Nicolas Cage Broke!!! WTF! Path To Financial Ruin: THE INSIDE STORY

Nicolas Cage Broke!!! WTF! Path To Financial Ruin: THE INSIDE STORY
How could one of Hollywood's highest paid actors find himself owing $6.3 million in back taxes and deep in money troubles? The answer is, "Easy," if you believe Nicolas Cage.

In a lawsuit filed Oct. 16 in Los Angeles, the National Treasure star, 45, claims that his longtime business manager, Samuel J. Levin, "lined his [own] pockets with several million dollars in business management fees while sending Cage down a path toward financial ruin."

That journey began in 2001 when Cage whose next movie is the crime drama Bad Lieutenant: Port of Call New Orleans hired Levin to oversee his investments and finances. Levin did not return calls seeking comment. A rep for Cage had no comment.


On The Market
Though Cage claims it was only recently that he learned the gravity of his financial condition, the actor started selling off some of his prized possessions months ago. In April, Cage bid farewell to his Bavarian castle, selling it to his German advisor, lawyer Konrad Wilfurth. Now, he has placed other homes on the market in California, Las Vegas and New Orleans, where two of his residences each worth at about $3.5 million are up for auction Nov. 12, according to the that city's Times-Picayune. Regions Bank foreclosed on Hancock Park Real Estate Co., the owner of Cage's properties, for $5.5 million in unpaid mortgage debts, the newspaper reported.

Tax Trouble
Cage's home liquidation comes as the U.S. government has placed a tax lien on his real-estate holdings because of $6 million in unpaid taxes dating from 2007, according to court papers. In addition, the Internal Revenue Service has another lien for more than $350,000 in unpaid taxes dating from 2002 to 2004.

East West Bank also filed a breach-of-contract complaint in Los Angeles Superior Court that claims Cage had failed to repay a $2 million loan that was extended this past August.


In the lawsuit filed against his business manager, Cage says he "relied on Levin to handle his financial affairs to ensure that he and his family would have a financially secure future built on the foundation of the substantial monies Cage earned through years of hard work."

"He is now forced to sell major assets and investments at a significant loss and is faced with huge tax liabilities because of Levin's incompetence, misrepresentations and recklessness," the lawsuit alleges.(Interestingly, Cage sold off his rare comic-book collection for more than $1.6 million in 2002, a year after hiring Levin.)

Now as the actor gets ready to hit the big screen again this fall, he faces "catastrophic losses" of more than $20 million, according to his lawsuit. His next court hearing is scheduled for February 2010.

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[simonique0618]

I'm glad.now he knows how everyone else is feeling.

[hitcreatormusic]

lol

[suzyaussie]

who cares

[hitcreatormusic]

thanks for your comment. I just thought Ide share this story with people who are true fans of his movies.

[RESET1776]

LMAO, when you fail to pay uncle sam on millions of dollars in income. Then buy mansions stocked with exotic car collections in every state you think is kinda cool..... Well, it's gona catch up with you sooner or later.

[hitcreatormusic]

thanks for your comment. Reset

[ImOfNope]

CAGE IS BROKE??!

I'm so going to sleep good tonight.

[MissCeo3000]

Why is everyone on here trying to blame other races? Cage is a white man who lost everything on his own. You white people are ridiculous your the ones given everything in this society and then you act dumb enough to lose it. Now all you minimum wage white trash are trying to blame something that's a white man's fault on Native Americans, Blacks and Asians. Just face it your a crummy race and your proving it by your comments and you'll probably live in trailer parks for the rest of your life.

[MissCeo3000]

That's what you get when your only worth 16 million but you buy a 35 million dollar house (along with other homes including castles) and have over fifty half million dollar cars. It doesn't matter what he says his manager did to him he didn't have money to be stolen in the first place.

[Omygawg]

I saw nicholas Cage TODAY In Louisiana (Sorry if i spelled it wrong) It was awesome

[reempire888]

@reempire888 ...low class...ah, let me guess...you're from Alabama?

[IauthenticI]

@reempire888

Keep sucking cock mother fucker and don't butt in, especially after a fucking year ya douchebag.

[reempire888]

@IauthenticI what about asians you're fucking redneck!

[HarlequinHelen]

national treasure....hhmmmm

[islotv1]

Its because all his money got stolen in Matchstick Men

[MsMJDefender]

The only reason he is broke is cause he doesn't make enough movies. He is SO NOT the best actor out there and most of his movies are STUPID and LAME. The only good movie I think he ever did was the one with Angelina Jolie, even though I haven't seen it. But I'm sure that Angelina's performance was better than his. I don't think anyone cares if the guy is broke. I know I don't. He is not a notable actor or the best actor. That's why he's broke. No one wants to cast him!!!!