Nicolas Cage Blew Through $150 Million in a Matter of Years — Almost His Entire Fortune
Actor Nicolas Cage has made millions starring in films such as Adaptation (2002) and National Treasure (2004). Though Cage became one of the most notable actors of the 1990s and early 2000s, his mega fortune didn’t last forever. It turns out Nicolas Cage’s spending habits got the best of him in only a few years’ time.
Nicolas Cage has earned various awards and nominations for his acting
Cage’s acting career started back in 1982 when he earned a small role in the film Fast Times at Ridgemont High. Cage’s uncle, Francis Ford Coppola, helped get him into acting, though Cage intentionally changed his name to try and avoid being called out for nepotism. Cage didn’t land all the roles in Coppola’s films, though he did appear in Rumble Fish and Peggy Sue Got Married.
Cage went on to score other important roles, including in the 1995 film Leaving Las Vegas, which won him a Golden Globe, Academy Award, and Screen Actors Guild Award. Those in the younger generation might remember him for his role in National Treasure (2004), a film during which Cage’s character stole the Declaration of Independence. The film spawned a sequel, which was released in 2007.
Cage once blew through his entire fortune — mostly thanks to his real estate obsession
At one time, Cage was unstoppable. He was landing movie roles left and right, and his net worth sat at more than $150 million. But according to CNBC, he got a bit out of control with his spending. Cage owned 15 homes, including a $25 million mansion in his hometown of Newport Beach, California. He owned real estate in Las Vegas, Rhode Island, and New Orleans as well, just to name a few. Cage also purchased a private island in the Bahamas.
Though the money seemed endless, it wasn’t. In a matter of years, Cage blew through almost his entire fortune. He was dropping money on homes, cars, vintage comic books — and he even owned a $10 million castle in Europe at one point.
Over time, the spending caught up with him. And things got real when it was revealed that Cage owed serious money to the IRS.
Cage once owed the IRS $6.3 million
Cage lived his best life for a while, but it didn’t last forever. According to The Street, Cage invested in real estate at the wrong time. This forced many of his properties to either fold in foreclosure or sell for huge losses when the housing market crashed back in 2008.
Beyond not paying off his homes, Cage also owed the IRS $6.3 million in back taxes — meaning he was in debt in more ways than one. According to CNBC, Cage has slowly regrown his net worth and is worth approximately $25 million today — a far cry from the vast fortune to which he was once accustomed.
[Correction: An earlier version erroneously said Cage filed for bankruptcy. He neither filed nor was declared bankrupt.]