Actor Nicholas Cage is facing catastrophic losses of more than $20 million due to several tax liens and unpaid loans for which he blames his financial manager, People Magazine reported.
Cage is blaming his business manager Samuel J. Levin for putting him into financial ruin, the actor said in a lawsuit filed on October 16, according to People Magazine. He says Levin was incompetent, misrepresented him and was reckless.
The U.S. government placed a tax lien on Cage's real estate holdings. The Internal Revenue Service placed another lien on his properties for more than $350,000 in unpaid taxes. He also has to repay a $2 million loan from the East West Bank, according to People.
Cage has reportedly sold properties and is auctioning more homes this month.