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 nancy wahl

Vote down Vote up Report this

About Jay Leno. Two things. 1. Was that really him doing that far out rap dance thing the other night?
2. He must bring back the Jay Leno Walking.

By Miley007

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I don't get how Nic could be so careless, especially with money (let's not mention the other). Doesn't he know the golden rule: One can only rely on oneself? Blame is such a "great" tactic in American society. When are we going to take responsibility for ourselves? I think he should quit acting and become a priest. "I've got the brains, you've got the looks... lets make lots of money!"

By john k

Sure I would love to have the things he has but I refuse to cry and carry the green eyed monster envy if your healthy and not homeless hungrey or cold, and your not visiting any family menmber in the hospital remember you can always look up and be envious, but once and a while take a look down and see how lucky you really are. How would you like to be doing time and did not do the crime.. nuff said

By tubad1980

No worries. He can just make some more terrible movies and buy it all back....Ghost Rider 2 anyone?

By kerry

and people will keep on supporting mr cage financially by seeing his movies and buying them

By aaron

All those chastizing Cage for his oppulant lifestyle. What about your elected representatives. NOW THAT'S WASTE. And I am certain that most of you bleeding hearts votes for OBAMA and his team, Pelosi, Reid, Frank and the other bastards wasting our money, resources, etc. I'm glad Cage spent his before OBAMA & COMPANY could spend it. To the IRS, screw you and the $6 million you will never see from Cage.

By Pete

Hw needs to go on the Suze Orman show.

By Marcus

Yes, it's his money, and he has the right to enjoy and spend it however he likes. But for those of us who struggle to make ends meet and take care of our family's, it seems immoral to have not done more with the money then he has. Maybe even save a little, instead of just flushing it away?

By racendirt

Big money, big troubles. Had he let one house go it would be settled. Once your property's attached the troubles are many. How many celebrities paid the hard way. Redd Foxx, Sammy Davis went through the wringer. You have to wonder if the ones managing the money were on the take or just unreliable. Either way, what's owed is compounded by the fines and that's never fun.

By alybaly

It is gratifying to see how many of the Liberal Dumbocrat hollywood stars are making and blowing fortunes, just like our Obama led government, yet claim that other real businessmen are making too much. Go figure. No tears shed for any of them. Send him to prison along with all the other tax cheats.

By doress

Better yet, don't spend your money in expensive movie theaters getting tempted by expensive pop corn, when you wait a little you can make your own pop corn for a bux and see the same movie at home for 9.90 or even 6.50 or even less if you borrow it for 2 days.

By richard rafael

too much money and too much free time. and very little brains or common sense. i hope this idiocy really stings. bernie madoff needs a cellmate

By Carol Dye

Wait, just a moment....I had to wipe the tears from my eyes for Mr. Cage. A dose of reality for Mr. Spendthrift is in order I guess.

By LMS38

He should own up to his mistakes and take responsibility for his own actions. Blaming someone else for his financial mess puts him at the top of my vomit list.

By solomeeo

My husband is like that. He is really good when we are on a budget. But if we have extra money, he can't save it. Wears a whole in his pocket every time!!

I don't know how politics always works it's way into every subject but in response: Obama's trying to pay off the extravagant spending of the Republican'ts. With eight years to do it Bush left us in an unjustified war and a bill that'll take decades to pay off. And none of this has anything to do with Nicholas Cage's woes.

By JD

And he's doing that by tripling the deficit. You need to get into a remedial arithmetic class.

By MBIGGYD

As long as it was his money he had a right to spend it any way he wanted. Unfortunately, if he had to declare bankruptcy, the money wasn't all his. Theoretically, if he owes back taxes, some of the money he blew was ours.

By Eve

To all who type in caps: No one reads your posts. Who are you to yell at us? Plus it is too hard to read. Rude people.

By mbonhamwolv

It sounds like Mr. Cage is living beyond his means. Now he has to lie down in the bed he made. It's nobody's fault except his. No sympathy here.

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