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Latest Articles - Luxury

How To Wear A Wrist Watch Properly – The Lesson of Style

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Nicolas Cage - not Easy to Be a Millionaire

Thursday, 30 December 2010

Nicolas CageNicolas Cage is the person of wealth though he is aware that a millionaire is not that easy to be. Nicolas Cage is the member of the reputed Hollywood family Coppola along with his grandfather Carmine Coppola, the Uncle Francis Ford and the cousin Sophia Coppola. He is one of actors who won the greatest popularity of population and is highly appreciated by experts winning Golden Globe Award and Oscar and also nominated for these and other awards regularly. He is the actor who is wanted by producers to star in their projects and the movies Gone in 60 Seconds, Windtalkers and National Treasure add another 20 million USD to the moneybox of Nicolas Cage. When someone in Hollywood is suspected to be a financial insolvency, the name of Nicolas Cage will be the last in the list.

In the meantime, the events in the second half of the previous year shoed that Nicolas Cage, an actor with the highest fee, who stars in movies with significant box-office receipt, faces real and considerable financial problems. Last autumn it was revealed that the US Tax Service has available the substantial claims against the actor. By the statistical data of officers, from the first date of the world financial crisis, Cage failed to pay $6.200.000 US dollars to the state tax treasury. On the whole, his financial debts totaled approximately fourteen million US dollars. By December 2009 he collected legal actions with the ownership claims against his him. First, he was claimed against by his ex-girlfriend Christina Fulton. She appealed that Nicolas failed to perform the agreement by which Cage was liable to give to her disposal the house in Los Angeles for the right to see their child and perform all required payments by the real estate. However, Cage failed to do that and it resulted in enormous debts with Christina to the same Tax Service and to the bank for the total amount of $1.250.000 US dollars. In this view, Fulton requires to recover $13 million USD from this solid actor in favor of her.

Second, the legal action for $37 million USD against Cage was proceeded by the realtor company Red Curb Investments which accuses the actor of that Nicolas owed the intermediate reality agents the amount over $5 million USD in process of his numerous transactions with property purchase and sale. Moreover, they accuse him of the direct fraud when he never informed the management of the Red Curb Investments of his debts in other real estate transactions. And, third, the claim against Cage was brought by his ex-manager Samuel Levin though this is something to talk at the other time.

The major assets of Nicolas were invested in the real estate and therefore Cage was forced to say bye to the considerable part of his apartments, villas and cottages all over the world in the rush. So, the mansion of the actor in New-Port Beach, California, was put to sale with the start price of $2 million USD. Then the amount was lowered to attract the potential buyers almost for 40%.

Besides, two of his houses in New Orleans found new hosts for $4,5 million USD. Cage purchased those houses for $7 million USD on the whole. He was the owner of the medieval castle of Schloss Neidstein in the Oberpfalz region in Germany, which he bought in 2006 and sold in 2009 for $2.5 million USD.

There are two working versions on who is faulty in this situation though the issue what to do and where to get money was obvious and Cage sold his property to cover debts. Nicolas admitted the first version though he did not confessed to be faulty and he expressed his thoughts that Samuel Levin was the person who managed to bring his property state to the condition he was then. Nicolas also brought the claim against Samuel Levin accusing him of provoking Nicolas to invest into the losing projects which turned to be injurious for the real estate belonged to the actor and his reputation. He accused Levin of missing the time when the money on Cage's account came to its logical end though he felt right and authorized to purchase the other mansion and another luxury automobile costing the fortune. And Nicolas Cage stated that on the whole Levin was liable to pay taxes from Cage's income but he did not investing money into doubtful wild projects. And when in autumn 2008 Levin was replaced by the other manager, these mistakes were revealed though he was in the short time to recover the situation.

Samuel Levin has the different opinion on this issue and the reply to the question that differs from that of Cage's on who failed and skipped to maintain the prosperity of the actor. And thus, according to his version that sounded more reasonable, no one except for Nicolas Cage was faulty and guilty in the debts of the latter but him. As Levin stated, since the date of employment he was incisive in his appeal to Nicolas to be moderate in expenditures spent for automobiles and in purchase of real estate. He warned the actor regularly on potential problems within 2006-2007 when any qualified financer and economist was aware that crisis was at the threshold and investments into real estate were the first to be affected. Nevertheless, Nicolas neglected his warnings and went on hastily spend his many-million fees refusing to create the financial safety pad in case of crisis the minimum amount of which should total $10 million USD. On the whole, the actor purchased 15 houses all over the world, about 50 expensive automobiles, a private helicopter and 4 yachts for the previous years. Only in the year 2007 he spent thirty three million USD for these entertainments. So, Levin stated, that was logical that Cage faced financial problems when in 2008 the crisis occurred and prices for the real estate dropped considerably and banks refused to credit until the old ones were not covered. That was the logical end to all that stormy and thoughtless spendthrift.

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