How Nicolas Cage Really Went Broke

Actor 'spent money like it was water,' friends say

By Kevin Spak,  Newser Staff

Posted Nov 7, 2009 3:46 PM CST

(Newser) – Nicolas Cage’s money woes aren’t all his money manager’s fault. Cage “lived like a sheik,” a friend tells the Daily Beast. “Spent money like it was water.” Here’s a sample of what he spent it on:

  • More than a dozen homes, including a castle in England, an 11th-century estate in Germany, and two entire Bahamian islands

  • An untold number of cars, new and classic. He once paid $500,000 for a Lamborghini previously owned by the shah of Iran, nearly $300,000 more than its value. “He didn’t care,” says a friend. “Nic at an auction is dangerous.”
  • A collection of pets one friend describes as “basically a zoo,” including two albino king cobras; he keeps antivenom nearby
  • A dinosaur skull
  • A collection of shrunken heads
  • A $1 million donation to the Red Cross, and a $2 million contribution to Amnesty International

Nicolas Cage speaks during a news conference for the movie Bad Lieutenant: Port of Call New Orleans at the Toronto International Film Festival in Toronto on Tuesday, Sept. 15, 2009.
Nicolas Cage speaks during a news conference for the movie "Bad Lieutenant: Port of Call New Orleans" at the Toronto International Film Festival in Toronto on Tuesday, Sept. 15, 2009.   (AP Photo/The Canadian Press, Frank Gunn)
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There’s a cluelessness. He’s been wealthy since he was 17 years old, and so he’s very removed from normal decision-making. The mentality was ‘that’s what houses, cars, diamonds, jets cost. Get it, get it, get it.’ - A source who worked with Cage

I remember a bunch of us saying, ‘How many more magic tricks can Sam do to keep Nic afloat?’ It was a house of cards… I think Nic thought he was invincible. - An anonymous source

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