National Treasure: Nicholas Cage’s Surprising Bankruptcy

Bankruptcy lawyer – someone Nicholas Cage had to call.

Nicolas Cage is a well-known American actor who has graced our screens in such film classics as Face/Off, National Treasure and Con Air. This eccentric actor is known for his charisma and flamboyancy, but lesser-known for his struggle with bankruptcy.

At one time, Cage was one of Hollywood’s highest-paid actors. But an affinity for purchasing properties – including manors and castles – and some trouble with his taxes soon saw Cage’s wealth plummet, and he is apparently still currently trying to take on as many film projects as possible to pay off his debts. Here’s a look at what Nicholas Cage’s net worth is now and what happened.

Nicholas Cage’s Career and Original Net Worth

Nicholas Cage has had an interesting career. He is an Academy Award winner and has starred in many critically acclaimed films, as well as many that were slammed by critics. Some of his notable films include The Rock, Snake Eyes, City of Angels and Kick-Ass.

In the early 2000s, it was reported that Cage was earning a fee of around $20 million per movie, which allowed him to quickly amass his fortune. He was said to have made $40 million in 2009 alone, so it’s not surprising that this actor was able to accumulate such a massive fortune in a short amount of time.

At the height of his career, Cage was reported to have a net worth of $150 million.

However, the actor’s unusual spending habits and taste for unique and expensive goods soon saw his fortune plummet, and the IRS demanded $6.2 million in property tax that led to the actor suing his business manager for failing to pay his taxes when they were due. His manager countered the lawsuit by claiming that Cage lived well beyond his means with his exotic purchasing and was not at fault. The courts dismissed both suits in 2010.

What Did Cage Spend His Fortune On?

Cage was once worth around $150 million (made between 1996 and 2011), but he squandered this fortune on a string of expensive purchases such as properties (his business manager claimed he wound up with 15 properties in total), automobiles – including 15 Rolls Royces –, expensive jewellery, artwork and various exotic items including a shark, a crocodile, an octopus, purebred dogs, two albino cobras and even a dinosaur skull.

Cage’s 15 properties spanned the world, including a $25 million waterfront home in California, an $8.5 million abode in Las Vegas and even a deserted island in the Bahamas for $3 million. While Cage tried to put much of the blame on his business manager for negligence and fraud, most agreed that his troubles were down to his own eccentric personal spending.

One of the actor’s more unusual purchases was a dinosaur skull belonging to a Tyrannosaurus Bataar. Cage reportedly outbid fellow actor Leonardo DiCaprio for the skull, shelling out $276,000 for it back in 2007. He has since had to turn over the skull to the Mongolian government after it was revealed that the skull was illegally taken from Mongolia.

Nicholas Cage’s Net Worth: $25 Million

In 2017, it was reported that Cage was worth just $25 million of his previous $150 million fortune. As a result, the actor appears to be accepting as many film roles as possible in an effort to pay off his debts. He also auctioned off items he had squandered his money on, including a rare comic book which he bought in 1997 for $110,000, which he auctioned off and sold for a record-breaking $2.16 million in 2011.

The flurry of films that you will find Nicholas Cage appearing in will go some way to helping the actor set his finances in order, as well as the hiring of a new manager. The actor has admitted in interviews that money is a significant driving factor in choosing which roles to take on. However, he also claims that it is never the only reason, and that, while he knows not all of the movies he has made have been great, he only takes on jobs where he knows that the role he is playing is something that audiences would enjoy watching.

Cage is known to be a bankable actor in Hollywood, and, provided he kicks his habit of purchasing properties and ancient bones, he could double or even triple his net worth in the coming years and get himself out of debt.

For more great Plunged in Debt articles, read these:

Clint Eastwood’s Net Worth

Mike Meyer’s Net Worth

Tom Hank’s Net Worth

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