Nicolas Cage is broke claims former manager in bitter lawsuit battle
The business manager accused by Nicolas Cage of sending him “toward financial ruin” has hit back by claiming the star was already millions of dollars in debt when he hired him.
National Treasure star Cage is suing his former manager Samuel Levin for $20m to repair the alleged financial damage he caused by mismanaging his financial affairs.
But Levin has filed a countersuit, in which he claims Cage had “already squandered tens of millions of dollars” and owed millions more in income taxes, when he started working for him in 2001.
Levin details Cage's alleged extravagant spending and says that he warned the actor he needed to earn $30m a year just to maintain his lavish lifestyle.
He also claimed that in 2007 Cage spent $33m on three homes, bought 22 cars - including nine Rolls Royces - as well as expensive jewellery and 47 pieces of art.
Levin says Cage “also spent huge sums taking his sizeable entourage on costly vacations and threw enormous, Gatsby-scale parties at his residences”.
He claims Cage owes him $128,872.98 in unpaid business management services.
In his lawsuit, filed last month, Cage claims that Levin was so reckless and incompetent with his money that he has now been forced to sell off major assets and investments, and is faced with massive tax liabilities.
According to Forbes magazine, Cage earned $40m between June 2008 and June 2009.
