Is it a sign of the economic times, or more like MC Hammer deja vu??

Academy Award winning actor, Nicolas Cage, lost 2 New Orleans homes to a foreclosure sale this week. 

More bad news for freespending Cage. He owes more than $6 million in back taxes to the IRS. And, his properties in California and Las Vegas have been foreclosed on and are scheduled for auction this month.

Mr. Cage owed the City of New Orleans $151,730 in back real estate taxes and defaulted on his $5.5 million mortgage debt.  His home at 1140 Royal Street in the French Quarter, valued at $3.5 Million, sold for $2.3 million.  The other property located at 2523 Pataniya Street, appraised at $3.3 million, sold for only $2.2 million.  Pataniya Street is located in the Garden District.  Famous neighbors include author Anne Rice and football great Archie Manning, father of Peyton and Eli.

Bad Times or Crazy Spending?  Nicolas Cage, a member of the famous Coppola family, is known for being a big spender and news maker.  His obsession for Elvis resulted in a one minute marriage to Lisa Marie Presley.  He once paid $276,000 for a dinosaur skull.  At one time Cage owned 2 islands in the Bahama’s, luxury yachts (plural), a room full of shrunken heads and drove a stable of expensive cars, including a Lamborghini.  

Stars may occassionally fall to Earth, Nic won’t stay long.  Nicolas Cage and the Coppola family are Hollywood Royalty.  His movies have generated over $8 Billion in Box Office Sales.    Although Mr. Cage is facing financial ruin because he continued to spend, while millions of dollars drained from his bank accounts, we predict he will crank out more movies and will be back to living the high life in no time.  Also, it is rumored that Johnny Depp may come to Nic’s rescue.  It seems Depp has a soft spot for Cage, who got him his first roll in Nightmare on Elm Street.  Aren’t friends great!!

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