Nicolas Cage's Financial Problems Linked to His Lavish Spending Habits?

By PopEater Staff Posted Nov 5th 2009 11:50AM

Nicolas Cage filed a $20 million lawsuit against his former business manager Samuel J. Levin alleging that he was reckless with his money, including doing such things as not paying taxes, which is the reason Cage now owes more than $6 million in unpaid taxes. While Cage blames mismanagement for his financial ruin, The Daily Beast is showing another perspective, revealing the actor purchased more than a dozen houses, two islands, dinosaur skulls, shrunken heads and at least 50 cars. "[He] spent money like it was water," a source said. Let's break down the actor's alleged spending habits. >>

Property - Cage has bought houses in places like Newport Beach, Venice Beach, Malibu, San Francisco, Middletown, Rhode Island, New York, and Las Vegas. He even owned a castle near Bath, England, an 11th-century estate in Etzelwang, Germany and two Bahamian islands.

Cage's primary residence was the 1940 Bel Air mansion with eight bedrooms, a theater, wine cellar, and a library. But he put it on the market a few years back for more than $30 million. A source close to the sale says it went for less than $15 million. Cage's two mansions in New Orleans have been foreclosed upon and will be auctioned off later this month. The first, a 13,000-square-foot, six-bedroom house in the Garden District, was originally put on the market for a reported $3.45 million. The second, on Royal Street in the French Quarter, went on sale for $3.5 million.

Pictured above is Cage's 1940 Bel Air mansion.

Get The Full Story at The Daily Beast

Bel Air Christmas party - According to The Daily Beast, "The Christmas party in the tent at Nicolas Cage's mansion was a major to-do. The pool was covered up. Blocks of ice were brought in and carved into a buffet table, from which an extravagant array of shellfish was served. A production crew blew fake snow. There were enormous nutcracker men, 8- to 10-feet-tall, out by the gate in front of the house. Lighting specialists came by and illuminated Cage's favorite cars, which sat on display in the driveway. Guests at the December 2003 event included Hugh Hefner and Jay Leno, who later called it the greatest Christmas party he'd ever been to."

Charity - In 2005, Cage gave $1 million to the Red Cross to aid victims of Hurricane Katrina. In 2006, Amnesty International announced that Cage was giving the organization $2 million.

Cars - In June 2004, he owned 18 motorcycles and 30 cars including "Ferraris, Lamborghinis, Rolls Royces, Bentleys," The Daily Beast reports. At another point, two sources say, Cage's car total was around 50. He also spent nearly half a million dollars on a Lamborghini Miura SVJ that had been owned by the shah of Iran. Oh yeah, and he also own at least two yachts and a Gulfstream jet, which goes for anywhere between $45 million and $70 million.

One source said Cage spent over six figures on a Bentley, then sent it to be fitted with custom cabinetry in the back. A TV, stereo, and bar were all put in. The renovation costs totaled more than $50,000, but when it was done, the man for whom the car was spruced up couldn't even fit inside it. "It was a bastard," a person who worked with Cage at the time said. "You couldn't sit in the back unless you're 5'8. He's six-feet. Ultimately, he got rid of it."

Comic Books - Cage was an avid comic-book collector and even owned the most prized, Action Comics #1 (which contained the first appearance of Superman) and Detective Comics 38. In 2002, he sold them all for a reported $1.6 million.

Shrunken heads & skulls - Three people who visited his house reported seeing shrunken heads. Cage also purchased a dinosaur skull in 2007 for $276,000 in a heated auction with Leonardo DiCaprio.

Animals - In addition to a handful of purebred dogs, Cage also had rare birds, lizards and snakes including two albino King Cobras.

Fine dining - One crew member from Cage's 1993 film 'It Could Happen to You' told The Daily Beast that a person was dispatched to caviar hotspot Petrossian in New York to get takeout for the star and a few people on the set. "It was something like $2,000 for a snack," the source said.

