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Nicolas Cage Facing Real Estate Liquidation

This post was written by jd on October 20, 2009
Posted Under: Real Estate

nicolas-cage

Nicolas Cage, one of my favorite actors, is facing a real estate liquidation sale, having to sell properties he owns all over the world. He has made millions of dollars over a long career, however, he claims his business manager has sent him “down a path toward financial ruin”.

Cage has filed a lawsuit in Los Angles against business manager Samuel Leven. In his lawsuit, Cage states that Leven was so reckless and incompetent with his money that he has been forced to sell off major assets and investments and is face with gigantic tax liabilities.

Cage claimed that his recently-fired business manager had failed to pay taxes when they were due and had placed him in speculative and risky real estate investments “resulting in (the actor) suffering catastrophic losses.”

In the lawsuit filed in Los Angeles Superior Court and first obtained by celebrity web site TMZ.com , Cage said he had now been forced to “sell major assets and investments at a significant loss” because of the actions of his business advisor and accountant over the past seven years

Consequently, Cage has had to unload two properties in Bath, England, a Bavarian castle he owned in Germany, houses in New York, Las Vegas and California, and his 132-foot yacht.

Cage put his Gray Craig castle in Middletown, R.I., on the market a year ago for $15.7 million but has recently reduced the asking price to something in the neighborhood of $12 million.

The lawsuit said the advisor had also failed to alert Cage to the fact that his money was running out, and had over-extended his lines of credit with banks.

Cage, 45, is one of Hollywood’s most prolific actors with more than 50 movies to his name, including an Oscar-winning role as an alcoholic in “Leaving Las Vegas” and action movies such as “Face/Off” and “Gone in Sixty Seconds”.

Cage earned some $40 million last year according to Forbes .com

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