The Walk the Line star had to pay $220 to his friend, actor Ryan Phillippe, who had previously bet him that he would take home the coveted award. Phillippe is the husband of actress Reese Witherspoon, who co-starred in the film with Phoenix. Witherspoon won the award for Best Actress for the same film.
Phoenix explained how he lost his money, "He (Phillippe) bet me that I would win and I said, ‘No way.’ I bet him whatever I had in my pocket, which was $220."