Did he just pocket the money?

At the end of the movie, it says that he was left 50,000 dollars to make Northwestern. It's nearly 20 years later, and he still hasn't done it. So what, did he just take that money and spend it on booze? I don't see any other projects being put out by him. There's apparently some film called Scare Me that IMDB says is being filmed, but I've read that it's been "filmed" for the past five years or so, and I'm pretty sure that was an older post that said that.