Nicolas Cage Broke: Actor Puts Homes Up for Sale to Raise Cash, According to Reports

Multiple media outlets are reporting that actor Nicolas Cage is broke. Earlier in the month, Cage sued his former business manager Samuel J. Levin for $20 million, claiming that Levin's bad financial advice caused him to suffer devastating financial reversals. The Oscar-wining actor has pulled in millions of dollars over the years from acclaimed performances in films such as "Leaving Las Vegas," "Adaptation," and the "National Treasure" franchise, but has now been forced to put some of his homes up for sale in order to raise some quick cash, according to the Boston Herald.

News that Nicolas Cage is broke may come as a surprise to many. How could someone who makes tens of millions of dollars for a movie end up with little or no cash? As noted above, Nicolas Cage is blaming his former business manager for his financial woes, but many celebrities end up with money problems because of their profligate spending habits.

* Back in the 90s, for instance, rapper MC Hammer was forced to file bankruptcy after accumulating an eye-popping $13million in debt. This was precipitated by years of very lavish spending habits, including money doled out for expensive cars, race horses, and a personal staff comprised of some 200 employees.

* In 2007 Fox News reported that pop star Britney Spears was on the brink of financial ruin. Court papers indicated that she did not save or invest any of the $737,000 in monthly income she reportedly earned at the time. Clearly, Britney Spears needs to think about her future, for pop stars generally have a short shelf life.

* And Michael Jackson, the late King of Pop who was known for his propensity to binge spend, had serious money problems as well. In 2008, he came very close to giving up his 2,500- acre Los Olivos, California Neverland ranch after defaulting on a $23 million loan. At the eleventh hour, however, a real estate firm stepped in to cover the outstanding amount of the loan.

If there is a lesson to be learned here it is that rich celebrities need to set up a budget and stick to it in order to prevent themselves from losing their shirts - just like people with more modest financial resources need to do. They also need to invest wisely and thoroughly check the qualifications of business managers and financial advisors.

Just ask Nicolas Cage, who as previously mentioned, is flat-out broke.

Sources:

Nicolas Cage's 'Treasure' buried in debt, Boston Hearld

Britney Lost Her Panties... And Now She May Lose Her Shirt, Fox News