Nicholas Cage in deep financial trouble

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Actor Nicholas Cage has “lost two homes in New Orleans worth a total of $6.8 million in a foreclosure auction Thursday…Birmingham, Ala.-based Regions Bank purchased (one of) Cage’s (homes)…(in New Orleans) French Quarter appraised at $3.5 million for $2.3 million.  For the second home, the Bank “paid $2.2 million for Cage’s 2523 Pataniya Street property appraised at $3.3 million in the Garden District.”

“Last month, Cage filed a lawsuit against…Samuel Levin, Cage’s former business manager…claiming that Levin duped the Hollywood actor out of more than $20 million since 2001 when he was hired.”  “The suit went on to say Cage has “is now forced to sell major assets and investments at a significant loss and is faced with huge tax liabilities because of Levin’s incompetence, misrepresentations and recklessness.”

I find it surprising how often the super-wealthy find themselves getting into destructive financial relationships.  Would I ever to enter the class of the ultra-rich, I would hope to be very careful in my investments. I think that the reason that the rich often find themselves getting swindled is their attitude that the high financial times will never end and this fosters a pattern of reckless and unchecked spending because they feel that the high cash flow is seemingly ceaseless.  Also, there are a lot of parasites who foster professional relationships with celebrities for the purpose of taking advantage of them.  It is of course for the courts to decide where to assign the blame in this matter.

Look for Nicholas Cage in the upcoming Werner Herzog directed remake of Abel Ferrara’s 1992 film Bad Lieutenant entitled Bad Lieutenant: Port of Call New Orleans. Herzog denies the film’s remake status, stating, “It’s not a ‘re’ anything.”

http://money.cnn.com/2009/11/13/real_estate/Nicolas_Cage/index.htm?cnn=yes

http://www.imdb.com/title/tt1095217/

http://www.latimes.com/entertainment/news/la-ca-bad15-2009nov15,0,4122083,full.story

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