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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
16.

FULGY    

Lisa Marie likes her men with bad spending habits.
I wonder what else Nic has in common with MJ

1710 days ago
17.

carol    

This is not hard to figure out. He's an Italian on an Ego Trip who is trying to pretend he is important.

1710 days ago
18.

joe    

i believe him.

1710 days ago
19.

clam    

Even though Leaving Las Vegas is my all-time favourite movie, I never understood why Cage won an Oscar...It should have gone to Elizabeth....SHE was the driving character force. As far as anything he's done, HE SUCKS AS AN ACTOR....and he apparently SUCKS as a human being....wow, Nic....did you think that maybe with all that money you could have donated some of it? It's selfish greedy no-talent washed up Hollywood pri*cks like you who deserve everything you get.

1710 days ago
20.

LD    

That was the greatest thing I have read all day long.

1710 days ago
21.

TIm    

He is a joke. he is a really really good actor but he needs to stop blaming others. hey i stink with finances it's my fault nobody elses. He need to take the blame. Check this out if you like his movies: http://stores.homestead.com/TJWVideoltdcom/-strse-90/Knowing-%28Widescreen%29%2C-www.tjwvideo.com%2C-Nicolas/Detail.bok

1710 days ago
22.

Brother Harold, S.J.    

THIS SPENDING OF CAGE'S IS DEFINITELY A SICKNESS. HE DOESN'T NEED A MANAGER--HE NEEDS A PSYCHIATRIST. (HE ALSO NEEDS TO TAKE A FEW ACTING LESSONS, HIS MONOTONE IS AS BORING AS JAKE GYLLENHAAL'S.)

1710 days ago
23.

Brittany    

"17. Lisa Marie likes her men with bad spending habits.
I wonder what else Nic has in common with MJ"

They're both white

1710 days ago
24.

Crissy Angela    

Definitely nice to hear the flip side of the story. This is what happens when you don't listen to your advisors.

1710 days ago
25.

Timo    

Johnny Depp has backed out of his promise to pay Cage's debt: http://www.931theparty.com/cc-common/gallery/display.html?album_id=948 It was just too much for him to pay-off. Nice gesture, but sorry.

1710 days ago
26.

Chelsie    

Since he owns a castle (for now), maybe we should refer to him as King Nick.

1710 days ago
27.

alreadybad    

Lisa Marie said he was cheap. He was too busy taking care of his entourage to have time for her. Good thing she left.

1710 days ago
28.

R    

Time for Mr. Cage to downsize and live comfortably.

1710 days ago
29.

PR    

Arrogant celebrity excess. I hope he does a little jail time for not paying his taxes, just like any ordinary person.

1710 days ago
30.

TNT    

Cage may lack liquidity, although he is far from broke.

He owns dozens of homes, cars (including 9 Rolls)castles, yachts, a jet, rare art, lavish jewelry etc etc etc

Nic Cage owns assets worth in excess of 150 million dollars!

This spoiled ingrate needs no sympathy nor money.

1710 days ago
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