Nicolas Cage Loses Homes to Foreclosure Auction
Updated 10:15 PM CDT, Fri, Nov 13, 2009
The latest blow in Nicolas Cage's financial battles was dealt on Thursday when two of his New Orleans homes were sold at auction.
The star of films including "Leaving Las Vegas," and "National Treasure: Book of Secrets" owes over $6 million in back taxes according to the IRS, and the New Orleans homes – located in the historic French Quarter – were sold at auction on Thursday.
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The two properties were bought by Regions Bank, the only bidder. People reported the bank was Cage's lender.
Regions Bank reportedly bought the properties for $4.5 million, a bargain on the estates, which were appraised for more than $6.8 million in total, according to CNN.
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On Friday, photos surfaced online showing workers removing Cage's remaining belongings from at least one of the properties.
Last month, Cage filed suit against what he called an allegedly "incompetent business manager" for a string of financial troubles.
In the court papers, obtained by Access Hollywood, the box office star alleged that his former business manager, Samuel J. Levin, has been responsible for "sending Cage down a path toward financial ruin."
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Cage, who has put a number of properties on the market in recent months, alleged that he is "now forced to sell major assets and investments at a significant loss and is faced with huge tax liabilities because of Levin's incompetence, misrepresentations and recklessness."
The actor claimed that Levin paid himself "millions of dollars" while putting Cage's money into "risky" and "highly speculative" investments, also allegedly failing to "timely pay taxes."
Cage claims Levin is responsible for more than $20 million in damages and that he and other parties are "guilty of malice, oppression and/or fraud and [Cage] is entitled to recover an award of exemplary and/or punitive damages."
Levin did not respond to a previous request for comment from Access.
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MORE ACCESS ON THESE TOPICS: Nicolas Cage - Celebrities - Lawsuits
Copyright Access Hollywood
First Published: Nov 13, 2009 9:45 PM CDT
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