2. Nicolas Cage: IRS Debt and Overspending
Nicolas Cage once had an estimated net worth of $150 million. Starring in blockbuster movies like “National Treasure” and “Gone in Sixty Seconds” reportedly earned him about $20 million apiece, so Cage thought it was wise for him to have a lavish lifestyle.
For instance, in 2006, the star purchased over 40 acres of a private island, which was listed for $3 million. While the price may seem pretty decent for a man of Cage’s fortune, he didn’t stop there and decided to also purchase four luxury yachts, spending $20 million more.
In fact, this was actually just a small portion of his real estate portfolio, as he once possessed 15 residences in places like New York, Las Vegas, California, Germany, and the Bahamas, to name a few.
In 2009, the actor sued his former business manager on grounds of fraud and negligence. That same year, the IRS came into the picture, hitting Cage with $13.3 million in unpaid tax bills. By 2012, it was reported that the actor had been working very hard to pay off all his debts, with his then-fortune totaling just $6.
Cage currently has a net worth of $25 million, so he’s made quite a bit of progress toward bouncing back.
