Theatre enthusiast Steven Berkoff made the bold choice to leave Hollywood after being cast in a role in Rambo by Sylvester Stallone. Instead, his heart remained in the theatre. Despite earning a modest £20,000 for his role as General Orlov in the James Bond film Octopussy, Berkoff now owns a £40,000 painting by Scottish artist Peter Howson. Living in the East End of London, where he grew up, Berkoff resides in a three-bedroom flat he purchased in 1985.
Growing up during the war, Berkoff’s parents instilled in him the importance of being cautious with money. As a Jewish family, they faced some challenges due to anti-Semitism, leading Berkoff’s father to anglicise their surname. Financially, they managed to secure a council flat and achieved modest comfort.
While pursuing a career in theatre, Berkoff experienced a difficult period in his mid-20s. It became increasingly challenging to pay his rent. However, he was able to apply for housing benefits, which provided him with the necessary support during this time. Eventually, Berkoff found regular work as a mime teacher at his old drama school, never needing to rely on benefits again.
Berkoff’s earnings from his Hollywood films were not extravagant. For Octopussy, he received around £20,000, and for Beverly Hills Cop, he earned $60,000. His payment for Rambo was approximately $80,000. While not awe-inspiring, Berkoff viewed these fees as reasonable and cherished the opportunity to partake in these roles.
The 1980s were financially prosperous years for Berkoff while in Los Angeles. However, he chose to follow his theatrical aspirations, believing it to be a true test of his abilities as an actor. Performing Shakespeare and engaging with theatre provides a deeper connection to his craft, unlike starring in repetitive adventure films.
Berkoff’s most valuable luxury purchase was a painting by Peter Howson worth £40,000. The 6ft by 4ft artwork depicting drummers holds great sentimental and spiritual value for Berkoff. He finds justification in spending significant amounts of money on items with profound meaning, rather than on flashy material possessions.
One of Berkoff’s best financial decisions was writing and producing a play called Decadence in 1982. He rented a theatre in Leicester Square for 16 weeks at a cost of approximately £10,000 to £15,000. The play received excellent reviews, resulting in a profit of £60,000.
While Berkoff used to save into a pension during his high-earning years, he now occasionally withdraws money from it. However, he regrets not fully understanding the tax implications of withdrawing from a pension account.
Berkoff does not invest directly in the stock market, as he has no interest in actively tracking investments on a daily basis. He prefers to avoid the complexities and uncertainties associated with stock market investments.
He owns a small three-bedroom maisonette in the East End of London, purchased in 1985. While he is uncertain of its current value, he believes it may have appreciated slightly.
Berkoff’s main luxury treat is a week-long vacation in the South of France with his wife, Clara. They schedule their trips during the off-season to keep costs around £4,000, including flights. Relaxing by the seaside and swimming is Berkoff’s main indulgence for the year.
If given the opportunity to serve as Chancellor of the Exchequer, Berkoff would allocate funds to provide scholarships for students in drama schools, especially those from working-class backgrounds. He believes in the therapeutic and educational value of understanding literature and drama.
Berkoff donates to animal charities in Africa to combat the hunting of wild animals such as elephants and lions. He finds such practices to be abhorrent and believes that those who partake in them are behaving in an inhumane manner.
Berkoff’s financial priorities are centered around maintaining his home and supporting his wife in the manner she is accustomed to. Additionally, he desires the financial security to afford private healthcare if needed, without any financial concerns.
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