Nicolas Cage’s Former Business Manager Files Countersuit

Posted on November 17, 2009

Actor Nicolas Cage’s former business manager, Samuel Levin, has now filed a countersuit against him saying the actor squandered his fortune and details his spending habits. Read more on this story below.

Samuel Levin has now filed a countersuit against the actor after Cage’s damaging statements saying he had sent Cage “down a path of financial ruin”, by misleading him and overcharging for his services.

These accusations from Cage stem from a $6.26 million tax lien Cage had by the Internal Revenue Service (IRS), alleging he failed to pay income tax on wages dating back to 2007.

Nicolas Cage also reportedly has unpaid tax on his earnings between 2002 and 2004, in which he is accused of defaulting on a $2 million loan in October.

Cage’s former business manager says Nicolas Cage is the one to blame for his financial problems, even detailing his extravagant spending in the countersuit.

The lawsuit refers to Nicolas Cage as Nicolas Coppola, his birth name, and reads “(By the time Levin was hired in 2001) Coppola had already squandered tens of millions of dollars… and owed millions of dollars in… income taxes, with no funds available to pay the tax debt.”

Levin also said that Cage spent $33 million in 2007 a lone on three new homes and bought 22 new cars, including nine Rolls Royces.

Samuel Levin stated Cage needed to earn $30 million per year to maintain that lifestyle, which included spending “huge sums taking his sizable entourage on costly vacations and enormous, Gatsby-scale parties at his residences.”

The lawsuit also stated, “The pinnacle of (Cage’s) spending spree came with his Quixotic acquisitions of Midford Castle in England and Schloss Neidstein Castle in Bavaria.”

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