Netflix Paid $55M for a Show, but the Creator Spent It on Luxury

​Netflix paid $55 million to filmmaker Carl Erik Rinsch for a sci-fi series that never materialized. Instead, prosecutors say he blew the money on Rolls Royces, crypto bets, and extravagant purchases, leaving Netflix with nothing to show for its investment.

A $55M Deal That Went Nowhere
At the peak of the streaming boom in 2018, Netflix outbid Amazon to secure the rights to Rinsch’s series, originally titled “White Horse” and later renamed “Conquest”. The show, described as a high-concept sci-fi thriller about superintelligent clones, was supposed to be a major hit.

Netflix handed over $44 million upfront, followed by an additional $11 million after Rinsch claimed he needed more funding. However, instead of completing the project, he funneled millions into personal luxury purchases and high-risk investments.

Where Did the Money Go?
According to federal prosecutors, Rinsch used the money to fund a lavish lifestyle:
-$2.4 million on five Rolls Royces and a Ferrari
-$1.8 million to pay off credit card bills
-$1 million on lawyers for lawsuits against Netflix and his ex-wife
-$638,000 for two mattresses
-$295,000 on luxury linens and bedding
-$395,000 at the Four Seasons hotel
-$652,000 on designer watches and clothing
Rinsch also lost millions trading biotech stocks before shifting to cryptocurrency, where he reportedly turned $11 million into $27 million—only to lose most of it again.
​
​Netflix Takes Legal Action
Netflix, realizing the show wasn’t progressing, refused to release further funds. In response, Rinsch sued the streaming giant, demanding an additional $14 million, claiming Netflix had breached their agreement.

The lawsuit fell apart, and now Rinsch faces criminal charges, including wire fraud and money laundering.

A Cautionary Tale for Hollywood
The case highlights the excesses of the streaming era, when companies raced to secure content without fully vetting creators. With the streaming bubble now bursting, platforms are tightening budgets and scrutinizing deals more carefully.

As for Rinsch, his Hollywood career is effectively over, and Netflix is left with nothing but a $55 million lesson in bad investment choices.

​