Key Takeaways:
– Nicolas Cage faced a financial downfall due to poor budgeting and investments, despite being a top earner in Hollywood.
– The actor had to sell off his numerous luxury assets, including a rare Ferrari Enzo, to repay his debts.
– Cage now finds himself on Ferrari’s blacklist, unable to purchase from the luxury brand.
Versatile Hollywood actor Nicolas Cage found himself mired in financial and legal turmoil after a spree of extravagant spending and bad investments. Despite his successful acting career and previous status as a top Hollywood earner, Cage managed to squander his $150 million fortune on a range of eccentric purchases.
A Torrent of Troubles for Cage
From 1989 to 1994, Cage found himself in a career slump, with none of his films performing well at the box office. Concurrently, Cage grappled with legal troubles, tax issues, and looming bankruptcy. Desperate to settle his debts, Cage accepted any offered acting role and even found himself blacklisted from purchasing cars by a well-known brand.
According to reports, the Ghost Rider actor spent his vast fortune on peculiar items. These included a deserted island in the Bahamas, shrunken pygmy heads, a pet octopus, and the first-ever Superman comic book. Cage also invested heavily in property, owning 15 residences across various high-profile locations, including Newport Beach, California, Las Vegas, LaLaurie Mansion in New Orleans, and two European castles.
Luxury Vehicle Drama
His love for luxury cars was equally apparent, with possession of nine Rolls Royces, a Lamborghini Miura SVJ from the late Shah of Iran, and a rare Ferrari Enzo, one of only 349 produced. However, when mounting debts called for drastic measures, Cage was forced to sell the Ferrari Enzo, leaving the Italian luxury marque less than impressed.
With the struggling actor selling the unique vehicle well below market value, Ferrari executives decided to segregate from the actor’s tarnished image. Consequently, Cage was blacklisted and prohibited from purchasing any further vehicles from the brand. This blacklist includes other celebrities like Floyd Mayweather, Justin Bieber, and Tyga, seen as damaging to the brand’s prestigious image.
Cage Reflects on Career and Financial Choices
In a recent interview with 60 Minutes, Cage confessed his real estate investments had let him down. However, he emphasized that he never filed for bankruptcy and repaid all his debts, amounting to about $6 million.
Further, Cage shared during the 2024 SXSW Film Festival that he wasn’t paid for his award-winning role in ‘Leaving Las Vegas’. Echoing the film’s writer-director Mike Figgs, Cage stated that his commitment to the film was beyond being paid, as he saw it as a great chance for creative expression. Despite his financial difficulties, this role revitalized his failing career and paved the way for more successful roles, stating that within a year, he was earning $20 million a film.
While Nicolas Cage’s financial and career journey has been a rollercoaster ride, his dedication to his craft has never waned. Despite personal and financial struggles, the actor continues to command a cult following and earns accolades for his diverse roles. His story serves as a classic cautionary tale of rapidly gained wealth coupled with unchecked spending, emphasizing that financial responsibility is vital, no matter how full your coffers may be.
