Miseries do not come alone. One of the highest paid actors, Nicholas Cage is in deep financial trouble. Reeling under $350,000 tax debt, burdened by a $5.5 million in unpaid mortgages and $2 millions in unpaid loans and staggering under $6.3 million in back taxes, Nicholas is broke!
Little had he realized while hiring Samuel J. Levin, to administer his finances and investments in 2001, that the assets he had accumulated to keep his family financially secure, and all his hard earned money will be swindled and he will be forced to sell all his assets and investments incurring heavy losses. Levin’s recklessness and incompetence had led him to face huge tax liabilities.
By the time he realized, he was left with no option but to sell of his properties. He has to part with 2 luxury homes in US and the famous Bavarian Castle.
To add to his woes, the East West Bank filed a lawsuit, of breach of contract against him.
Nicholas has held Levin responsible for his ruin.
On the 16th of October, Nicholas filed a lawsuit in Los Angeles which claimed that Samuel J. Levin, his business Manager had, “Lined his pockets with several million dollars in business management fees while sending Cage down a path toward financial ruin.”
He also added that Levin had committed “gross mismanagement” by involving Cage in “highly risky and speculative real estate investments,” without obtaining appropriate insurance for his investments.
Forty five year old Nicholas Cage started his career in 1981. He has earned world wide acclaim for his performances and has won numerous awards. The Independent Spirit Award in 1989, the Academy award for his performance in ‘Leaving Las Vegas’ and the Toronto Film Critics Association Award in 2002. his other memorable films are Face-Off, Ghost Rider and National Treasure.