14 DAY TRIAL // In August this year, it emerged that Hollywood actor Nicolas Cage owed $6.2 million in unpaid taxes, as a lien filed by the IRS in Louisiana showed. Over the weekend, the star was slapped with yet another lawsuit also over money, in which the East West Bank alleged he had defaulted on a $2-million loan, as E! Online can confirm.
Court papers say East West Bank extended Cage a $2-million loan in August 2007, with the loan set to mature one year later. The actor, in his turn, agreed to pay $11,590 per month, the same papers say. However, in May this year, Cage missed payment – and continued to do so for the following months as well, namely June, July, August and September. Seeing how Cage had suddenly become unavailable, East West Bank did the only thing possible to cut some of the loss and took legal action against him.
“The Oscar winner secured a three-month extension and promptly defaulted on the loan in November 2008, the suit states. At that time, he entered into a change-in-terms agreement that reset the maturity date to pay back $1,953,732.94 for Jan. 23, 2011. Of course, he had to fork over some money before then. But starting in May, according to East West Bank, he stopped making his monthly payments of $11,590.82 – and then missed the Oct. 1 deadline to pay $100,000 in outstanding principal sums and interest.” E! Online says of the actor’s most recent financial and legal troubles.
Given the fact that Nicolas Cage continues to be one of the highest paid actors in Hollywood, still being able to command a multi-million paycheck for a single movie role, the question of where all this money is going inevitably arises. As also noted above – and as we reported at the time – the star also owes over $6 million in backward taxes for the year of 2007, an amount he’s trying to downsize by selling off a property he has in Louisiana.
As of now, Nicolas Cage has not been available for comment on either lawsuit.