Michael Sheen’s net worth as actor writes off £1 million debt in Channel 4 show
TV and film star Michael Sheen has helped write off a million pounds worth of debt for people in the area of Wales where he grew up.
Michael Sheen spent two years working on a “secret” project about the debt and credit industry and his goal to support people in a documentary that is set to air on Channel 4 on Monday (March 10).
Michael Sheen’s Secret Million Pound Giveaway sees him create a debt acquisition company to write off £1 million worth of debt for around 900 people in his home region of South Wales using £100,000 of his own money.
The 56-year-old has a successful TV and film career both in Britain and abroad, leading him to be one of the most respected actors of his generation.
But what is Michael Sheen’s net worth and how did the actor afford to write off debt?
According to Celebrity Net Worth, Michael Sheen’s net worth is estimated to be around $16 million. This is largely due to his acting career on stage, TV and film with his biggest roles being in the Twilight films, The Queen, Staged, Good Omens and Masters of Sex.
In December 2021, Michael Sheen shared he was a ‘not-for-profit’ actor after putting his homes up for sale to help the homeless.
He explained he made the ‘liberating’ decision to sell two mansions – in the US and the UK – and move back to Wales in order to raise funds for those in need.
Sheen shared with the Big Issue why he waved goodbye to Tinseltown and championed causes closer to home.
He said: “There was something quite liberating about going, alright, I’ll put large amounts of money into this or that, because I’ll be able to earn it back again. I’ve essentially turned myself into a social enterprise, a not-for-profit actor.”
In 2019, a pivotal moment occurred when he dipped into his own pocket to ensure the Homeless World Cup event could take place in Cardiff. He said: “There was something quite liberating about going, alright, I’ll put large amounts of money into this or that, because I’ll be able to earn it back again.
“I’ve essentially turned myself into a social enterprise, a not-for-profit actor”.
Michael Sheen’s Secret Million Pound Giveaway sees the Welshman use £100,000 to buy peoples’ debt of varying levels and then write them off.
Michael spoke about the documentary and his approach on the One Show : “Essentially, people’s debt gets sort of put into bundles and then debt buying companies can buy those bundles. And then they can sell it off to another debt buying company at a lower price. So the debt itself (…) even though the amount that people owe is still the same (…) the people who own the debt can sell it for less and less money.”
Michael continued: “So I was able to set up a company and, for £100,000 of my own money, buy £1 million worth of debt cause it had come down in value like that because they find like … they don’t see that there’s as much chance to get the money back or whatever the reason might be. It’s bizarre.”
He later revealed that he “didn’t know” and still doesn’t know the identities of the people whose debt he bought. He shared on the BBC talk show: “I knew where they would live and I knew the kind of debt it was but I would never know who they are and I still don’t know who they are.”
Michael also shared: “The shocking thing is that people have started having to use credit cards, overdrafts to pay for basics. Y’know to pay for necessities rather than luxuries or anything like that. So the debt that I was able to buy included credit card debt, overdrafts, car finance, that kind of stuff.”
Michael Sheen’s Secret Million Pound Giveaway airs at 9pm on Monday, March 10 on Channel 4 and will be available for streaming on its streaming service.
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