Hollywood Actor, 45 year-old Nicolas Cage blames his business manager, Samuel Levin for mishandling funds, so last month he filed a lawsuit against him for 20 million dollars based on professional negligence and breach of fiduciary duty. Cage owes the government more than 6 million dollars in back taxes and blames Mr. Levin for never filing them. Nicolas Cage has been been forced to sell major assets and investments at a significant loss, because of Mr. Levin’s incompetence, misrepresentations and recklessness, gross mismanagement of his financial assets. He has had to place his million dollar homes and estates on the market, in Bel Air and Las Vegas for about $10,000,000, in New Orleans for about 3,5 million dollars and even his home in Rhode Island with ocean views for $12 million dollars. He has already sold his home in Germany for 2.5 million dollars. That is a lot of property he must get rid of, all because of hiring the wrong business manager. He hired Samuel Levin in 2001, that is a long time to trust someone in control over your wealth.
Now, Nicolas Cage has lost 2 of his homes to foreclosure in New Orleans worth a total of $6.8 million in a foreclosure auction Thursday. Cage owed $5.5 million in mortgage payments and $151,730 to the City of New Orleans in real estate taxes, according to Valteau.
Although, actor Nicolas Cage has a case, for many years celebrities have allowed accountants and business managers to solely be responsible for their money and not pay any attention and monitor their bookkeeping tasks. Stars like Tony Braxton should never forget their nightmare of losing millions of dollars, because of poor money management caused by their accountants. Every so many years, we hear of celebrities losing a lot of money as though they have never learned their lesson from others who would have been destitute, if it were not for their careers and famous relations to get them back in the million dollar bracket.
The actor, who’s known for his roles in Leaving Las Vegas and National Treasure, and it has reported the he has 5 projects slated for 2010, according to the Internet Movie Database.
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Categories: Hollywood Lifestyles , Latest News , Millionaire Stories , Rich & Famous
Hmmmm… it seems to me that Mr. Cage should pay a little bit more attention to his assets and not rely on others. Trust, but verify Cage… Trust, but verify.
We agree, Mr. Cage should be more careful and pay attention to his assets and he had plenty of time to do so.