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Nicolas Cage Photos

Nicolas Cage at the "Bad Lieutenant: Ports of Call New Orleans" press conference on November 4, 2009 in Beverly Hills. More photos >>

Vera Anderson/WireImage.com

WireImage.com

Nicolas Cage Snapshots

NO TABLOIDS, NO US SALES FOR 90 DAYS, Nicolas Cage at the "Bad Lieutenant: Ports of Call New Orleans" press conference at the Four Seasons Hotel on November 4, 2009 in Beverly Hills, California. "Bad Lieutenant: Ports of Call New Orleans" Press Conference Four Seasons Hotel Beverly Hills, CA United States November 5, 2009 Photo by Vera Anderson/WireImage.com To license this image (17030084), contact WireImage.com

Vera Anderson/WireImage.com

GONE IN 60 SECONDS Nicolas Cage as Memphis Raines

Touchstone Pictures

GONE IN 60 SECONDS Nicolas Cage as Memphis Raines and Robert Duvall as Otto Halliwell

Touchstone Pictures

GONE IN 60 SECONDS Nicolas Cage as Memphis Raines, Christopher Eccleston as Raymond Calitri and Delroy Lindo as Det. Roland Castlebeck

Touchstone Pictures

GONE IN 60 SECONDS Nicolas Cage as Memphis Raines and Angelina Jolie as Sara 'Sway' Wayland

Touchstone Pictures

GONE IN 60 SECONDS Nicolas Cage as Memphis Raines, Giovanni Ribisi as Kip Raines, Angelina Jolie as Sara 'Sway' Wayland, Scott Caan as Tumbler and Vinnie Jones as The Sphinx

Touchstone Pictures

GONE IN 60 SECONDS Nicolas Cage as Memphis Raines, Robert Duvall as Otto Halliwell, Giovanni Ribisi as Kip Raines and Chi McBride as Donny Astricky

Touchstone Pictures

GONE IN 60 SECONDS Nicolas Cage as Memphis Raines, Robert Duvall as Otto Halliwell, Scott Caan as Tumbler, Vinnie Jones as The Sphinx and Chi McBride as Donny Astricky

Touchstone Pictures

GONE IN 60 SECONDS Nicolas Cage as Memphis Raines and Angelina Jolie as Sara 'Sway' Wayland

Touchstone Pictures

GONE IN 60 SECONDS Nicolas Cage as Memphis Raines, Delroy Lindo as Det. Roland Castlebeck and Timothy Olyphant as Detective Drycoff

Touchstone Pictures

Tags: Nicolas Cage, NicolasCage

Comments

(399)

Thursday 05 November

By D

Highest Rank Vote down Vote up Report this

I just crack up when these hollywood actors/actresses lose their money! Although they are vastly overpaid, the media makes such a BIG deal when they give to charity. He gave 1 to 2 million...that's like you and I giving $100.00. Oh my, how philanthropic and generous!

By paymyownway

Lowest Rank Vote down Vote up Report this

Cage became a total freak, when he married an asian waitress and became a hermit. I think Cage is obsessed with DEAD people like John Lennin and Elvis Presley. What a sick bsturd!

By Skippy

Low Ranked Vote down Vote up Report this

D, you are 100% correct. His decadence is absolutely disgusting. All this money and only 1-2 million to charity? How shameful. Im sure his Uncle Frank (Coppola) will bail the self obsessed glutton out.

Saturday 07 November

By Lisa

D, you are a hater. It's obvious. That is worse than only him giving "only" 1 million to charity. You were not put here to judge him or anyone for that matter. I'd rather be him and living in a box
than be hateful and jealous like you.
By the way how much do you give to charity?

Friday 13 November

By Amy Van Cleave

Vote down Vote up Report this

Hey, most movie Star's have EGO, that is his problem. That he signed this Power of attoney , to hiss manager, as Bill Cosby said, you see every bill and sigh every check. So, you know where you're moneies are, he screwed himself.!! That's like geetting my friend to pay my bills and give me allowance, million lesson.

