Celebrities Who Couldn’t Repay Their Mortgage Debts

3: Nicolas Cage

Hollywood superstar, Nicolas Cage was estimated to be the owner of $ 150 million glorious bucks but he could not hold on to his fortune for long. Before going bust, Cage owned several properties in California and Las Vegas and 2 Castles in Europe worth $13 million. His other purchases included a $ 450,000 Lamborghini,4 luxury yachts, a $3.5 m deserted Bahamas Island, $150,000 pet Octopus and a $276,000 dinosaur skull to name few.

Unfortunately, the fun was short-lived. His insane buying habits eventually led to his downfall. In 2009, Nicholas eventually faced foreclosures on several properties he possessed and owned $6.3 million to IRS in property taxes. Cage also faced multi-million-dollar refinance of loans collection attempts by at least two financial institutions and was hit with a counter-lawsuit from business manager whom he’d earlier sued for fraud and negligence.