14 DAY TRIAL // Hollywood A-lister Nicolas Cage, who made an estimated $40 million between June 2008 and June 2009, is in major debt. Court documents reveal he owes the IRS over $6 million in unpaid taxes, while also defaulting on a $2 million loan, as we also reported. Nevertheless, Cage is not bankrupt: he was simply ill advised by his business manager as he claims in documents surfaced on TMZ.
The actor is taking his longtime business manager to court for bringing him on the verge of “financial ruin.” According to the papers just filed in court and posted on the celebrity gossip website / paparazzi agency, Cage was not even aware that he was in so much debt until he was summoned to court. He trusted his business manager altogether, which, together with the fact that he gave him very poor financial counseling throughout the years, put him in the awkward and embarrassing situation he is in now.
Because of this, Cage is suing and asking for a minimum $20 million in damages. “Nicolas Cage, who has made untold millions over a long career, says his business manager has sent him ‘down a path toward financial ruin’ and he wants $20 million minimum to repair the damage. TMZ has obtained a copy of a lawsuit, filed in LA County Superior Court, in which Cage claims Samuel Levin – his business manager – was so reckless and incompetent with his money, that he has now been forced to sell off major assets and investments and is faced with gigantic tax liabilities.” TMZ writes.
“Over a period of seven years, ‘Levin placed Cage in numerous highly speculative and risky real estate investments, resulting in Cage suffering catastrophic losses.’ Cage also claims Levin failed to pay taxes when they were due. As TMZ first reported, the IRS has filed liens against the actor for more than $6 million in back taxes.” the same e-zine informs. In another bid to make up for the losses, Cage is also selling his castles in the UK, as well as other properties back in the US, it has recently emerged.
As we also reported a while back, Cage is currently wanted for unpaid taxes, according to a lien filed by the IRS in a Louisiana court. The actor has still made no comment about his financial situation to the media, despite repeated insistences.