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The Nicolas Cage fiscal crisis
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News broke recently that Nicolas Cage is suing his business manager, Samuel J. Levin, for $20 million over ineptitude that caused the star to incur huge tax liabilities and "catastrophic financial losses."
Contributing to Cage's financial woes, the IRS has filed more than $6 million in liens against Cage for back taxes owed from 2002, 2004, and 2007.
Cage took in $40 million between June 2008 and June 2009, according to Forbes, but is now broke.
He is reportedly selling some properties to pay off the debt.
According to the New Orleans Times-Picayune the actor's vintage homes in the French Quarter and Garden District will be sold to the highest bidder next week.
People magazine reports that Cage sold a castle in Germany to one of his advisers.
Also for sale are the star's homes in Bel-Air near Los Angeles, Rhode Island and Las Vegas.
It seems to be a common occurrence for celebrities to sue their business managers.
But the business manager in this case is sure to cite an article in the Daily Beast that summarizes some of Cage’s purchases.
The actor has acquired a second castle in Bath , England, two yachts, a Gulfstream jet, two islands in the Bahamas, a $500,000 Lamborghini confiscated from the Shah of Iran, a $276,000 dinosaur skull, at least 18 motorcycles and 30 cars, a few purebred dogs, rare birds, and a variety of lizards and snakes, including two albino King Cobras. He also has purchased an octopus.
Maybe there’s a lesson in this for our nation’s fiscal policy: Spend what you make.
Now that’s what you call a ‘National Treasure.’
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