According to sources financial troubles for Hollywood a-lister Nicolas Cage continues to pile up. Check it Out:
The star, who’s been accused by the IRS of failing to pay more than $6.2 million in back taxes and who in turn filed a multimillion-dollar suit against his business manager, is now being sued for $15 million by Red Curb Investments for allegedly failing to pay back a $3.5 million loan and for failing to disclose that he owed money to the IRS.
Cage’s lawyer said: “Any claim that our client engaged in any fraudulent conduct is ridiculous.” Red Curb could not be reached.
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Well it seems that the financial woes continue to pile up for actor Nicolas Cage; Check it out:
Financially beleaguered Nicolas Cage already owes $6.3 million in back taxes and has begun selling off his homes and yachts.
Now Christina Fulton, mother of Cage’s son, Weston, 18, is suing the star for $13 million, claiming he promised to pay off her $250,000 credit-card debt.
She also claimed that Cage provided her and their son with an LA home, but she has now been hit by an eviction notice, and owes the IRS more than $1 million.
She blames Cage for it. Cage says he faces financial ruin after a former accountant allegedly duped him. The accountant has countersued, claiming Cage’s problems are due to his “compulsive, self-destructive spending.”
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We hear of these situations time after time, celebrities not having their financial business in order, causing them to loose everything they’ve worked so hard for. To all who aspire to entertain learn from your predecessors, take care of your finances.
Nicolas Cage was in Kenya visiting imprisoned Somali pirates on Tuesday just days after he lost his two houses in New Orleans in foreclosure and he was hit with a countersuit by the former business manager he is suing for fraud.
Cage, a UN Goodwill Ambassador on Drugs & Crime, was in Mombasa to tour the Shimo La Tewa prison, where many captured Somali pirates are being held.
“I’m in a position where I can actually make some sense and talk about it when I go back to the States,” Cage told The Associated Press.
The star of the new “Bad Lieutenant” remake, who owes the IRS $6.6 million, might be safer in Kenya, where he won’t be able to spend his Hollywood millions so quickly.
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Damn Nick, not you too. What’s the deal with entertainers making tens of millions and some how blowing it all.
Actor Nicolas Cage filed a $20 million lawsuit against his former business manager on Friday, accusing him of negligence and fraud that sent the “National Treasure” star “down a path toward financial ruin.”
Cage claimed that his recently-fired business manager had failed to pay taxes when they were due and had placed him in speculative and risky real estate investments “resulting in (the actor) suffering catastrophic losses.”
In a lawsuit filed in Los Angeles Superior Court and first obtained by celebrity web site TMZ.com, Cage said he had now been forced to “sell major assets and investments at a significant loss” because of the actions of his business advisor and accountant over the past seven years.
The lawsuit said the advisor had also failed to alert Cage to the fact that his money was running out, and had over-extended his lines of credit with banks.
The former business manager, Samuel Levin, could not be reached for comment on Friday.
Cage, 45, is one of Hollywood’s most prolific actors with more than 50 movies to his name, including an Oscar-winning role as an alcoholic in “Leaving Las Vegas” and action movies such as “Face/Off” and “Gone in Sixty Seconds”.
Cage earned some $40 million last year according to Forbes.com and has six movies expected to hit theaters in the next two years.
He was recently hit with a claim for $6.6 million dollars in back income taxes, interest and penalties by U.S. authorities.
Cage said he did not realize the extent of his problems until September 2008 when he hired a new business manager. He asked for $20 million in damages, saying that his reputation has been “irreparably tarnished.”
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