Princewill Pius
That massive mound of debt prompted a legal feud between Nicolas Cage and his former financial manager, Sam Levin. According to TMZ, Cage filed a lawsuit blaming his spiraling financial situation on his money man and seeking at least $20 million. “Levin placed Cage in numerous highly speculative and risky real estate investments, resulting in Cage suffering catastrophic losses,” the legal docs alleged. The actor also claimed Levin overcharged for financial services, failed to pay Cage’s taxes, and didn’t make the star aware of his dire financial situation until it was too late.
In a countersuit, Levin said that was hardly the case. He claims Cage was already millions of dollars deep into debt when he hired Levin. In legal docs obtained by TMZ, Levin claims he warned Cage that he would have to earn $30 million annually to maintain his lavish lifestyle, but the actor allegedly didn’t heed his financial manager’s warnings and continued “shopping for high-ticket purchases,” including “Gatsby-scale” parties, a dinosaur skull, an island in the Bahamas, and a pet octopus.
In a statement to TMZ, Cage said he intended to pay back everything he owed. “Over the course of my career I have paid at least $70 million in taxes,” the Leaving Los Vegas star noted, adding that he was “under new business management” and well on his way to solvency.
Written by: Nicki
