'I couldn't get out in time': Nicolas Cage remembers being $6M in debt after the...
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Nicolas Cage remembers being $6M in debt after the real estate market crashed, made 'crummy' movies to survive — 7 of his craziest buys
A-list actor Nicolas Cage is known for his eccentricity and intensity on and off the camera.
In an interview on CBS’ “60 Minutes,” Cage — who was once a top earner in Hollywood, worth $150 million — reflected on how he fell $6 million in debt after blowing his career earnings on properties, cars and other wild purchases.
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To get out of that “dark period” and pay the IRS and his creditors everything he owed, Cage moved to tax-free Las Vegas and worked non-stop, making multiple movies a year.
“Work was always my guardian angel,” he told CBS’ Sharyn Alfonsi. “Even if the movie ultimately is crummy … I’m not phoning it in. I care, every time.”
Ultimately, the Oscar winner’s efforts paid off and he settled his debts without having to file for bankruptcy — but the 59-year-old came dangerously close. Here are some of his craziest buys:
Mansions, castles and a haunted house
Cage has picked up a slew of residential real estate during his prolific acting career — but he lost nearly all of his properties between 2007 and 2009 when his financial mismanagement and tax debts ballooned amid the financial crisis.
“I was over-invested in real estate,” he said. “The real estate market crashed and I couldn’t get out in time.”
According to CNBC, Cage once owned 15 residences, including a $25 million waterfront home in Newport Beach, California, a $15.7 million countryside estate in Newport, Rhode Island, and an $8.5 million abode in Las Vegas.
He also bought two castles in Europe for $10 million and $2.3 million, respectively, and in a purchase fitting for his latest character — Count Dracula in the new horror/comedy hit ‘Renfield’ — Cage also bought the infamous LaLaurie mansion in New Orleans, known as one of the most haunted houses in America, for $3.4 million.
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