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 Jesus

High Rank Vote down Vote up Report this

And you were named after a bottle of booze.

Thursday 05 November

By Adam

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Of course everyone has their own opinion on how he should have spent his money...... but it was his money and he earned it. He had the opportunity to spend it anyway he liked. Not many will ever get that chance. Many people are jealous because they have not and most likely will never have that much money. Give the guy a break!!

By Wiggles

This is so obcene- even Trump doesn't own all this and he has way more money than Cage. I have always thought Cage was a freak- What is in the world did he do to earn all that money> He hasn't had a hit movie in years. I don't feel sorry for him at all.

By wendy

Highest Rank Vote down Vote up Report this

Why is everyone berating Nicholas Cage. He was in some huge movies like Con Air, The Rock, National Treasure, let him buy what he wants. It isn't like he is asking for a bail out from the government. Also, I am sure the houses were an investment, up until this real estate bubble bust real estate was a sure thing to invest in. Likewise, though iam sure he enjoys them, the comic books were also an investment.

As for charity, he doesn't have to give anything to charity if he doesn't want, but he does, so don't pick apart his donation. How many celebrities haven't given a dime to charities?

By earlymusicus

Cage's overconsumption is sickening and sadly, it's the norm in America, the land of overconsumption. Hollywood people take overconsumption to extremes but they are not the only ones guilty of overconsumption. Look at the average working-person who wins big on the lottery: so many of them blow the money on giant houses, expensive sports cars, full-length fur coats and other assorted nonsense; in a short while, they are broke.

I wonder how much these ultra-rich people would give to charity if they didn't get a big tax write-off in return and have their names in the papers. My guess is zip.

By harry the viking

all those stars alike, arn't they ? You know Liz Talor, Michael Jackson, assorted rappers=its their business, they are entertainers, they are hard wired stupid with money. Friend of mine likes Nick Cage, I wonder why. the guy has nothing to offer-but normal people think he's great, I can't understand it but let it happen.

By cuckoohauler

He's no different than most Americans - Make a buck then spend two!

By JG

He has no one to blame for this but himself. These lawsuits are frivilous.

By Rich

So many jealous people here... who cares how much money he earned or how much he lost? He made alot, spent alot, enjoyed himself... so what! As for charity... who knows how much he really gave! Maybe the $1-$2 million they mention here is only the tip of the iceberg. And if that's all he gave, its still in the millions! I just bought myself a new Mercedes 350 convertible... I work hard and I earned it! But yet I have neighbors and acquaintances who can't pass up the opportunity to make some jealous comment. I don't give a sh*t what they think... its nobody's business how he (or I) or anyone spends their own money. If ya got it, GREAT! If not... too bad. That's how it goes.

By MIKE ZVIRBLIS

WE GIVE CELEBRITIES TOO MUCH MONEY.

By mckalk

We feed the fire. We pay the movie ticket prices and buy the DVD's. Stop going to movies until prices come down, stop being obsessed with celebrity.

By Tom

A fool and his money is soon parted

By Ms...Princess

Not just a kind heart, he gave money to charity for a tax write off. All humans are greedy, not just the stars. Look at all of the foreclosed homes in your neighborhood! Maybe he needs to focus on some better roles in the future. His recent films have been terrible, and I have always liked him as an actor. Has he had his day?

By johnlinzer

Be prepared for a new round of Obama bailouts for these Hollywood types.

By Woody

And don't forget one of his big items he put in his collecton -- Lisa Marie Presley. But he wound up tiring of that, too, and took a loss. Wasn't interested in Lisa, but rather the novelty of marrying Elvis's daughter.

By MATT NYC

1) as the saying goes: "YOU CAN'T TAKE IT WITH YOU".

2)another fave saying: "IF YOU DON'T GO FIRST CLASS, YOUR HEIRS WILL..." (so don't leave it for the brats, either)

By Laughing at Idiots

Mr. Cage You need to seek reality.
The church is looking for volunteers.
While you blew Millions there are less fortunate individuals that do not have a roof over their head and food in their belly.
Instead of feeling sorry for yourself. Do Something Man. Make sure it's the right thing.

By Rose

How did this man get so rich? His acting is not good? He is one of the many actors and actresses that are way overpaid apparently

By Tammy

Nicolas Cage isn't any different than the average American who is in debt, he just earns more, therefore, he spends more and has more debt. Most Americans are in just as much debt as Nicolas is when you compare how much they make with how much they spend. It was his money to do what he wanted and who are any of us to judge him for it? That said, I don't feel sorry for him or anyone else who gets themselves into so much debt that they end up getting foreclosed on or having to declare bankruptcy. He should have known better and been more financially responsible. Finances aren't complicated, you can't spend more than you make and if you're really smart, you'll also put some aside for a rainy day. It's that simple.

By Napoleon Ballsack

Cage is the height of douchebaggery, however the joke's on us because that guy shouldn't even be a movie star. HE DOES NOT HAVE THE LOOKS FOR A LEADING MAN. At best, Cage should have been a character actor, maybe the evil gangster or the loopy sidekick. But he does not have the chops to be above the title. In Moonstruck, it worked because he was young and the part called for him to be goofy, then his acting went downhill fast. These recent roles where he is the heroic adventurer should be going to a younger man who is better looking and who can act. The fact that he got all that money is our fault because we went to those crappy recent movies. Oh, and marrying that Asian beauty school dropout shows borderline insanity

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