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Nicolas Cage Defaults on $2 Million Loan

Posted: October 4th, 2009 by WorstPreviews.com Staff
Nicolas Cage Defaults on $2 Million LoanSubmit Comment
Nicolas Cage is in more financial trouble - a bank is suing him for breach of contract. The actor is facing a $2 million lawsuit for allegedly breaching contract on an agreed monthly sum to East West Bank.

The bank officials claim they extended Cage a line of credit in August 2007 and he agreed to pay $11,590 per month until the debt was paid. But in documents obtained by TMZ, the bank bosses allege Cage missed payment for May, June, July and September. East West financiers are now demanding the return of the entire sum, plus costs.

It's another financial blow for Cage - Internal Revenue Service (IRS) officials reportedly filed tax lien documents against Cage this summer, alleging the star failed to pay $6.3 million to cover his income tax in 2007.

Source: WENN, TMZ


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Displaying 44 comment(s) Profanity: Turn On
Osiris3eagle writes:
on October 4th, 2009 at 12:02:22 AM

I guess he'll be rooming with Wesley Snipes soon
Ranger writes:
on October 4th, 2009 at 12:33:05 AM

Yeah... Wesley will move right into his bum.
ilovebatman writes:
on October 4th, 2009 at 12:45:20 AM

Hell Nic might as well move in Wesley's hole. By now there's gotta be room for two or three
nope.com writes:
on October 4th, 2009 at 12:46:50 AM

maybe he'll change his name back to Coppola and uncle Francis will help
rabid writes:
on October 4th, 2009 at 1:12:17 AM

6.3 million... that's probably the cost of that giant rock he gave Lisa Marie Presley. I bet he feels like a fool now.
Hang in there Cage. There's a sofa on my front porch if you ever need a place to crash.
johnny_boy writes:
on October 4th, 2009 at 1:21:35 AM

dam,how much do they pay him? for being a veteran actor,you'd think he'd get paid so much that $2 million would be a joke to him.seems like a bad time for him to turn down that villain role in green hornet.
Syman404 writes:
on October 4th, 2009 at 2:08:08 AM

hey cage, i know the "economy is falling" but what the hell are you at? you have ten thousand times more money than all the people on this site, what's the problem?! faggot.
Syman404 writes:
on October 4th, 2009 at 2:48:46 AM

btw. taxes are BS, so dont pay it. its just another way for the GVNMT to take your hard earnings. thats the way she goes.
Ranger writes:
on October 4th, 2009 at 2:50:19 AM

@Syman - '...have ten thousand times more money than all the people on this site' - speak for yourself poor boy.

Cage's salary (in the same year actually) can range from $2mil - $20mil.

National Treasure (2004): $20 million
Adaptation. (2002): $2,000,000
Windtalkers (2002): $20,000,000
Captain Corelli's Mandolin (2001): $7,000,000
Gone in Sixty Seconds (2000): $20,000,000
Bringing Out the Dead (1999): $1,000,000
Snake Eyes (1998): $16,000,000
Face/Off (1997): $6,000,000
The Rock (1996): $4,000,000
Leaving Las Vegas (1995): $240,000
Vampire's Kiss (1988): $40,000
Valley Girl (1983): $5,000.00

And these people have a LOT of support staff to pay, taxes... and Nick bought TONS of real estate, and the market has gone soft.

Syman - go back to yammering about Beckinsale and using the word 'faggot' on each of your posts (clearly you're a closet homo pathetically trying to deflect that obvious fact). Nick's (and my) finances are a lot over your head.
Syman404 writes:
on October 4th, 2009 at 2:56:25 AM

Don't get me wrong Mr Ranger. They are always on my mind. But the fact is that Cage is running into the ground yet he has the talent to say otherwise. I'm just waiting for him to take up a role that is NOT ghost-rider 2. I want to see something... breath-taking?! That's all I'm saying. I don't want Cage to do a 1408 and up with a sad 2012... that's all.
Syman404 writes:
on October 4th, 2009 at 3:00:29 AM

Or actually is it the other way around? 1408 was BAD. I could piss on myself in the mirror, lick the sh*t out of it, and sleep, and it's still better than 1408. 1409 maybe?... Sad...
Ranger writes:
on October 4th, 2009 at 3:00:49 AM

