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Nicolas Cage

The Rolls Royce of Lawsuits

3/10/2010 8:58 PM PST BY TMZ STAFF

Nicolas Cage is getting sued for giving up a taste of the good life -- too early. Translation ... he allegedly broke the lease on two pricey Rolls Royce classics.

Nic Cage
Cage signed a 60-month lease agreement for a sweet 1964 Rolls Royce SCIII back in 2007. The monthly lease payment -- a cool $7,663.02. The ride was valued at $550,000.

But one Rolls is not how Nic rolled. Four months after leasing the '64, Nic leased a 2002 Rolls Royce Corniche. Again -- a 60-month lease with payments of $3,630.71. The car was worth $245,000.

In 2009, as Nic faced financial ruin -- he says because of a reckless financial manager -- Nic turned in both cars. The problem ... the lease wasn't over and the leasing company had to sell both cars.

So the leasing company is now suing Nic for the money they lost by selling the car wholesale. The company wants $104,490.68 for the '64 Rolls, and $137,077.06 for the '02.

We're told Nic's people are in the process of negotiating a settlement with the leasing company.

38 COMMENTS

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1.

jerry    

ITS HIS OWN FAULT.

How come sometimes TMZ removes my post? They sensor some of the comments I have made??? I was not even swearing.

1500 days ago
2.

LearnedOne    

What he did is called a voluntary repo. If the remainder of the lease payments and residual value is less than what the car sold for, he has to pay it. There is no way around this. Settlement my a**.

1500 days ago
3.

LearnedOne    

Sorry - meant to say if the total owed was MORE than the car sold for, he's responsible for the balance. He could get stuck laying out a lot of cash if the cars were sold at auction for half of what they're worth.

1500 days ago
4.

Kimposter    

SHOCKING!!!!!!!!!!!!!!!!!!!!!!!!!!! Who the hell in their right mind leases a car like that when they don't need it. Mr Cage is in serious need of financial counseling. OOPs to late.

1500 days ago
5.

jfp    

Things are tough all over Nic, wanna trade places?

(tmz deletes alot of posts..mostly because english is a 2nd or 3rd language and they misunderstand almost everything)

1500 days ago
6.

marson    

I am such a big fan of Nicholas Cage. How do these stars end up with such terrible financial managers? They should ask one member of their family to oversee the financial managers to make sure they are doing a good job, and tell them if they are not. Although some can't even trust their families. What's a movie star to do?

1500 days ago
7.

Jasoncanto    

Have you guys seen the photos of the celebrity dead bodies on www.Celebrity-Autopsies.com?

1500 days ago
8.

Hates Conan like crap    

There is NO WAY a 1964 Rolls Royce SCIII is worth $550,000. They raped you, Nick. Raped. Call the authorities, you were screwed.

1500 days ago
9.

pete    

so what's up w/ him since last yr? didnt really pay attention to it be4....

TMZ seems to have a good system.. deleting wrong posts and allowing SPAM posts to show up???

1500 days ago
10.

aka    

Horrible financial manager??? This idiot has a castle in Germany, another in England, a mansion in LA, 2 mansions in New Orleans(since sold at sheriff sale)another mansion in Rhode Island, and 1 in Vegas..And probably 1 in florida..He just bought these on a whim. He didn;t consult with his FM to see if these were smart moves. Obviously they weren't

1500 days ago
11.

Ziggy    

Financial planners provide responsible financial advice, they don't babysit people's banking accounts and tell people to purchase castles, Rolls Royces and 14 bedroom mansions all over the world they can't afford. If he had listened to his financial planners, he wouldn't be in this situation. He gives financial planners a bad rap. It's his own fault.

1500 days ago
12.

Wil    

All this spending makes me believe him. I really think he thought he had money and had no idea his financial guy was making him broke.

1500 days ago
13.

Wil    

#12 Ziggy, lets not type like you know exactly what his financial planner does and does not. He is "rich broke" and still had a lot of money. What a financial advisor will do for you is nothing compared to what a financial advisor will do for him. The more money you have, the more they will do for you and we don't know what they were telling him or doing for him. PROBABLY WHY HE IS SUING them.

BTW - if the financial planners "let" him do what he did with his money, they are liable. If you as a financial planner don't agree with you clients "ways" you have an obligation to fire them. Because at the end of the day the financial planner is the professional and will be held to that level in court. Another words, the professional is looked at by the law as "to know better".

1500 days ago
14.

Zippy T. Pinhead    

Ha Ha Ha Ha, Cage is a moron and buffoon. Looks like the chickens have come home to roost. Now he's going to mass produce 20 more bad movies to try to get outta debt so he can go out and buy some more hippos, million dollar shrunken heads and big houses around the world. I have no pity for a person who was set for life and then pissed it all away. Good job there little Nicky Cage, have a good day boy.

1500 days ago
15.

cc    

Nick is simply a moron. Nick is the boss and should take full responsiblity.

The settlement is easy. The leasing company should settle for $241,567.74. If Nick can't pay now they should negotiate an 9% APR on the balance and garnish it from his next movie wages.

Life's a beach Nick when you spend over your means. But just because you're a turd doesn't mean someone else should pay for your mistakes. Idiot!

1499 days ago
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