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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

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31.

MyTwoCentsWorth    

Look at the bright side - he stimulated the economy.

1711 days ago
32.

Ken    

22 cars? Insanity.

1711 days ago
33.

London not England    

Wow......
22 Cars....? 9 Rolls Royces??? A Castle? An Island in the Caribbean?
Mr. Cage truly knows the meaning of "GREED"....
and to think, he could have given at least ONE of those Rolls Royces or homes to a poor charity or something. It's a shame how the truly RICH lead their lives?????
When he stands before God and has to give an account for his life, I wonder what he'll say?

GOD: "Nicholas, I blessed you with a film career, instead of smoking crack in your father's Beverly Hills Mansion, and you did become a good actor. What did you do with your life on Earth to help anyone other than yourself?"

CAGE:"Well, um...I bought dozens of homes, cars (including 9 Rolls)castles, yachts, a jet, rare art, lavish jewelry etc,etc, etc...does that count????

GOD: "NO"....You mean all the access to Earthly wealth you had you never gave some of that excessive money back to those less fortunate?"

CAGE: "Um...well, I did marry Lisa Marie Presley...isn't that Charity? she was married to Michael Jackson....that's gotta count for something?""

GOD: "well, you have a point...." "But really Nicholas...was all that material things worth it?

CAGE: "Um....dunno"??? My CPA Screwed me"..

Please.....this is sad......
and he needs Susie Orman!~!

1711 days ago
34.

CriticAl    

That's shocking. I can't imagine blowing that kind of cash, especially when he won't enjoy most of the stuff he bought.

1711 days ago
35.

Bruiser    

Somewhere Ed McMahon is so proud of little Nicky right now.

1711 days ago
36.

Miles    

Sounds like a classic case of the "stupids" on Nic's part if you ask me. Turns out Nic had problems before he hired the CPA. I mean seriously how many homes and cars does one guy need.

Nic's case could be looked at as a classic example of why our economy took a nose dive. People just dont understand what it means to live within your means. Even if you are rich. Im trying to figure out why (with all those houses and a flotilla of yachts) would Nic need to go buy two castles.

Dosent make sense.....kinda like him being broke now....SMH

1711 days ago
37.

MarcoInAmerica    

Also, he bought all those old high-grade Golden Age comics; not cheap!
Of course, he auctioned those off...
Like a junkie; you'll miss those albums tomorrow

1711 days ago
38.

Terri    

He can come live under my roof. My house is paid for and my bed is warm.
:-)

1711 days ago
39.

MadonnaAct2    

Well Nic

Isn't it ironic? Don't you think. A little tooooo ironic. I really do think.

...Who would've thought it figures.

1711 days ago
40.

john    

9 rolls royces?? thats too much. I mean 7 should be the max you need since there are 7 days in a week!

1711 days ago
41.

Joe    

I dont feel bad for him at all! He blames someone else just like all the other people who blame others for what they should have been in control of.
Shame on him he deserves this for not managing his money.

1711 days ago
42.

Grumpy old man    

Cage deserves the title..

DUMBA$$ OF THE YR. And, I just knew him trying to place the blame on his former manager was w/out merit and it was gonna bite him in the a$$ later. I'm glad the manager is countersuing and the truth about Cage's spending compulsion (b/c that's what it was)is finally out in the open. I mean, Damn... he makes Tyson's out of control spending look conservative. This fool here was living like a damn BILLIONAIRE. Unbelieveable.

1710 days ago
43.

THERESA RUBINFIELD    

H O L Y C R A P !!!!!!!!!!!!!!!!

Well..........Nic just lost my sympathy vote!

No words to describe this unjustifiable spending IDIOT!!!!

Hey Nic? You FORGOT to mention.......

YOU SIGNED ALL THE CHECKS!!!!!!!!!!!!!!

In case you forgot.......you are only a man.....not Superman!!!

This is what happens when you think you are invincible.....

H O L Y C R A P !!!!!!!!!!!!!!!!!!

1710 days ago
44.

mikemastermike    

Nicolas Cage, like many Americans doesn't know when to stop spending. Now we are a Nation drowning in foreclosures and repossessions (see http://www.repofinder.com). It must be bad when even Nicolas Cage goes broke

1710 days ago
45.

Ugghhhhhh    

He is such an ugly actor who will put his crappy name on any crappy project. If you are making 10-20 million a picture (and you are making 5 crappy movies a year), i find it hard to believe that a businessman can embezzle all of your money. What a joke. He just pissed his money all away and I have no sympathy for him. He will keep making more crappy films and make more money that he will piss away again.

1710 days ago
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