George Clooney Sells Tequila Company For $1 Billion

LOS ANGELES (CBSLA.com) — After starting a tequila company with some of his friends as a hobby, George Clooney is reportedly now selling Casamigos for up to $1 billion.

The alcohol company was started by Clooney and his friends Rande Gerber (Cindy Crawford's husband) and Michael Meldman after Clooney and Gerber shared neighboring properties in Mexico and enjoyed drinking with one another.

In an interview with Business Insider, Gerber stated that "Casamigos really started by accident as far as a company."

"As you do in Mexico, we would drink a lot of tequila. We'd go out to bars and restaurants, and bartenders would recommend them. Some were good, some not so good, and some expensive. There came a point where George turned to me and said, 'Why don't we create one that's perfect for us?'"

The tequila was originally supposed to be for the three founders and some friends, but after ordering too many bottles, the distillery made them get a drink license.

Clooney and his partners will still be involved in the company, and new owner Diageo said it will initially pay $700 million for the tequila, with the potential for another $300 million based on Casamigos' performance over 10 years.

Casamigos is sold in 20 countries.