How Nicolas Cage Went Broke

According to his former business manager Nicolas Cage went broke by spending money lavishly on personal items and parties. 

                                                           (Photo by Kirk Weaver)

Cage is one of the highest paid actors in Hollywood having reportedly earned upwards of $20 million dollars per film in his career and some $40 million dollars in the year 2009 alone. But hard times have put many of his assets under foreclosure as Nicolas Cage went broke.

How Nicolas Cage Went Broke

Here are some of things Cage spent his money buying:

Homes

At one time Nicolas Cage owned 15 different personal residences. He owned homes ranging from Malibu and Bel Air in California to homes and mansions in Las Vegas, New Orleans and Middletown, Rhode Island. These were not modest home either. The home in Rhode Island is 24,000 square feet large with 12 bedrooms and 10 bathrooms.

Castles

Cage bought two castles. One is in Bavaria, Germany and the other in Somerset, England. He no longer owns either one.

Islands

In 2006 Cage bought his own 40 acre island in the Bahamas.

Exotic Cars

Cage reportedly bought 22 exotic cars in 2007 alone including 9 Rolls Royces. Who knows how many other cars he owns or owned.

Jewelry

In 2007 he bought 12 pieces of expensive jewelry and probably many other pieces in prior years.

Yachts

Cage bought four luxury yachts. One each for the Mediterranean, the Caribbean, Newport Beach, California and Newport, Rhode Island.

Gulfstream Jet

Yes Nicolas Gage owned his own Gulfstream Jet. How else could he fly out to all his homes, castles, yachts and island?

Artwork

Nicolas Cage is a patron of the arts and purchased 47 pieces of expensive artwork in 2007 alone.

Tarbosaurus Dinosaur Skull

In July of 2007 Nicholas Cage outbid Leonardo DiCaprio by spending $276,000 to buy a 67 million year old Tarbosaurus dinosaur skull at a Beverly Hills auction house.

Obviously Nicolas Cage lives a lavish lifestyle and reportedly throws Gatsby-like parties for his friends and entourage. He also reportedly forgot to pay his income taxes a number of times which forced the IRS to put a lien on some of his assets. Mortgage companies and lenders have also foreclosed on some of his homes.

Nicolas Cage is living proof that anybody can go broke if they spend above their means even if your means are $20 million dollars per movie or $40 million dollars in a year. Still, because he is a highly paid actor Cage can probably dig himself out of his financial mess if he is smart and his movies succeed at the box office.

Sources:

Nic Cage Spent too Much: Ex-manager Says

Nicolas Cage on Wikipedia