Celebs Feel Pinch of Recession

Don't make the same mistakes as Nicolas Cage and Annie Leibovitz

(NEWSER) - Celebrities really are just like us: During these financially stressful times, they’re suffering, too. On Huffington Post, Manisha Thakor points out the takeaway from four high-profile meltdowns.

• NBA Player Antoine Walker: Squandered away his $110 million fortune by age 33. The lesson? If you have a variable income, don’t spend based on peak earnings—spend based on average earnings.

Wait, isn't he broke?

(NEWSER) - Oh, Nicolas Cage…when will you learn? Your castle-buying habit already got you in massive debt, so you go out and purchase a pyramid? The good news: It’s not an actual pyramid, just a 9-foot-tall tomb shaped like one…which he won’t use until he’s one day buried in it, TMZ reports. Still not the most prudent of ideas, perhaps, but maybe he can keep his collection of shrunken heads in it until he needs it. More»

Making bundles of cash doesn't guarantee you won't evade

(NEWSER) - Not too many of us are celebrating Tax Day, but some celebrities are probably even less happy about it than you. The Frisky rounds up 10 who owe back taxes:

• Pamela Anderson: Perhaps Dancing With the Stars will help her pay some of the $493,144 she owes California.
• Wesley Snipes: He actually went to prison after failing to file for a few years and racking up $2.7 million in debt. He was released on a $1 million bond.

Even at a mere $10.4M, no one bit on 'bizarre' Bel-Air mansion

(NEWSER) - Nicolas Cage’s foreclosed Bel-Air mansion went up for auction yesterday, but apparently no one wanted a 6-bedroom, 9-bath compound with comic books covering the walls and a model train circling the ceilings. No one bid even the minimum $10.4 million, the Los Angeles Times reports, meaning that ownership reverted to one of six lenders. A real estate agent says the “fascinating and bizarre” property may not have appealed to many, calling the design “frat house bordello.” More»

Christina Fulton says broke actor caused her $1.2M in debt

(NEWSER) - Just when it seemed Nicolas Cage couldn’t possibly get more broke than he already is, his ex is suing him for fraud and breach of contract—and wants $13 million. Christina Fulton says Nicolas Cage “gave” her a Los Angeles home years ago in exchange for raising son Weston, now 18—but she finally figured out the house wasn’t in her name in September, when Cage allegedly gave her 60 days to vacate the premises. More»