http://news.bostonherald.com/track/insid...home&position=4The reason “National Treasure” actor Nicolas Cage is having a real-estate liquidation sale - selling properties he owns all over the world, including one in Rhode Island - has become clear: He’s broke!
Cage, who has made millions and millions over a long career, claims his business manager has sent him “down a path toward financial ruin” and he’s suing him for a minimum of $20 million.
Cage claims in a lawsuit filed in L.A. that business manager Samuel Levin was so reckless and incompetent with his money that he has been forced to sell off major assets and investments and is faced with gigantic tax liabilities.
“Levin placed Cage in numerous highly speculative and risky real estate investments, resulting in Cage suffering catastrophic losses,” the lawsuit claims.
The actor’s suit also charges that Levin failed to pay taxes and the IRS has liens on the actor’s assets for more than $6 million.
Consequently, Cage has had to unload two properties in Bath, England, a Bavarian castle he owned in Germany, houses in New York, Las Vegas and California, and his 132-foot yacht!
Cage put his Gray Craig castle in Middletown, R.I., on the market a year ago for $15.7 million but has recently reduced the asking price to something in the neighborhood of $12 million. Nice neighborhood!
