Nicolas Cage: A Tale of Fortune Lost

From his eccentricity to his expressive nature, Nicolas Cage's life resembles a plot straight out of a Hollywood blockbuster.

It is no wonder that he has made a career in action films.

Cage's life has been filled with peculiar encounters and extravagant possessions, including owning the most haunted house in America, purchasing a stolen dinosaur skull, and waking up to find a trespasser eating a Fudgesicle in his bed.

He even bailed out of jail with the help of Dog the Bounty Hunter and fell victim to a multi-million dollar comic book heist that is now being turned into a movie.

As if these weren't enough, he also owned a shark and a private island, making him seem like a character straight out of a comic book.

Cage's life is so unusual that one might even question if he is a time-traveling vampire from the 1800s.

The only evidence against this theory is the fact that he never warned himself about squandering his $150 million fortune.

Perhaps he didn't want to disrupt the space-time continuum.

Regardless, between his collection of 50 cars, numerous European castles, private island, and multi-million dollar mansions, he came close to losing it all.

Today, Cage is worth a mere $25 million.

Here is the true story of how Nic Cage's fortune vanished before our eyes.

Vengeance: A Tax Story

You may not be familiar with the film “Vengeance: A Love Story,” led by Nicolas Cage, as it received little attention and doesn't even have a critics score on Rotten Tomatoes.

However, the real vengeance in Cage's life came from the IRS.

TMZ reports that Cage was hit with over $13.3 million in tax liens for unpaid taxes spanning several years.

Despite this, Cage promised to pay off all his debts.

According to Cage, he had already paid at least $70 million in taxes throughout his career.

Unfortunately, due to a recent legal situation, he owed an additional $14 million to the IRS.

He assured everyone that he was under new management and that all taxes, including state taxes, would be paid in full.

However, $14 million is no small amount for someone who used to be worth $150 million.

In 2009, Cage's former business manager, Samuel Levin, stated that the actor had to earn a minimum of $30 million annually just to stay afloat.

Looking at the numbers, this seems quite ambitious.

Yahoo reports that about half of Cage's former net worth came from four films: “Gone in Sixty Seconds,” “National Treasure,” “Snake Eyes,” and “Windtalkers.”

However, those successes occurred years ago, leaving Cage with no choice but to find a new treasure or adjust his lifestyle.

He Couldn't Escape Foreclosure

Despite winning an Oscar for “Leaving Las Vegas,” Nicolas Cage didn't leave Sin City on his own terms.

Unfortunately, the action hero lost his Las Vegas mansion and several other properties to foreclosure.

Among these properties were two homes in New Orleans, one of which was famously known as “the most haunted house in America.”

CNN Money states that these homes had a combined value of $6.8 million.

The haunted house even made an appearance on the show “American Horror Story.”

Following the loss of his New Orleans properties, Cage's $8.5 million Las Vegas mansion also fell into foreclosure.

According to The Hollywood Reporter, it was eventually sold for around $5 million in 2010.

That same year, Cage also lost his Bel-Air home, which was auctioned for $24.6 million less than his initial asking price.

Real estate agents described the decor as “frat house bordello.”

It seems fitting for Cage's unique style and could easily be the title of one of his future direct-to-video releases.

No National Treasure on a Deserted Island

Nicolas Cage's attempt to find his own hidden treasure took him to a deserted island in Exuma.

However, it seems that this choice wasn't the best, especially considering he already had a private beach estate in the Bahamas.

According to Bloomberg, the property was in receivership in 2016, indicating financial troubles.

Cage's 45-acre undeveloped island may have seemed like a good investment on paper, but $3 million is a steep price for some trees and sand.

Variety reports that he tried to sell the property for $7 million in 2008, amidst his IRS tax lien.

The actual selling price remains unknown, but it's safe to assume that it went toward paying off his debts.

As of 2018, the island was reportedly on the market for $8.5 million,