All posts containing the tag: "Nic Cage"
Posted Nov 17th 2009 1:18PM 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."
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."
Filed under: Celebrity Justice, Exclusives
Tags: 20 million, 20Million, broke, business manager, BusinessManager, coppola, financial ruin, FinancialRuin, nic cage, NicCage, nicholas cage, NicholasCage, samuel levin, SamuelLevin
Posted Nov 13th 2009 4:30PM by TMZ Staff
Harvey and Mike answered your questions on anything this Friday the 13th -- including breaking news about DJ AM's wrongful death suit, the potential prison time Michael Lohan faces for releasing those phone calls and Cindy Crawford's German extortionist.
Plus: The Heenes' day in court, Nic Cage's status as "rich poor" and Mike's pledge to lose weight!
Filed under: TMZ Live
Tags: Carrie Prejean, CarriePrejean, Cindy Crawford, CindyCrawford, DJ AM, DjAm, Mayumi Heene, MayumiHeene, Michael Jackson, Michael Lohan, MichaelJackson, MichaelLohan, Nic Cage, NicCage, Richard Heene, RichardHeene, weight
Posted Nov 13th 2009 12:30PM by TMZ Staff
Just hours after Nic Cage's foreclosed New Orleans home was sold at a public auction, movers wasted no time clearing out all the leftover junk yesterday.
No word on where the movers ended up taking all the crap -- which included carpets, tons of boxes and a giant stained glass window.
Nic -- who's suing his former business manager for blowing his fortune and leaving him dead broke -- wasn't around for the move.
Filed under: Paparazzi Photo
Tags: forclosure, moving, Nic Cage, NicCage, public auction, PublicAuction, tax evasion, TaxEvasion
Posted Nov 12th 2009 1:20PM by TMZ Staff
The number of homes Nic Cage owns is receding faster than his ... anyway ... because today, two of his homes in New Orleans are going up on the auction block.
According to public records, Cage failed to pay the mortgage debts on two multi-million dollar properties -- and the bank eventually foreclosed.
The two homes were each estimated to be worth more than $3 million -- but as we all know, Nic is dead broke and couldn't pay his bills.
One of the homes, the LaLaurie mansion, is rumored to be haunted -- it'll definitely haunt Cage.
Tags: auction, haunted, home, house, mansion, nic cage, NicCage, sell
Posted Oct 16th 2009 11:42AM 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.
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.
And, 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.
Filed under: Celebrity Justice, Exclusives
Tags: busienss manager, BusienssManager, celebrity, celebrity gossip, CelebrityGossip, debt, financial ruin, FinancialRuin, gossip, lawsuit, nic, nic cage, NicCage, nicholas cage, NicholasCage, sam levin, SamLevin, samuel levin, SamuelLevin, taxes
Posted Oct 16th 2009 10:55AM by TMZ Staff
Why is Nic Cage in such deep trouble??? The person Nic's suing has tried to explain Cage's financial troubles before...
Last year, the IRS put the screws to Cage after they discovered the actor tried to write off $3.3. million in personal expenses as business expenses from 2002 to 2004 -- things like limo rides, meals, gifts and Cage's private jet.
Cage's business manager, Samuel J. Levin tried to explain the situation to Forbes, telling them Nic's tax moves were "customary in the entertainment industry" -- the IRS didn't see it that way.
Ultimately, Uncle Sam forced Cage to hand over $660,000 in back taxes and penalties.
But now, Cage has an even bigger financial mess on his hands -- accusing Levin of being so reckless and incompetent with his money, that he's been forced "down a path of financial ruin."
And this time it's Nic who's doing something "customary in the entertainment industry" -- he's hired power lawyer Marty Singer to sue Levin's pants off.
Filed under: Celebrity Justice
Tags: forbes, history, nic cage, NicCage, samuel j. levin, SamuelJ.Levin, tax
Posted Oct 9th 2009 1:15AM by TMZ Staff
Nicolas Cage is the new six million dollar man -- as in, the government claims dude owes more then $6,000,000 in unpaid back taxes.
A notice of a federal tax lien -- obtained by TMZ -- shows the "National Treasure" actor made a serious dent in the national debt -- allegedly stiffing the IRS out of $6,257,005 he owed in income tax from 2007.
But it gets worse, Uncle Sam also claims Cage is a repeat tax deadbeat -- because according to another federal tax lien, Cage still owes a ton of cash from three more years of unpaid debts:
2002 -- $70,190.05
2003 -- $179,738.23
2004 -- $110,617.56
Which brings Nic to a grand total of $6,617,550.84 -- almost enough for the government to buy a hammer.
Cage's rep had no immediate comment.
