Despite being able to command about $20 million a movie, actor Nicolas Cage is in serious money trouble.
The actor’s New Orleans homes, each valued at about $3.5 million, are hitting the auction block on November 12th, NOLA.com reports. The homes had about $5.5 million in unpaid mortgage debt on them, the site said.
So what happened? Cage believes his former business manager had something to do with it. The actor is suing Samuel Levin for leading him “down a path toward financial ruin,” according to TMZ.com. Cage asked for $20 million in damages in the lawsuit.
Cage alleges that his manager 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 and is now trying to sell off many of his real estate holdings, including his castle in England and a home in Hollywood.
“Levin placed Cage in numerous highly speculative and risky real estate investments, resulting in Cage suffering catastrophic losses,” the lawsuit, filed in L.A. Superior Court, claims. The lawsuit also alleges that Levin was not upfront with Cage about the actor’s real financial situation.
Cage also alleges that Levin “grossly” overcharged him for his services.
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