The Mirror, Mirror actor's father is businessman Michael Armand Hammer, who owns Knoedler Publishing and film and television company Armand Hammer Productions.
His great-grandfather was Occidental Petroleum chairman and philanthropist Armand Hammer.
When the Chicago Sun-Times mentioned that Hammer didn't seem to take "many short-cuts" in his career as an actor, he replied: "That's because when I decided to do this and decided to get into it, I had to give up one of those things that you mentioned, which was being rich."
The 25-year-old actor confessed that his parents "for all intents and purposes" "disowned him" because of his choice to get into acting.
Hammer revealed: "It was a very difficult decision for my parents to accept, for me to drop out of high school to start acting.
"They thought, 'You're dropping out of high school? No Hammer man has even dropped out of college without getting an MBA or a PhD', or this and that. They wanted me to go to Columbia. That was the goal.
"'You're going to go to Columbia! There's a building there!' 'No, I'm really not. Sorry. I'm glad that works for you but I've got to do this'."
Hammer got his big break in 2010 in The Social Network, and he also acted in Clint Eastwood's J Edgar.
Mirror, Mirror arrives at cinemas today (March 30) in the US and April 2 in the UK.
Watch the trailer of Mirror, Mirror below: