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Tuesday, November 03, 2009

Nicolas Cage Broke

Nicolas Cage is broke. The 45-year-old actor claims his manager, Samuel Levin, mismanaged his money and sent "Cage down a path to financial ruin." To pay his debts, Cage has been selling his real estate assets, including a Bavarian castle and homes in New Orleans, Las Vegas, and California. Despite his stardom, he isn't immune from foreclosure: Regions Bank foreclosed on one of his homes after he failed to pay $5.5 million in mortgage debt.

Cage apparently lost more than $20 million since taking on Levin as his business manager in 2001. He 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 now owes $6 million to the IRS and is in hock to East West Bank for a $2 million loan.

Upcoming movies featuring Nicolas Cage include "Bad Lieutenant: Port of Call New Orleans", "Season of the Witch", and "Kick-Ass." He reportedly makes $20 million a movie.

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