Nicolas Cage sued for not paying back loan
By Alexandra Heilbron on October 5, 2009 | 9 Comments
Nicolas Cage is being sued after defaulting on a $2 million loan. According to E! Online, court documents state that East West Bank extended Cage a $2m line of credit in August 2007. He defaulted on the loan in November 2008, then entered into an agreement in which he could pay $1,953,732.94 back by January 2011. However, according to the bank, Cage missed his payment in May, and didn’t pay anything in June, July, August or September. He then missed the October 1 deadline to pay $100,000 in outstanding principal sums and interest. Cage, who often makes $20 million per movie, has just finished filming the major motion picture The Sorcerer’s Apprentice for Walt Disney. His latest movie, Bad Lieutenant: Port of Call New Orleans, opens November 20th. Since he’s obviously having no trouble finding work, this raises questions: What’s he doing with his money? Why would he even need a $2 million loan? And why is he selling three of his homes? He currently has a property in Bel-Air that has been on and off the market since October 2006, and he seems desperate to sell. Originally listed at $35 million, it’s now being priced at $17.5 million (he bought it in 1998 for less than $7 million). A year ago, he also had two other homes listed — one in New Orleans and one in Rhode Island.
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this is the only new article i was interested in reading. maybe he spent all of his money before he made it and has a shopping problem so he borrowed the money to spend it on things he didnt need and now he cant afford to pay it back? i would love to feel bad for him if he was broke, but to him broke would be like having the amount a normal person has. i wonder how many people are going to assume this is drug/prostitute related. lol. i dont think it is. i love nicolas cage, he was my fave actor for the longest time! i guess if they sue him and he has no money, they wouldnt get too much.
I’d say that if they are going to sue, now is the perfect time because he has money from recent jobs…or SHOULD have. I’m pretty amazed at this. Like, what the heck does he spend that kind of money on that he’s broke? He has to have some pretty bad investments going on or something. This just isn’t the norm for someone who makes that kind of cash.
maybe he has some secret children and the moms (or dads, depending what way he swings!) took him to court for child support. hehehe 😀
Gambling?? Downfall of many
I think so too, Anon. High roller. There’s not really any other explanation, is there? I mean, even if he was a drug addict, there’s no way he would breeze through that much cash.
Then again, rich people often have people to take care of all this stuff for them, maybe his accountant screwed up, or maybe even cleaned him out?
Possibly, but I’m doubting it….he’s been aware of it for too long for it to be something like that, I think. At $20 million minimum per movie for the past 3-4 years, he could have come back from something as simple as a skimming employee. He’s got a problem…and I am a very curious person, LOL. I wonder what it is????
Well, I doubt it too, but it was just a thought. I knew someone who was totally scammed by his accountant, took a long time for him to figure it out and it was bad, I thought he was going to kill her.
And it was a pretty good thought too! I guess the guy you know would be mad. It’s not hard to cook the books. Very, very stressful trying to decipher it all though. Enough to drive someone to do things they normally wouldn’t do, I guess, LOL. It’s usually pretty wise to either keep a close eye on that stuff yourself, being very involved in it all (and be able to understand it all) or to have two separate accountants, which can be very effective in cutting back on scammers. I’m sure we’ll find out eventually what is up with Nicolas Cage….but, I’m curious NOW!!! 😛