With charges of fraud and incompetence, Nicolas Cage sued his former money manager, Samuel Levin, filing the papers on October 16, 2009. Cage got wind that something was up when the IRS claimed he owed an additional 1.8 million dollars in back income taxes and penalties. In February of 2008 he sued the IRS, questioning their claim, but in September of 2008 he settled with the IRS for about half of what they were asking. Unfortunately for Cage, this did not end the matter with the IRS and they came back with additional claims for unpaid taxes to the tune of 6.6 million dollars. In September of 2008 he retained other financial counseling services, and apparently learned the extent of his deep financial troubles.
From the documents filed in his lawsuit against his money manager:
“Defendants engaged in the following grossly negligent conduct:
(a) Failed timely payment of taxes on behalf of plaintiff for several years . .
(b) Concealing Plaintiff’s true financial condition prior to investments and assets being acquired by the Plaintiff . . .
(c) Recommending and facilitating Plaintiff’s investments in exceedingly risky and speculative real estate transactions without disclosing the risks . . .
(d) Recommending that Plaintiff executer personal guarantees on bank loans without advising Plaintiff of the associated risk . . .
(e) Failing to diversify Plaintiff’s investment holdings . . .
(f) Failing to obtain adequate insurance coverage for real estate and other holdings
(g) Over extending Plaintiff’s lines of credit with banks and financial institutions as a result of failing to disclose to Plaintiff of his true financial condition”
The list goes on with charges of overcharging Cage for services rendered, failure to disclose and gross incompetence.
The research has failed to come up with a total of Nicolas Cage’s earnings as an actor though Forbes estimates his earnings in 2008 and 2009 to be 38 million dollars.
Cage had acquired a number of real estate holdings including a Bavarian Castle, and mansions in Rhode Island, New Orleans, and two homes in Los Angeles one of them on which he has a 350 million dollar mortgage. He also owns a private jet. When you quickly run the numbers you get the gist of Cage’s problems. He has far too much real estate bought at the top of a market that has plummeted. Strange as it may seem, he holds far too much mortgage (!) debt for his earning capacity. This is speculation here, but in trying to keep up with these payments, his money manager seems to have neglected other expenses, like insurance payments and taxes. He also filed questionable deductions to make Cage’s tax bite smaller. Unfortunately for Cage, this left him open to audits of his taxes going back three years from the date a return is filed.
Cage sold his Bavarian Castle to his German advisor, and is the process of selling his New Orleans and 350 million Los Angeles property. However, in a down market like this he won’t be able to sell them for the money he paid. Even selling off his property is not going to help him with the 6.6 million in back taxes he owes or with his mortgage problems with the banks.
So what in Nicolas Cage’s astrological money profile has led the multi-million dollar earning actor in such a sad state of affairs. Let’s take a look at his horoscope.
Nicholas Cage was born January 7, 1964 at 5:30 AM PST, Long Beach, California. This information is given a AA rating, from the birth certificate, according to Astro’s Astrodata Bank so we can use the entire chart for our analysis.
When we look at money, we look first to the second house which for Cage is in the zodiac sign of Aquarius. This is not a good placement for a money house, since Aquarius tends to have lots of ideas, but often doesn’t think critically of the long term consequences. For planets, both Venus and Saturn are tenanted here, which should confer the ability to acquire and save money. Saturn in the second house would normally lend a conservative bent to money management. Items of lasting value, like real estate, would appeal to him for investment purposes. However, a challenge aspect from Venus and Saturn to Neptune leads to unrealistic expectations when it comes to money. One can imagine that Cage thinks, “well I earn 20 million a year, I can buy whatever I want.” But that isn’t true. When one of your homes costs you a million a month, and you have a private jet to pay for, expenses start getting a little tight.
As transiting Neptune challenged natal Neptune the fly in the financial ointment was hinted at. As Chiron came to swing over his Chiron and now Saturn, the real financial pain was felt. Since Jupiter is sitting there too, in his second house, at 17 degrees of Aquarius, and now running over it to Saturn, you can expect his money troubles to grow even as he continues to out earn himself. This is a bad year to divest real estate holdings, and it is just too bad he can’t get the banks to modify the terms of his loans. With Pluto riding in his first house running over his planet of commerce Mercury, he most likely is going to have to reorganize his debts through bankruptcy
Whether or not he will recover against his former money manager is doubtful. Again the issue is transiting Jupiter sitting with his natal Venus/Saturn combo challenging Natal Neptune. He may be looking for Justice, but what the courts may find is that Nicolas Cage is the victim more of a contracting economy more than anything else, just like the rest of us. If he recovers anything at all, he will recover just a small portion of what he is asking.
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