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Nicolas Cage compulsive buying habits - is that partly why he's broke?
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Nicolas Cage
In October it was reported that Nicolas Cage is broke. In fact, Cage has filed a $20 million lawsuit against his ex-manager, Samuel Levin. He’s accused Levin of negligence and fraud and stated that he’s been “led down a path toward financial ruin.”
But perhaps Cage helped to put himself in this situation. According to several reports in The Daily Beast and The Hollywood Reporter, Cage has been a compulsive shopper for decades.
A few of the items Cage indulged in included a jet, a castle, over 50 cars, two islands in the Bahamas, a $500k Lamborghini once owned by the Shah of Iran, a dinosaur skull that he paid $276,000 for in a bidding auction war with Leonardo DiCaprio, and several yachts.
However, Cage’s lawyer, Martin Singer told The Daily Beast “Half the stuff you say is false. I’m not going to get into detail,” thus, how much of the aforementioned is true or false can’t be determined.
In October, Perez Hilton claimed that Cage is selling his “haunted” mansion in New Orleans in addition to his $35 million mansion in Hollywood. Additionally, Hilton said that Cage did not pay his 2007 federal income tax on the home in New Orleans which is worth $3.55 million.
Additionally, a lien has been filed by the IRS for $6,257,005 for unpaid federal income tax.
Cage just recently fired his ex-manager of seven years. He claims that Levin did not tell him that he was running out of money and that his credit had already been over-extended.
Celebrity website TMZ.com stated that Cage has been forced to “sell major assets and investments at a significant loss”. This is due to Levin not paying Cage’s taxes when they were due. Additionally, Cage stated that Levin had made speculative and shaky real estate investments.
According to Cage, Levin’s actions resulted in Cage “suffering catastrophic losses.” Additionally, Cage feels that his reputation has been “irreparably tarnished”.
Cage, however, has a generous side including giving $1 million to the Red Cross for victims of Hurricane Katrina, and $2 million to Amnesty International.
Sources: http://movies.yahoo.com/feature/movie-talk-nicolas-cage-spending.html, http://celebrifi.com/gossip/Is-Nicolas-Cage-Going-Broke-267872.html, http://omg.yahoo.com/news/nicolas-cage-sues-ex-manager-for-financial-ruin/29673?nc , http://perezhilton.com/2009-08-02-broke-nicolas-cage-dumping-homes-owes-the-government-millions
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