Filed under: Celebrity Justice, Exclusives
Tags: debt, irs, lawsuit, nic cage, NicCage, nicholas cage, NicholasCage
Posted Oct 2nd 2009 6:25PM by TMZ Staff
Nicolas Cage is being sued for going south on a big fat loan.
East West Bank claims it extended Cage a $2 million line of credit in August 2007. The bank claims he agreed to pay $11,590 per month. The bank says he missed his payment in May 2009. He missed June as well, they claim.
And July. And August. And September.
The bank is now invoking its right to call the entire balance due, stat.
Filed under: Celebrity Justice, Exclusives
Tags: lawsuit, loan, nic cage, NicCage, nicolas cage, NicolasCage, sued, two million, TwoMillion
Posted Aug 1st 2009 12:00AM by TMZ Staff
Nicolas Cage makes tons of money making movies, so why does he owe the state of Louisiana $6.2 million?
Cage was slapped with a federal tax lien last month. He owns a house there, which is currently on the market for $3.55 million.
If Nic takes that cash and gives it right over to Louisiana, he'll only owe another $2.65 mil -- but he'll still owe everyone that saw "Bangkok Dangerous" 99 minutes of their life back.
His rep had no comment.
Filed under: Celebrity Pay Dirt
Tags: irs, nic cage, NicCage, tax lien, TaxLien
Posted May 4th 2009 8:44AM by TMZ Staff
Nic Cage has another hit on his hands but this time the people suffering aren't in the audience -- because a car crash on the set of his latest film took out two bystanders last night in Times Square!
The wild set footage from NYPost.com shows a Ferrari weaving through traffic -- but the car skids on the wet pavement, careens into the sidewalk and hits someone walking by. The crash also takes down a lamp post -- which falls on another victim.
According to the Post, both people were taken to the hospital and their injuries do not appear life threatening.
Filed under: Movies
Tags: accident, car crash, crash, ferrari, movie, new york city, nic cage, sbarro, the apprentice, times square
Posted Mar 24th 2009 12:20PM by TMZ Staff
With his career defying all odds and doing better than ever, former hunk Nic Cage received VIP service upon arrival to LAX with his 20-years-younger wife Alice and son Kal-El on Monday.
The scariest thing about Nic's new thriller -- America made it the #1 movie this weekend.
Filed under: Paparazzi Photo, Fly Me
Tags: child, family, Kal-El, LAX, Nic Cage, NicCage, Nicolas Cage, NicolasCage, wife
Posted Dec 1st 2008 5:00PM by TMZ Staff
... the Cage Family. Snap. Snap.
Flanked on either side by his child bride Alice and simian son Weston, Nic Cage patted his weave and posed for a family portrait in Austria this weekend.
Weston's prom date/girlfriend obviously ignored the memo and went with the cheery blonde locks instead.
Filed under: Paparazzi Photo, Wacky & Weird, Beauty
Tags: Nic Cage, NicCage
Posted Sep 7th 2008 1:33PM by TMZ Staff
Nicolas Cage is slashing the price on his Bel-Air Tudor mansion by $5,001,000 -- making it a thinning hair away from a slick $30 million.
The amenities include nine bedrooms, nine bathrooms, an Olympic-size pool, a wine cellar and a 35-seat home theater on an acre of land. Fortress of Solitude, it ain't.
The L.A. Times is reporting Cage may be moving to a penthouse in the Biscuit Co. Lofts in L.A.'s downtown Arts District, which was going for a paltry at $4.9 million.
Filed under: The Rich Life
Tags: bel-air tudor, Bel-airTudor, house, nic cage, NicCage, sell
Posted Dec 5th 2007 11:38AM by TMZ Staff
Nicolas Cage was snapped on Wednesday at a Tokyo press event for his upcoming inexplicable sequel to "National Treasure" -- wearing a wig from The John Travolta Collection!
A sequel to the follicularly-challenged duo's 1997 hit "Face/Off," has been rendered impossible -- due to skyrocketing budget concerns regarding wigs.
Hair today, gone tomorrow.
Filed under: Movies, Wacky & Weird, John Travolta
Tags: John Travolta, JohnTravolta, Nic Cage, NicCage, Nicolas Cage, NicolasCage
Posted Apr 3rd 2007 3:28PM by TMZ Staff
With the mindboggling success of "Ghost Rider," the enigma that is Nic Cage's resilient film career continues to roll on -- full weave ahead!
Sporting the latest in receding hairline chic, the Oscar-winner (really?) was snapped with script and Starbucks coffee in hand on the D.C. set of "National Treasure: Book of Secrets," the sequel to his 2004 Da Vinci Code-esque knockoff.
The former hunk is an inspiration to struggling actors everywhere, proving you don't need Brad Pitt's looks to open a movie.
Filed under: Movies, Beauty
Tags: Nic Cage, NicCage
