‘I couldn’t get out in time’: Nicolas Cage remembers being $6M in debt after the real estate market crashed, made ‘crummy’ movies to survive — 7 of his craziest buys
Posted April 28, 2023 by: Admin
In a recent interview with CBS’ “60 Minutes,” actor Nicolas Cage shared his experience of going from a top earner in Hollywood worth $150 million to being $6 million in debt due to his extravagant spending habits. Cage blew his earnings on properties, cars, and other lavish purchases, leaving him in a “dark period” of financial crisis.
To pay off his debts to the IRS and creditors, the Oscar-winning actor moved to tax-free Las Vegas and worked non-stop, making multiple movies a year. He shared that work was always his “guardian angel,” and he gave his best even if the movie ultimately turned out to be “crummy.”
Cage owned 15 properties, including a $25 million waterfront home in Newport Beach, California, a $15.7 million estate in Newport, Rhode Island, and an $8.5 million abode in Las Vegas. He even purchased two castles in Europe and the infamous LaLaurie mansion in New Orleans, known as one of the most haunted houses in America, for $3.4 million.
Apart from real estate, Cage’s eccentric spending habits extended to pets, including a $150,000 pet octopus, rare snakes, and an African crow. He even purchased a seven-million-year-old dinosaur skull for $276,000, but it turned out to be stolen, and he had to return it to the Mongolian government. He also bought a nine-foot-tall cement pyramid tomb at St. Louis Cemetery No. 1 in New Orleans.
Cage is no stranger to expensive cars and paid almost double the estimated value of a rare 1971 Lamborghini Miura SVJ owned by the late Shah of Iran in 1997, which he bid for by phone. He recently conducted the CBS interview from his brand-new gold Lamborghini, which he purchased in tribute to a 1968 movie directed by Federico Fellini.
Cage’s financial mismanagement and tax debts ballooned during the 2007-2009 financial crisis, leading to the loss of nearly all his properties. However, his hard work and dedication paid off, and he settled his debts without having to file for bankruptcy. Despite his financial woes, Cage has no regrets about his spending habits, saying that his purchases were based on his passions and interests.
