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Nicolas Cage 'spent and spent' says business manager

Nov 18, 2009, 9:33 GMT

US actor Nicolas Cage The business manager claims he "warned" the actor he needed to earn a minimum of $30 million a year to support his lavish lifestyle and agreed a string of financial objectives which included selling "more than a dozen" of his cars and his $1.6 million comic book collection. EPA/WARREN TODA

Nicolas Cage's former business manager has filed a cross complaint in Los Angeles Superior Court against the star.

Samuel J. Levin - who was branded "incompetent" by the actor over his financial advice, which Nicolas claimed has led him towards financial ruin - insists the 'Con Air' star was already in deep debt when he hired him in 2001.

In the complaint filed last week, Levin insisted Cage refused to listen to his advice, resulting in him having an unpaid tax bill believed to be around $6 million.

He said: "From the start of our Business Management Agreement he knew about his perilous financial situation and he knew he was behind on paying his taxes."

The business manager claims he "warned" the actor he needed to earn a minimum of $30 million a year to support his lavish lifestyle and agreed a string of financial objectives which included selling "more than a dozen" of his cars and his $1.6 million comic book collection.

However, following a "string of hit films", the 45-year-old actor started splashing out again and "set off on a spending binge of epic proportions" and by July 2008 Cage owned 15 homes - including two castles - four yachts, a Gulfstream jet, millions of dollars worth of jewellery and art and an island in the Bahamas.

Despite being warned to slow his spending, the actor went on to buy another 22 cars - including nine Rolls Royces - three houses, 47 pieces of artwork and exotic item purchases and 12 pieces of expensive jewellery, with Levin claiming his advice was "ignored and rebuked".

Levin was eventually fired, with the actor filing his original suit shortly after his 2008 tax return was filed.

Last week, Cage lost two of his New Orleans homes due to foreclosure auction.