ven Academy Award winners are suffering from financial woes this recession. Actor Nicolas Cage lost two homes in New Orleans worth a total of $6.8 million in a foreclosure auction Thursday.Hancock Park Real Estate Co., a corporation through which Cage purchased both homes, is listed as the official property owner. Valteau said attorneys representing Samuel Levin, Cage's former business manager, set up the corporation so that Cage's name would not appear on the mortgage documents -- a common strategy among celebrities.CNN reported that Cage owes more than $6 million in back taxes and his properties in California and Las Vegas have also been foreclosed on and are designated for auction later this month.The actor, who's known for his roles in Leaving Las Vegas and National Treasure, has 5 projects slated for 2010, according to the Internet Movie Database.
ven Academy Award winners are suffering from financial woes this recession. Actor Nicolas Cage lost two homes in New Orleans worth a total of $6.8 million in a foreclosure auction Thursday.Hancock Park Real Estate Co., a corporation through which Cage purchased both homes, is listed as the official property owner. Valteau said attorneys representing Samuel Levin, Cage's former business manager, set up the corporation so that Cage's name would not appear on the mortgage documents -- a common strategy among celebrities.CNN reported that Cage owes more than $6 million in back taxes and his properties in California and Las Vegas have also been foreclosed on and are designated for auction later this month.The actor, who's known for his roles in Leaving Las Vegas and National Treasure, has 5 projects slated for 2010, according to the Internet Movie Database.
