind-the-scenes turmoil that surrounded the beloved creator during his final chapter.”
“Witnessing the treatment that Stan endured during those final years, especially at his age, really changes you,” the film’s producer Jon Bolerjack said in a statement.
“The people around him believed they were untouchable, and I felt a responsibility to document what was happening. It took ten years to finish this film, but sharing the truth about those years is something I owed to Stan and to his fans,” he added.
The doc will premiere at San Diego Comic-Con later this month. A spokesperson for Disney did not comment.
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