Times are tough everywhere -- even for Hollywood star Nicolas Cage, who earned $40 million between June 2008 and June 2009, according to Forbes. Cage is broke, the IRS is hounding him for more than $6.6 million in unpaid back taxes, and his homes in New Orleans have gone into foreclosure.
The New York Daily News, TMZ, the Las Vegas Sun and dozens of other news sources have been reporting on Cage's financial ruin ever since he filed a $20 million lawsuit against financial manager Samuel Levin last month for sending him "down a path toward financial ruin."
Cage is being forced to sell his beautiful French Quarter and Garden District homes at auction next week; a local lender foreclosed on the properties for unpaid mortgage debts, according to the New Orleans Times-Picayune.
He already sold his Bavarian castle to his to his German advisor, lawyer Konrad Wilfurth, according to People, and he dumped his mock-Gothic English castle--built in the shape of the ace of clubs--at a "significant loss," according to London's Daily Mail.
The "Leaving Las Vegas" star also is selling his $10 million megamansion in Sin CIty as well as a home in Bel-Air and his Rhode Island residence (each in the $12 million price range), according to the Sun.
To add even more insult to injury, People reports, a bank is suing Cage for breach of contract, claiming he hasn't paid back the $2 million they lent him in August.
How did it happen? How did a guy who made Forbes Top 100 celebrity list go broke?
Pretty much like the rest of us. He spent too much money, bought things he couldn't afford, fell behind in his bills, didn't pay his taxes and as he claims in his lawsuit , his financial manager put his money in "numerous highly speculative and risky real estate investments, resulting in Cage suffering catastrophic losses."
In short, he blames it all on Levin's" incompetence, misrepresentations and recklessness."
His next court hearing is set for February 2010.
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