TMZ

Our TV Shows

Got a Tip?

Call TMZ at (888) 847-9869 or Click Here

Cage's Manager:

Nic Was Broke As a Joke

11/17/2009 3:18 PM PST BY TMZ STAFF

The guy Nic Cage blamed for his financial ruin now claims by the time Nic hired him in 2001, "Coppola [Cage] had already squandered tens of millions of dollars... and owed millions of dollars in... income taxes, with no funds available to pay the tax debt."

Nicolas Cage doc's

In his countersuit obtained by TMZ, Samuel Levin, CPA, says when he was hired he warned Nic he needed to earn $30 mil a year just to maintain his lavish lifestyle.

As for the alleged lavish lifestyle ... Levin cites the year 2007, in which Cage bought 3 homes totaling more than $33 mil, 22 cars (including 9 Rolls Royces), 12 pieces of expensive jewelry and 47 pieces of art.

And Levin says, Cage spent most of his free time "shopping for high-ticket purchases," including 15 homes, a Gulfstream jet, and a flotilla of yachts.

And there's this: Cage "also spent huge sums taking his sizable entourage on costly vacations and threw enormous, Gatsby-scale parties at his residences."

The countersuit goes on: "The pinnacle of [Cage's] spending spree came with his Quixotic acquisitions of Midford Castle in England and Schloss Neidstein Castle in Bavaria." Levin claims he warned Cage the castles were "decrepit" and needed a king's ransom just to make them habitable.

Levin claims Cage owes him $128,872.98 in unpaid business management services.

UPDATE
Nic's lawyer, Marty Singer, tells TMZ, "Levin's cross complaint is absurd. He was paid more than $1.3 million this last year-and-a-half. It's ironic he's making his claim for fees when he caused Nic to be in these financial problems while he was paid millions of dollars over the past several years to act as Nic's financial advisor."

48 COMMENTS

No Avatar
1.

moe    

real talk. i know everyone has their own opinions, but to me he is one of the top 20 actors of all time. i dont wish financial problems on anybody. if its is really true, i just hope he gets back on track.

1707 days ago
2.

juli seutter    

FOOL!!!!!!!!!!!

1715 days ago
3.

Sig    

Wow!! That's hard to believe that one could go through that much money. Silly, really.

1715 days ago
4.

SUN    

This sounds more believable... I think everyone saw hoe Nic Cage, lavished himself with STUFF.

1715 days ago
5.

GERRY PULL UP YOUR PANTS!!    

Zero sympathy for jerk-offs who make millions, squander it, and then end up broke. What a moron. However, if he's desperate for a buck, I'll buy one of the cars for $20.

1715 days ago
6.

Mikey    

National Treasure: Pissed Away In A Stupor

1715 days ago
7.

Tony    

Nevermind that Nic Cage blew through that much money. Why did he have that much money to begin with? I've never seen such a monotone actor get so much credit. I think the only worthwhile thing he has done is Gone in 60 Seconds. Wayyyyy over-rated.

1715 days ago
8.

Scott    

I don't feel bad anybody with half a brain would still be ok

he makes what 20 million a movie?

oh my idiot

1715 days ago
9.

Fred    

TWENTY-TWO CARS???? NINE ROLLS ROYCES???? Three homes wouldn't be that bad in itself for a millionaire, but WORTH OVER THIRTY-THREE MILLION??????

A fool and his money.... Just saying

1715 days ago
10.

razzledazzle200    

I don't understand this. Was he really THAT out of control. If that's true, all of this makes sense.

1715 days ago
11.

Betty Davis Stamp    

He's probably manic-depressive. I heard a doctor on TV say he was grandiose in his spending. I feel sorry for him.

1715 days ago
12.

doc murry    

never much cared for him,but he had a famous uncle that why he got jobs..what a loser,hope he scored lots of ass for all the money he spent..

1715 days ago
13.

my two cents    

thank God Lisa Marie Presley had the presence of mind to leave his ass before he squandered her fortune too.

1715 days ago
14.

Non-Believer    

Hopefully Ghost Rider 2 will be a hit and Nick will be able to keep some of his overpriced junk.

1715 days ago
15.

Claire    

What gets me is why these folks don't think they have to pay any taxes - unbelievable.

1715 days ago
| 1 | 2 | 3 | 4 | Most Recent | Next 15 Comments

Around The Web