Inside The debt-Ridden Nicolas Cage's money pit

[singular_me]

I am throwing this into, just for entertainment purpose...

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Inside Nicolas Cage's money pit

The debt-ridden star lost his $11 million mansion to foreclosure, but the bank can't even sell it

http://money.cnn.com/galleries/2010/real_estate/1004/gallery.nicolas_cage_house/index.html

[sunshine05]

Beautiful home, love the woodwork. What the heck happened to him?! How stupid that he went broke.

[Black Blade]

Beautiful home, love the woodwork. What the heck happened to him?! How stupid that he went broke.


On July 14, 2009, the Internal Revenue Service filed documents in New Orleans in connection with a federal tax lien against property owned by Cage in Louisiana, concerning unpaid federal taxes. The IRS alleges that Cage failed to pay over $6.2 million in federal income tax for the year 2007. In addition, the Internal Revenue Service has another lien for more than $350,000 in unpaid taxes dating from 2002 to 2004. Cage filed a $20 million lawsuit on October 16, 2009, against his business manager, Samuel J. Levin, alleging negligence and fraud. The lawsuit states that Levin "had failed to pay taxes when they were due and had placed [Cage] in speculative and risky real estate investments 'resulting in (the actor) suffering catastrophic losses'."

Samuel Levin filled a counter-complaint and responded the lawsuit in a filling stating that he warned Cage that he was living beyond his means and urged him to spend less. Levin's filling states that "instead of listening to Levin, cross-defendant Coppola spent most of his free time shopping for high ticket purchases, and wound up with 15 personal residences", Levin's complaint continued: "Likewise, Levin advised Coppola against buying a Gulfstream jet, against buying and owning a flotilla of yachts, against buying and owning a squadron of Rolls Royces, against buying millions of dollars in jewelry and art."

In his filling Levin says that in 2007 Cage's "shopping spree entailed the purchase of three additional residences at a total cost of more than $33 million; the purchase of 22 automobiles (including 9 Rolls Royces); 12 purchases of expensive jewelry; and 47 purchases of artwork and exotic items." One of those exotic items was a dinosaur skull of a Tarbosaurus for which Nicolas Cage paid $276,000 in an auction after winning a bidding contest against Leonardo DiCaprio.

[MarketNeutral]

Another view:

http://i26.tinypic.com/v6rldw.jpg

Featured in his movie National Treasure.

[steveoc]

Considering how much he (just like any other of hundreds of actors) has heroically contributed to society and the advancement of the the human race .... is it any wonder he has 'made' so much money ?

Imagine what a fantastic place the world would be if everyone was a famous actor on the big screen ? We would all be fabulously rich with how much money we were 'making'.