By Landon

Wait...Lisa, are you judging D for judging Cage?

hah you're a hypocrite and were far more harsh. The only difference being that D's argument was a lot more intelligent than yours was.

Judging is judging whether it's positive or negative. The only difference being that you think because you were politically correct you think you're a God's gift to the earth.

grow up.

By Jay Newman

Who gives a Rats-A what he spent his money on ? Doesn`t matter if he has a billion or 10 cents....he made it, he can spend it as he sees fit. An ice castle in a pool for a great party or Mac-D`s with with cash in the bank. Fifty cars, boats, trains, planes....or a VW Beetle Bug.
He is a cool guy, good actor, makes good movies and I~m sure he isn`t losing any sleep over public opininon , or the rags mags tongues have to say .

By Ericsons news

Bad actor 2.
No compassion.

By Sherian

How RIGHT you are. Not one in that industry is living in a real world where people live on the street because they lost their job and home. Bet Hollywood got it's flu shots while the poor don't even have a chance.

By jacko

"TOUCHE"

By Cassandra

Mr. Cage, you do not know how to spend your money wisely. YOU buy to many of the same thing. You do not need the sympathy of your public, what you need is help in how to manage your money and not let others do it for you.

By Taguacipa

HAHAHAHAHAHAHAHAHAHAHAHAHA Maybe Cage can do another Natural Treasure movie in which he serches for where his money went. He can use clues like his comic, dinasaur head and his cars to find the money. What a waste people over spending on junk. If Cage and DiCaprio wanted a dinasaur skull badly I could have dug up one of my dead cats I burried and tell him its a baby dinasaur skull. I could use the money. He could come and pick it up in one of his many cars or his jet. And I'm supose to feel sorry for him how?????

By Bibliophile

Lisa's right -- There are so many idiots here (Oooh, yes, I'm judging them for judging... Got poetic justice?)
---who have the audacity to judge people they don't know.

I'm judging the nasty comment Lisa responded to -- the hate is clear as day. Or the JEALOUSY. "Grow up" indeed --- GET A LIFE OF YOUR OWN, FOLKS!!

BECAUSE HE WAS PERHAPS CHEATED BY HIS BUSINESS MANAGER DOES *NOT MEAN WE SHOULD BE EYEBALLING HIS LEGITIMATE PURCHASES, ETC....

WHO KNOWS how much of this is even accurate.
REGARDLESS ---
NONE OF YOUR/OUR FREAKIN' BUSINESS. END OF STORY.

Dougi -- "Cheap Democrats?"

That's called an "oxymoron" with good reason.

They give of themselves as well as their money, and THEY try to make sure everyone else has enough too.

Stick to the topic, though Cage's donations aren't any of your beeswax either.

By Tex

Unless he has asked you to help him pay his debt to the IRS, his spending habits are none of your business.

By Jerrico

It's sad that you'd compare what he gave to what he makes, sure it's like us giving 100.00 but 2 million dollars does a whole hell of a lot more than 100.00, so it's a dam good gesture. There is no moral law that what you give has to match your income, it's the amount that counts not how much in respect to what you have sheesh, how dense can you get?

Jerrico

By wild irish rose

Tex, where do you think he got all that money? From his adoring public! Granted, people pay to see his movies by choice (what a waste of good money), but his fans contributed to those little $2,000 caviar treats, etc. And don't they all scream "my manager (or whoever) cheated and stole from me" when they get caught. Bad actor, idiot with his money.

By Jan

High Rank Vote down Vote up Report this

Like we should all have his problems !!! Gee, poor baby !!!!!! Yeah, right !

By BODEAN

RUSH LIMBAUGH HAS A RADIO CONTRACT WORTH $400,000,000 AND CAN ONLY MANAGE $500,000 A YEAR TO CHARITY. DOUGI YOU ARE EXACTLY THE TYPE OF DUMBASS THAT PAYS FOR HIS SALARY.DOES THAT MAKE YOU PROUD.