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November 03, 2009

Nicholas Cage is broke

Nicholas Cage is broke, so goes the romour. Although it's not really all that accurate to say that Nicholas Cage is broke or bankrupt: debt heavy might be a better description.

Cage's problem was that he had a bad business manager, one who put him into a lot of investments that didn't work out. OK, this can happen to anyone: but much more important was that Cage's manager didn't keep back the money that would be needed to pay taxes on Cage's film earnings.

So Uncle Sam is now after Nicholas Cage for north of $6 million. And that, of course, has got to hurt. Cage is also suing that manager for $20 million although how much he'll get out of that is anyone's guess.

On the other side, Cage has been liqudating his property portfolio. He sold two places in my home town of Bath, in England, and got around £6 million ($9 million) for the two and also get a hefty cheque for his Bavarian castle just a few months back. The one thing we don't know of course is what sort of mortgages he had on those places.

But then the real thing that's going to stop Nicholas Cage from going broke is that he can pick up $10 million a movie still ($5 million after taxes) so Uncle Sam simply ain't gonna bankrupt him. They'll simply smile weetly and say "Get acting guy!" and wait for their check.

November 3, 2009 in Celebrities | Permalink

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