Hey Syman... thx. for the pleasant reply. OK, I get your comment(s). Nice does have the talent. But so many wonder WHY these actors pick certain roles, when it's more of a case of they taking what is OFFERED to them. If Nick wanted more control of his career, he should produce (which may be a reason he's selling off everything). Also people don't realize, that the 'take home' pay isn't even close to their pay checks that keep getting published publicly. So these actors don't have the control over the power in Hollywood... they still work for others.
Ranger writes:
on October 4th, 2009 at 3:01:31 AM

Nice = Nick.
Syman404 writes:
on October 4th, 2009 at 3:05:27 AM

Yeah i saw the mistype. But at the same time I just realized that 1408 had amazing reviews, well a 78% at Tomatoes (screw them). Its off-topic but at the same time, how is that a good movie?! Just wondering what your opinion is on that movie.
Ranger writes:
on October 4th, 2009 at 3:08:59 AM

I haven't seen that movie Syman.
Ranger writes:
on October 4th, 2009 at 3:11:25 AM

Again, passionate actors just like to work. And not only is being in debt a great motivator (Nick has accepted more projects this year than ever before), but it does show (on he taking on Ghost Rider 2) that everybody has their price. Nick is taking the jobs for the cash... not for his career. And you have a good point... re: awaiting for he to take on something breath-taking... it's another testament that Hollywood doesn't have that much to offer (in the way of great roles).
Syman404 writes:
on October 4th, 2009 at 3:16:05 AM

OK. I just REALLY want to see Nick take something that seriously takes my mind off the plate. Kinda like Bold BBQ doritos, or French cheese (never heard of it).
Ranger writes:
on October 4th, 2009 at 3:19:22 AM

I agree. I think the man has game. I've like HIM in most of his movies (even if I didn't like the movie that much). And to be honest... I do exactly the same thing in his position. $2 - $20mil for 4 to 5 (after the media junket to promote your movie) months is good cash. I'd take the cash too that they're offering even if it was a bit of a blemish on the resume. Worst thing an actor can do over doing mediocre movies is not to be working at all.
Syman404 writes:
on October 4th, 2009 at 3:22:08 AM

@Ranger. At the same time, I have to wonder, they hire him knowing he just wants money? That makes me laugh.
Ranger writes:
on October 4th, 2009 at 3:28:33 AM

Yep... Hollywood is one of the sleaziest Industries going. Everyone is whoring themselves out. But, Nick's name on the Marque still sells tickets over a no-name. And as long as everyone is being paid well... no harm. I think 'pride' takes backseat to money a lot of the time.

Syman... I see you're new(ish) to this site. Sorry for dropping the hammer on your earlier. You're a good guy. I just read you swinging in here with some sweeping statements... and you're certainly entitled to them. It'll be nice to see your posts here and there.
Syman404 writes:
on October 4th, 2009 at 3:31:04 AM

I've been here for a while, just haven't thrown in my comments. It's hard not to, after a while.
Ranger writes:
on October 4th, 2009 at 3:31:59 AM

lol... I'll bet. There have been some pretty entertaining debates on here.
Spar T writes:
on October 4th, 2009 at 4:16:11 AM

Isn't there a National Treasure 3 in the works? If he can stay out of jail long enough..that movie will pay all those bills and more. Call me a sucker, but I am a fan of those film haha.
Syman404 writes:
on October 4th, 2009 at 4:20:40 AM

Umm NT3 is as entertaining as any chick flick with a sequel goes. It came from nowhere, you smile because why the hell would you do it, and then it went on. Pointless, won't gross the budget, and honestly, won't catch anyone's attention. As much as I hate it, it's like saying Lindsay Lohan's c*nt was coming back. Who gives a flying f*ck?
Spar T writes:
on October 4th, 2009 at 4:28:03 AM

I'm not saying its a masterpiece. What I am saying is that the general population of movie-goers will enjoy that movie because it will have something to do with tying US history with Atlantis or something of that sort. It doesn't have to be an amazing movie. He will probably make a decent amount of money from it and thus should be able to work him out of his financial troubles. Sure, they're entertaining but would I rate them as my favorite films of all time? Of course not. What they will do, is pay the bills.
minkowski writes:
on October 4th, 2009 at 7:54:40 AM

The way this is all going, Snipes is going to have him some choice Nic Cage ass to trade for a carton of Pall Malls down on the B wing of Celebrity Prison.
minkowski writes:
on October 4th, 2009 at 7:56:38 AM

"He will probably make a decent amount of money from it and thus should be able to work him out of his financial troubles. "

At this point, Cage should be living in a box on set, funneling *all* his earnings into the hole of a life other people would call 'extravagant debt', just to stay afloat.
mdp711 writes:
on October 4th, 2009 at 9:37:29 AM

@mink

Maybe someone else has addressed it, but don't movie actors have accountants that are responsible to take care of their bills?
SACdaddy writes:
on October 4th, 2009 at 10:46:46 AM

lol. With all this Cage jail talk I cant help but think of the scene from Raising Arizona with Cage, Goodman, Forsythe, and the black dude that "got the menstrual cramps REAL HARD".

