If you thought commanding $20 million a movie would leave you set for life, or at least able to pay the mortgage, Nicolas Cage is broke and totally proving you wrong!
Cage is rumored to have no more National Treasure ... or something. Moreover, the guy actually owes $6.3 million in back taxes, which he blames on his manager.
In a lawsuit against on October 16, he alleges that business manager Samuel J. Levin “lined his [own] pockets with several million dollars in management fees."
All the while, Nicolas Cage was headed "down a path toward financial ruin." The actor is said to have hired Levin in 2001 to oversee investments and finances.
Apparently he didn't do a very good job.
Broke, Nicolas Cage has been forced to unload a bunch of mansions.
The lawsuit further alleges that due to Levin sucking, "[Cage] is now forced to sell major assets and investments at a significant loss and is faced with huge tax liabilities because of this incompetence, misrepresentations and recklessness.”
Of course, he is not without some blame. Cage has begun selling his possessions, such as his Bavarian castle and homes in California, Las Vegas and New Orleans.
That's gotta be tough. How many houses does a single individual need? Seriously, at a certain point you ought to consider high-yield mutual funds or something.
Broke Nicolas Cage is asking for $20 million in damages.
Share
23 Comments
November 3rd, 2009 4:34 PM
Poor guy...you should never let your money mangement group work unchecked...anyone with a penny knows this
November 3rd, 2009 4:56 PM
aww, how sad.
now he only owns three mansions.
:P
November 3rd, 2009 6:04 PM
bwaaaaaaaaaaaaa hahahahahahahahahahahahahaha, good for the spoiled sob. He woulda been pumping gas if we wasn't in movies.
November 3rd, 2009 6:33 PM
I don't feel sorry for him at all
November 3rd, 2009 7:03 PM
Anyone with wealth needs to keep an eye on their money. I trusted a well known firm to manage my inheritance until I noticed their fees and charges were making more money for them than for me.
I fired those scoundrels and moved my inheritance to a wealth management firm where my financial representative understands that he will not buy, sell, redeem, exchange, or transfer any assets without my consent. Things have been going smoothly for twelve years and I know where my money is and what it's being used for.
Johnny Ham
November 3rd, 2009 7:10 PM
Awww, "poor" baby! Suck it up cupcake and join the rest of us regular people having hardships today.
November 3rd, 2009 7:37 PM
Nick- being broke doesn't make me, you, or anyone else have more money- so why be bitter? Until you have a lot of money it is difficult to speculate how you would manage it. Sitting here with little we can critize Nick for spending too much- but who knows if we wouldn't have done the same given the same opportunity and circumstances? If he is guilty of anything it is being too trusting of his manager.
November 3rd, 2009 7:54 PM
never put all ur apples in one pot and hes a terrible actor terrible i dont feel sorry 4 him at all im suprised hes still and actor his only good movie was raising arizona!!!!
November 3rd, 2009 8:34 PM
Mr. Cage is an awesome actor. (period.) He will make a huge comeback and will be able to retire way before anyone on this page. I agree with "RealDeal", in that he simply trusted the wrong people and that he would be better served to diversify. God bless you Nicolas...I loved you in Angels.
November 3rd, 2009 8:38 PM
Same thing happened to my parents business. Much less though.....only $750,000 (embezelment) Their trusted bookkeeper of 12 years got only 6 months in jail proving once again its o.k to steal if you don't mind 3 squares a day and a 6 month paid vacation. $750,000 for 6 months of inconvience what a deal. My parents life savings wiped out just like that. Its ok though, their only 67 years old with high blood pressure and heart disease....they'll be alright. As for Nic, I feel for the guy and I think he's an excellent actor. Don't be jealous people, just because he has made it and you haven't. A couple of movies and Nic will be broke no more. Probably come out of this stronger then ever but less trusting. Bottom line........ DON'T TRUST ANYONE and watch your checks and balances.