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Nic Cage Sues Biz Manager for 'Financial Ruin'

10/16/2009 12:42 PM PDT BY TMZ STAFF

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.

Nic Cage

TMZ has obtained a copy of a lawsuit, filed in L.A. 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.

In the lawsuit, Cage -- who according to Forbes earned $40 mil between June 2008 and June 2009 -- claims 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.

Cage claims it was only this year, after firing Levin, he learned "the gravity of his financial condition."

In the lawsuit, filed by legal pit bull Marty Singer, Cage claims Levin never advised him of his financial bottom line and is guilty of "over-extending [Cage's] line of credit with banks and financial institutions." The suit claims Levin concealed Cage's "true financial condition prior to investments and assets being acquired by [Cage]." Translation -- Levin never told Cage to put the brakes on buying stuff because he was running out of money.

Nicholas Cage PicturesAnd, for bad measure, Cage claims he paid Levin millions and was "grossly" overcharged for his services.

Cage is suing for a minimum of $20 million.

66 COMMENTS

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31.

abraham    

I was wondering about all the debt surrounding him it did not make sense. He has been making 10 to 20 million a picture for a few years now. His business manager has put his money in a Swiss Bank account NIc will never see it again.

1742 days ago
32.

a lipstick Lesbian    

My business manager put me in numerous highly speculative and risky real estate investments, too!

We made a ton of money!

I'm still going to sue. You should not put me in numerous highly speculative and risky real estate investments.

1742 days ago
33.

unknown    

After scrolling through approximately 35 responses, someone finally made the allegation that Harvey Levin may be related.
Here I was going to make a stunning revelation that apparently everyone else overlooked, and Just Sayin' stole my dogone thunder.
FOO!

1742 days ago
34.

bitzod    

Everyone whom owns houses or rentals is seeing red.10,000 homes are being lost everyday SO nic&his OLD biz manager AN`t no diff.NIC can turn ALL that around on a dime as his imcome will put him back in the black within a year.Watching your networth 247 365 yearin yearout gets very old for the artiste mindset.Playing it safe right now isn`t easy either as the markets fail.loaning won`t make much and hording can also put one at risk.COMMODs food&farms GOLD and medical are about the only safe investments today.But there are some great deals on houses but don`t count on seeing any profits there for many many years.NIC is a great producer actor writer and DG and he`ll do great as he has shown for many years.Got to play the money close to hip Now untill the markets get back to mormal.

1742 days ago
35.

kb    

you wonder how many celebs out there are also getting screwed. some may get big paychecks, im willing to bet though they lose tons of money on guys and companies like this.

1742 days ago
36.

Gupta    

I want to know where Nicolas Cage lives. I bought a Hollywood stars map and it gave me an address for him on Pacific Coast Highway in Malibu but when I went there, the guy collecting the mail said he moved out two years ago, then I heard on the news he caught a burgular in his yard in Newport Beach, and then I heard he lives in Hawaii, and then I heard that he and his Korean wife live in New York City. Where does he live? Just curious.

1742 days ago
37.

Ken    

Nicky, do like me. Learn how to handle your own finances. Why do you need a financial manager? It would be so easy to handle your money. Get educated and do it yourself. Just because you have more zeros at the end of your totals doesn't mean it is more complex. Think and grow rich.

1742 days ago
38.

LWH    

Who's fault was it for letting a jew touch your money?! HAHHAHHAHA

1742 days ago
39.

bitzod    

If there is a WEE in my money than YOU will loose IT.If YOU can`t manage YOUR money than PUT IT in safe place`s.I don`t have a dime to my name and have never went broke and haven`t worked in many many years.ARTISTES hate money so they trust others to make I%T for them and thats where the problem starts.Wife&kids now time to grow old and wither and die& have money.passing it on?

1742 days ago
40.

bitzod    

I`am still manging money from jail CALL ME NIC I can help!.

1742 days ago
41.

Mary Mid-Town    

Nic,..what were you thinking?? Letting a "Levin" handle your hard earned dough??

1742 days ago
42.

lovemichaelforever    

that's why you don't hand over such an important job to someone else.

1742 days ago
43.

John    

And people not everyone lost out on real estate. People in the business of flips and short terms are the ones who mostly took hits. Ones who are long term and use them as rentals are doing ok.

Heck I have a friends who has made a ton because of the banks dumping houses cheap. He is in them for the long haul and letting the renter pay them off. He owns 75% of his houses right now out right. Makes about 10k a month but when he retires he could sell one a year and live just fine.

1742 days ago
44.

Pino    

Being wronged is part of life.. Question is.. Can you take a punch? Can you live and be respected without lavishing amounts of money? If money is all you are.. Than people shouldn’t complain about being “Wronged” in situations like this. “Being wronged is part of life.”

1742 days ago
45.

judgingotherssux    

hey cage..with that sham marriage of elvis' daughter you deserve alot worse..the King didn't like you using his daugter..now its time to pay the piper.(taxman).you POS.lol

1742 days ago
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