Scoop: Nicolas Cage said to have squandered fortune

Published November 19, 2009 5:00am ET



We felt really bad for Nicolas Cage when we heard he was flat broke and had to sell off some properties — including two castles — and see others foreclosed upon, with his belongings auctioned off. We felt even more sympathy when he filed suit against a money manager for allegedly blowing his fortune. But then that bean counter’s countersuit got us thinking: Hey, wait — who owns two castles and a bunch of other houses in the first place anyway?

According to TMZ, the manager contends that when he was hired in 2001, the Oscar winner “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.”

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