11/3/2009

in

Actor Nicholas Cage's home is up for auction owes the IRS millions of dollars and is suing his manager.

Shamira Fowler
<center>Actor Nicholas Cage is facing some serious money problems.<center>[![](http://cdn.picapp.com/ftp/Images/0/9/3/2/Bad_Lieutenant_Port_d9c6.jpg?adImageId=7104337&imageId=6482680)](http://view.picapp.com/default.aspx?term=Nicholas Cage&iid=6482680)


Nicholas Cage's New Orleans homes, which are each valued at about $3.5 million, will be up for auction on Nov. 12, NOLA.com reports, according to the New York Daily News Web site. The homes had about $5.5 million in unpaid mortgage debt on them, the site said.  
  
Cage is also attempting to sell much of his real estate, including a castle in England and a home in Hollywood.Now, it may be hard to grasp how Nicholas Cage, an actor who can demand up to $20 million per film could possibly be facing money problems. Who could possibly be at fault for this?  
  
Cage claims that his manager, Samuel Levin, was not doing his job, including not paying his taxes, which is why Cage owes more than $6 million in unpaid taxes to the IRS.  
  
Cage asked for $20 million in damages in the lawsuit against Levin.  
  
"Levin placed Cage in numerous highly speculative and risky real estate investments, resulting in Cage suffering catastrophic losses," the lawsuit, filed in L.A. Superior Court, claims, according to the New York Daily Exchange.  
  
Not only did Cage claim his manager was not honest about the actor's true financial state, he also alleged that Levin was "grossly" overcharging him for his managerial services. Ouch!</center></center>