I’m not a lawyer, and don’t know what jurisdiction you are talking about, which celebrity you’re talking about (alive/dead/long dead, where do/did they live), etc, but I think the model copyright will be yours, but you will be restricted as to where you can use it because others have the right to make money with its looks.

Law works similar with copies of physical objects. For example, you are free to make a 100% copy of an iPhone, the Mona Lisa or a pop song and enjoy them at home, but you can’t display them in public or sell copies, or even give them away (did I say I’m not a lawyer?)