It is kind of sad to see Cage so broke. This definitely accounts for his lack of discretion between roles and the seemingly endless pile of crap he's been stacking for the last 10 years. Still, its pretty cool that, for once, Hollywood hasn't booted one of its true sons to the curb in his greatest time of need. Its amazing that all of his film still get theatrical release and up and coming directors still want him in their movies. I hope he bounces back, the good ones always do.
SACdaddy writes:
on October 4th, 2009 at 11:03:27 AM

Here's a thought. Go the Bruce Willis route. Shave Nic's head, lose the "average guy" act, and just start playing a hard ass. Cage was great in Kiss of Death playin a tough guy and everyone loves a badass. With the rebirth of the Manly movie genre kickin off, it might be a good way for Cage to get back in the game.
NatG83 writes:
on October 4th, 2009 at 12:25:59 PM

Not sure if someone else said it, but Nick should have stuck with Green Hornet.
OneTime writes:
on October 4th, 2009 at 12:38:27 PM

what a f*ckin idiot.
rabid writes:
on October 4th, 2009 at 1:54:59 PM

I'm not so sure he's actually broke. I read that there was a good portion that he's contesting. He wrote off quite alot in business expenses which they argue were personal expenses.
He's probably writing the checks as we speak. The guy has the cheddar.
The Ripper writes:
on October 4th, 2009 at 2:05:17 PM

I think he's just trying to leave the country, didnt he sell more homes then he should of? I'm sure he met what IRS claimed with all the estate(s) he sold.
Ranger writes:
on October 4th, 2009 at 2:19:31 PM

@The Ripper - not if his equity positions in that real estate was bare minimum. If he got in with low downs, he may have to sell off $50mil worth just to pay off most of the $6mil he owes the IRS. Plus most/all the places have probably gone down in price since he bought them... so re-financing (at any reasonable) is out of the question (more so if he had such low/no equity).

@rabid - you're right. I don't think Nick is 'broke-broke' - just not as liquid as he'd like to be.

@Mink - nice to see you back.

@mdp - accountants are like mechanics. Sometimes you get a bad one, or sometimes they only follow the instructions of the client and have no say in the matter. No... this is all Nick's fault. He signed on the dotted line (unless he gave his Accountant authority to do so).
mdp711 writes:
on October 4th, 2009 at 2:20:33 PM

Zombieland is the official top winner this weekend. But it didn't make as much as one might think. I loved it though...silly and I had a great time with my popcorn and little wines I sneak in.
mdp711 writes:
on October 4th, 2009 at 2:22:38 PM

Oh, and by the way, while I scrounge for the little extra spending money I can come up with, I have no sympathy for Nick or any other actor that can't manage millions. Sorry, I just don't give a sh*t.
Ranger writes:
on October 4th, 2009 at 2:33:12 PM

@mdp - you're right. No one should feel sorry for him.

Nice to read your review on Zombieland. I'll take it in when it goes to DVD. I'll bet Woody's dry sense of humor was the topper.
mdp711 writes:
on October 4th, 2009 at 2:41:19 PM

@Ranger...

I had a blast and you know what, to each his own. You'll enjoy it, I think.
Ranger writes:
on October 4th, 2009 at 2:50:29 PM

The trailers look good.
darkraven28 writes:
on October 4th, 2009 at 3:50:20 PM

I never did understand celebrities who couldn't pay taxes. But then again, there's M.C. Hammer. Good God. Nic Cage is going to end up like M.C. Hammer. Paging John Woo and Michael Bay STAT!! NIC CAGE NEEDS YOUUUUUU!
Ranger writes:
on October 4th, 2009 at 4:30:25 PM

There's a few now: MC Hammer, Xzibit, Snipes, Cage... who else?
BigUnit writes:
on October 4th, 2009 at 6:24:05 PM

get off his back who really cares, its his personal life
lost_addict writes:
on October 4th, 2009 at 10:11:13 PM

this is all a lie made by nic cage to make more bad movies with bad hair...

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