Nicolas Cage Going Bankrupt? He Owes $6.3 Million to the IRS and $2 Million to a Bank, but Can He Pay?
Nicolas Cage Owes Almost $9 Million in Bad Debts, He's Sold Off His Castle, so What's Next?
Cage, in fact, buys more property than many other Hollywood movie stars put together. He has purchased real estate in California, Nevada, Louisiana and Rhode Island, and still owns most of it. He's also well known for buying other real estate property all over Europe including an 11th century German castle called Schloss Neidstein, which he also recently sold.
Most of the time, Cage doesn't live in the real estate he buys. He simply spends money renovating it, until it looks incredible, and then turns around and sells it. Usually making a profit of a few hundred thousand or a few million dollars.
At the moment, Nicolas Cage has property in California, Nevada and Louisiana on the market, with a value of several million dollars. But, as the IRS now has a tax lien on his property, what will this mean for Cage?
A federal tax lien, first of all, means if any of Cage's property is sold, the IRS will collect some of the money that is due to them. So, if Nicolas Cage manages to sell two or three of his real estate properties, his debt to the IRS would likely be paid. However, although a lien sounds like it's not that serious, in reality it could be very serious for someone like Nicolas Cage. A lien goes on your credit rating and tells creditors you are not a good risk if you want to borrow money.
For Nicolas Cage, a world-famous Hollywood actor, just by having a lien placed on his real estate property, he has made international news. Which means, anyone he goes to for credit for another real estate purchase or underwriting for a future movie is likely to think twice about lending Cage money, without even needing to look at his credit rating.
With a tax lien and now a lawsuit on his personal record, things aren't looking good for Nicolas Cage financially. While there's no evidence he's going bankrupt, Cage is obviously having financial problems. The IRS will probably get their money first, then it will be the bank's turn. Looks like Nicolas Cage might want to be doing a few quick real estate deals, to get both these entities off his back.
SOURCES:
The Economic Times - Nicolas Cage sued for $2 million
Luxist - Nicolas Cage Sells One, Many More to Go, Estate of the Day
Published by Cassandra James
I'm a British-American writer currently living in Bangkok, Thailand. I've been writing for Associated Content since 2007 and was named one of AC's Top 100 Writers for 2008, 2009 and 2010. I primarily write a... View profile
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19 Comments
Post a CommentDang! Don't this people ever put any money away for a rainy ay?
this is so rediculious. Its no ones business how nic cage or anyone else spends their hard earned money. If you over spend you go in debt. If you dont pay your debts your credit is trashed. Unless he owes money to you whats the beef? The IRS and his creditors will get their money. Dont they always.
Pizza_guy95@yahoo.com if you have a comment this is where you can reach me.
You will not find me sitting in a theatre paying for way-over priced refreshments and watching a movie that has been done over and over again for the past 50 years with actors and actresses that has nothing to do with acting and more to do with fashion and make-up and how their hair is going to look. I say we as a paying audience which supports their salary start getting what we pay for and it's great stories with great actors and actresses and stop all the glamour crud that floods the screen with endless and stupid humor that seems to go on and on in every single movie out there now. I say boycott the theatre and bring back the real actors that can act!!
Like all the others that make it in hollywood and sit in their backyard sipping wine and toasting to how rich they are and saying "I wonder how the poor are doing tonight?" At which they do! The ones that fixate on themselves are the ones that go belly-up everytime. Nicholas Cage, Lensie Lohan, Paris Hilton, Scarlett Johansson,Kate Hudson and so on. In their mind it's all about me-me-me and what else will people do to look at me and spend money on me so I can live a easy and non-working life. Great going people supporting these low lifes that think of themselves and what can they get by doing the least amount of anything.
Of course it's the actor's fault. You're a total idiot if you hand over control of your money to other people without checking what's going on (and in this case, his manager and accountant had nothing to do with it, it was all Cage and his out of control spending habits). Why are Americans always so quick to blame other people for things they had complete control over?
It's not always the "Actor's" fault. He had a Manager and Accountant to take care of these things. He paid them well, and they screwed him over. Give the guy a break.
Borrowing money and paying it back is part of life- what makes him so special....big deal he's a a movie star. I think he needs to grow up and be responsible. He had no problem buying 3 & 4 homes......cars, etc.
What he needs to do is team up with the writer, a director and producer and craft a movie on a holiday actor who peaks his career, earns millions and goes broke which is obviously him so he collects the royalty on the story and will also cash salary for being casted for a main role. My feelings are the gross income from suggestive initiative will be more than tax liens. Guess what the only person who will not cash on it is ME.
oh yea gods, another religious nut! Not everyone is a Christian, dude.