Nicolas Cage’s boss shows him the money

Nicolas Cage has settled with his former business manager who he states led him to “financial ruin” / AP Source: AP

NICOLAS Cage settled a lawsuit with his former business manager who he alleged was responsible for leading him “down a path toward financial ruin”.

In a lawsuit filed in October 2009, the Leaving Las Vegas star had claimed his business manager Sam Levin made reckless investments that incurred a tax debt to the tune of $US14 million, TMZ said.

The Oscar-winner, who Forbes magazine estimated earned $US40 million between June 2008 and June 2009, stated he had to sell off major assets to pay his tax bill.

Mr Levin countersued, alleging Cage squandered his wealth by an extravagant lifestyle that included $US33 million worth of real estate and 22 cars, including nine Rolls-Royces.

The two reached an agreement yesterday but the terms of the settlement were not disclosed. Cage had demanded $US20 million from Mr Levin in his original lawsuit.

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“Nic is happy that it is resolved,” a source told the celebrity website.

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Submited at Thursday, September 2nd, 2010 at 8:00 pm on Movies by sofia
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