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)

Saturday 07 November

By David

Vote down Vote up Report this

Lol, I know right.

By billy

Democrat ...Republican ...RUBBISH!!!!!it doesnt matter!!!!!It is a bunch of horse dung.Rich folks by and large are greedy misers and tightwad sob's...
i loathe the no good greedy self centered egomaniacs.
The good ones like Bono are made fun of...and the low lifes admired????Get frigging real.
To hell with the greedy rich!!!!!!!

By Al Schrader

This one is easy. Sell off half of the houses and cars. Pay-off the IRS. "Read" for another movie & make 10 million more. There you are Nicky, and no charge for the advice. Al.

By katydid579

Low Ranked Vote down Vote up Report this

I understand cage is a repuke, which explains why he only gave a few paltry million to charity and blows the rest on needless crap.

By Judiann

Highest Rank Vote down Vote up Report this

It's his money, he can spend it how he likes. He has no obligation to give any money to charities - that is why it is called a donation. If you think he is over paid, then don't go to his movies. I say good for him for enjoying the things money can buy - that is why he does what he does so HE can have fun and live life like he wants. I don't expect anyone to tell me how to spend my money and I don't tell them how to spend theirs NOR do I expect anyone to support me or my cause.

By JJ

High Rank Vote down Vote up Report this

Everyone has valid points here but i think the most valid id have to agree with is this...He's a great actor, actually more than that...Yeah he has expensive tastes and buys weird stuff and hella houses and cars...I mean cmon a dinosaur head that dicaprio wanted to lol, he made his money and the guy can spend it on whatever he wants, the economy hit actors just like it did everyone else...If I was as rich as the guy I'd prolly collect dumb things to just because...I mean he did make it and it is his money, you gotta give him credit for givin any of it away to charity, not like they use it for doing any good anyway...Mr cage I give you credit for throwin a party like that and I do wish to see you in a movie soon

Thursday 05 November

By RoseBud420

Two (2) albino King Cobras??? Shows the stupidity of this man (with small children).

By Shay

I think Nick Cage is awesome. I have always liked his movies. I don't know him as a person so I will not judge him. I know if I came into alot of money I am sure I would buy alot of stupid useless things I didn't need. I am also sure he has taken care of people in his family that needed to be. like I said I don't know him but he comes across as a nice person so stress yourself out over someone elses life if you feel the need, I will continue to be envious and watch his movies.

By jparker1167

rose, you call him stupid for having 2 king cobras. since large dogs kill more people each year then snakes are you calling owners of large dogs stupid also? i keep snakes and have never seen or heard of any albino king cobras. my guess is they were albino monocle cobras, but king cobras sounds better for a news story. its his money who cares what he does with it. he made it he can spend it on wat he wasnts. why would any of you care what he spends it on.

By Rich

There are few Hollywood types who are any better than trash and I have always considered this one to be at the bottom of the dumpster. Yet, people like him are trying to tell everyone else how to live.

By Dana

I just love how you think you know this man because of what you see and read in the tabloids. You're an idiot.

By Joe

When has he ever told anyone how to live?? All you wing-nuts blasting Hollywood, How much did your boy Rush or Beck give??

By rann948

How many multi-million dollar homes does one puny actor need anyway? And people get upset at CEO's for crying out loud.

By joe

Yea but actors don't steal hard working peoples money, If you don't like the movie don't go see it!

By cheryl mcqueen

Lowest Rank Vote down Vote up Report this

Yes, I agree I'm waiting for Obama to set limits on actors & actresses salaries & oh yes sports figures also since they all make as much or more than CEO's & all they have to do is have a little talent although most have very little talent but big egos!

By Marshall

To be really honest,only two houses.One to live in,
one to use for apartments or for rental income.An
average person has only one house or two. What really
baffles me about these celebs is their wasteful
spending habits and then they can't pay their taxes
that they owe. Something really wrong with this
picture.

By Geoff

There's no reference to his inability to pay $6 mil in taxes, only that he's suing his business manager for not paying them. He probably gets $25 mil plus per movie, no big deal. Willie Nelson owed the IRS $14 mil and paid them off after one road tour.

It's obvious that he can't sell his property in New Orleans, so it's going on the block. At least he will be rid of the houses, even at a loss.

Nick Cage has assets that compare with those of Tom Cruise and Tom Hanks. Think about it people. #2,000 for a snack is no biggie. He made every nickle and enjoys spending it. Kudos, Mr. Cage!

By wild irish rose

Marshall, I agree with everything you said except the bit about average people owning one or TWO homes. I'm an average person who knows a lot of average people, and no one I know has a second home. In this economy, a lot of the people I know are fighting to pay the mortgage on their first and ONLY home.

By K

You forgot to mention all the money he's spent turning himself into a wax figure

By lISA

IT'S HIS MONEY. HE EARNED IT. HE CAN DO WHAT EVER HE WANTS WITH IT. JEALOUSY IS A TERRIBLE TRAIT PEOPLE.

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