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