http://www.celebritynetworth.com/articles/celebrity/how-did-nicolas-cage-blow-through-an-150-million-dollar-fortune/
...One person who definitely knows what it feels like to owe a little bit of money to Uncle Sam is Nicolas Cage. Nick is unfortunately one of dozens of high profile celebrities who happen to be way better at acting or throwing a ball than they are at taking care of their personal finances. After years of extravagant over-spending, not only did Nicolas find himself owing the IRS $13 million, but he also managed to blow through a $100 million fortune. How, in the name of ZEUS' BUTTHOLE, did this happen?
... as his income went up so did his spending habits. Actually, to be fair, as his income increased Nick's spending habits SKYROCKETED. Between 2000 and 2007 Nick went on a spending spree that would make the Sultan of Brunei blush. During that time Cage made the following purchases:
15 Personal Homes: Cage's property portfolio included an $8 million castle in England that he plunged millions more into remodeling. He never spent a single night in the castle. He also bought a second castle in Bavaria, two multi-million dollar mansions in New Orleans, a $17.5 million palace in Bel Air, a $10 million Malibu beach house, a 24,000 square foot home in Rhode Island, a mansion in Las Vegas and a getaway property on Paradise Island in the Bahamas.
A Private Island: Apparently having a house on Paradise Island didn't fill Nick's penchant for the Bahamas because in 2006 he spent $7 million on a 40 acre private island 85 miles south of Nassau.
Four Luxury Yachts: Cage at one time owned four luxury yachts including one called Sarita that had 12 master bedrooms that was valued at $20 million.
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When you total everything up, it becomes pretty clear that Nick was living well beyond his means even for a guy who makes $40 million a year. To make matters worse, while he was spending money like there was no tomorrow, Nick wasn't paying his taxes. By 2009, his unpaid tax bill and penalties totaled more than $13 million! Nick immediately began attempting to dump as many of his assets as possible, starting with the houses. It didn't help that 2009 was quite possibly the worst time in the last 100 years to try and sell a house in a pinch....