November 4, 2009
Big Spender Nic Cage blames losses on (Jewish) money manager
Actor Nicholas Cage reportedly owes the government $6.3 million in back taxes, but instead of ponying up, he’s blaming his money manager.
Cage is suing Samuel J. Levin, his former business manager, who he claims encouraged the purchase of “numerous highly speculative and risky real estate investments” which resulted in the actor “suffering catastrophic losses,” according to the $20 million lawsuit.
But before a dispirited and guilt-ridden Jewish world assumes Levin is akin to Madoff, they might consider a closer look at Cage’s spending habits.
Writing on The Daily Beast, Jacob Bernstein unearths a history of Cage’s profligate spending, and suggests that the actor is at least partly (if not wholly) to blame for his current financial calamity.
According to Bernstein, Cage has royal tastes and expensive proclivities, and little regard for his own financial recklessness. He writes:
Most glaring is Cage’s penchant for luxury real estate. Bernstein claims that he owns more than a dozen properties “in places like Newport Beach; Venice Beach; Malibu; San Francisco; Middletown, Rhode Island; New York; and Las Vegas.” Not to mention the $30 million Bel Air mansion where he spends most of his time, or the two mansions in New Orleans, “a 13,000-square-foot, six-bedroom house in the Garden District” and another in the French Quarter ($3.45 million and $3.5 million, respectively), plus “a castle near Bath, in England, an 11th-century estate in Etzelwang, Germany, and not one but two Bahamian islands.”
Old habits die hard, and Cage has been forced to liquidate most of his real estate. That is, the properties that are not already being foreclosed upon.
Of course, when things were good, and Cage was flush with cash, investing in cars and real estate seemed shrewd.
Here’s my favorite part, where two of Hollywood’s biggest stars flex their fragile egos in a testosterone-fueled haze:
Woe to the ills of fame and fortune.