Nicolas Cage, a regular on the Forbes 100 richest celebrity list is broke, even after earning more than $40 million from June 2008 to June 2009 according to Forbes. In recent reports Cage owes $6.6 million in unpaid back taxes to the IRS, while his homes in New Orleans have been placed in foreclosure.
TMZ is reporting that the National Treasure star may have fell into financial ruin based on highly speculative financial practices his financial manager Samuel Levin place him in. Cage has filed a civil case asking for a minimum of $20 million from his manager for sending him ”down a path toward financial ruin.”
Due to those circumstances Cage is selling his French Quarter and Garden District homes in an auction set for next week after a local lender foreclosed on the homes for unpaid mortgage debts. Cage has also sold his Bavarian Castle and his mock-Gothic castle in England. Both of which were sold at a significant loss. He’s also said to be selling his $10 million mansion in Sin City, a home in Bel-Air and a Rhode Island Residence, each of which should grab up to $12 million.
Cage is also being sued for $2 million for failing to fulfill his obligations on debt owed on a bank loan.
Of course he’s not blaming any of this on himself, but rather on Levin’s ” incompetence, misrepresentations and recklessness” on his behalf. I’d shed a tear for him if he wasn’t selling nearly 10 homes, some of which are castles and mega mansions, there’s no one to blame for those financial nightmares other than himself.
His next court hearing is set for February 2010.
