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MORE MONEY WOES FOR NIC CAGE
Cash-strapped actor Nicolas Cage has been hit with another multi-million dollar lawsuit, this one accusing him of fraud.
Property company Red Curb Investments says the Leaving Las Vegas Oscar winner has failed to repay more than $5 million in loans.
Lawyers also claim Cage, 45, his former accountant and a mortgage broker defrauded the firm by not disclosing the true state of Cage's precarious finances, including $6.3 million he owes in taxes.
“Our client was assured that Cage had substantial assets consisting of high-end residential property, yachts, airplanes, antiques, custom automobiles, jewellery, furs, to assure repayment,” the suit says. “The values of Cage's assets were grossly exaggerated.”
In total Red Curb is seeking $36.7 million for the original loan, interest, damages, legal fees and other costs.
Cage's lawyer, Martin Singer, told People magazine: “Any claims that Nic Cage engaged in fraud or wrongful conduct is absurd and ridiculous.”
The beleaguered National Treasure star is also being sued by a bank for reneging on a $2 million line of credit.
Earlier this month his ex-girlfriend Christina Fulton, mother of his 18-year-old son Weston, sued him for $13 million for fraud and breach of contract, saying she has been caught up in his ongoing financial woes and has fallen into tax debt herself.
Cage blames his money problems on his former business manager, Samuel Levin, whom he is suing for $20 million, claim his recklessness has led him to the brink of financial ruin.
Levin is countersuing, claiming he tied to stop the actor's “compulsive, self-destructive spending.”
In a bid to solve his financial problems Cage has been trying to sell off much of his worldwide property empire, often at a loss.
He has sold a castle in Bavaria and two properties in England and has homes in Los Angeles, Rhode Island, Las Vegas and the Bahamas on the market.
Last month he lost two mansions in New Orleans in a foreclosure sale, and earlier this week it was reported that the sale of his Bel Air estate, previously owned by Dean Martin and Tom Jones, had fallen through.