By Madhuri Dey
Nov 4, (THAINDIAN NEWS) Nicolas Cage is reportedly headed for the poverty zone. He is said to be completely broke and is allegedly selling off his assets. He is said to be up to his neck in debt. According to sources, he is in debt of the IRS. He owes about 6.3 million dollars. He is currently suing Samuel J. Levin, his former business manager. He claims that the breakdown of his financial condition has been brought about by Levin. He has asked for a compensation worth 20 million dollars.

Cage is reportedly selling off most of the real estate he owns. He owns land in almost every part of the world. He is blaming his erstwhile business manager saying that he had mismanaged his finances. Cage owes 6.3 million dollars in taxes that he has to pay. He also has to pay mortgage of about 5.5 million dollars and pay back 2 million dollars of loans. He owes the loan to the East West Bank, that has filed a lawsuit against him, accusing him of breach of contract. He is also to pay back about 350,000 of tax debt that have been pending from several years. The actor has accused his business manager of making profit while leading him to financial ruin. Levin reportedly charged millions of dollars for his services.

According to Cage, Levin had showed extreme incompetence and inefficiency while handling the financial affairs of Cage. The actor has accused him of misinterpreting and handling his finances recklessly. He further said that the assets and investments that he is being forced to sell are not even fetching him any profit and that he is having to sell them at a significant loss.

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