In 2009, he owed the IRS $6.3 million in back taxes.
In 2007, he owned 15 homes, 4 yachts, 2 European castles, and a dinosaur skull (yes, really).
By 2009, he was broke—bankrupt from one of the most spectacular financial collapses in Hollywood history.
For the next 15 years, he made four movies a year—most of them terrible—just to pay off his debts.
Critics called him "desperate." Memes called him "the worst actor in Hollywood."
But in 2025, he's made the impossible comeback:
- Out of debt
- Oscar buzz for new roles
- Career resurgence as a respected character actor
- Starring in prestige films again
This is the story of how the biggest spender in Hollywood lost $150 million, became a punchline, and clawed his way back—one B-movie at a time.
The Rise: From Coppola Nephew to Oscar Winner (1964-2002)
Born Nicolas Kim Coppola (January 7, 1964)
He was born into Hollywood royalty.
His uncle: Francis Ford Coppola (director of The Godfather, Apocalypse Now)
The problem: People assumed he only got roles because of his famous uncle.
His solution: Change his name to Nicolas Cage (inspired by the comic book character Luke Cage).
The message: "I'm making it on my own."
The Breakthrough: Leaving Las Vegas (1995)
The role: Ben Sanderson, an alcoholic who goes to Las Vegas to drink himself to death.
The performance: Raw, devastating, unforgettable.
The result:
- Academy Award for Best Actor (1996)
- Critical acclaim
- Hollywood A-list status
At age 31, he was one of the biggest stars in the world.
The $20 Million Per Movie Era (1996-2007)
From 1996-2007, he was the highest-paid actor in Hollywood:
Salary per film: $10-20 million
Box office hits:
- The Rock (1996): $335 million
- Con Air (1997): $224 million
- Face/Off (1997): $245 million
- National Treasure (2004): $347 million
- National Treasure 2 (2007): $457 million
Total career earnings (1996-2007): Estimated $150+ million
At his peak, he was worth $150 million.
The Spending Spree: How to Blow $150 Million (1997-2009)
The Real Estate Empire (2004-2007)
Between 2004-2007, he bought 15 homes:
Properties owned:
- 2 castles in Europe (one in Germany, one in England)
- Bel Air mansion ($6.5 million)
- Rhode Island estate ($15.7 million)
- Malibu beach house
- Las Vegas mansion
- San Francisco mansion
- New Orleans mansion (LaLaurie Mansion, reportedly haunted)
- Bahamas island ($7 million)
- Total real estate value: $75+ million
Maintenance costs: $1+ million per year
The problem: He didn't sell homes. He just kept buying.
The Insane Purchases
Dinosaur skull (2007): $276,000
- A Tarbosaurus skull (later had to return it—it was stolen from Mongolia)
Comic book collection: $1+ million
- Included Action Comics #1 (first appearance of Superman, later sold for $2.1 million)
Yachts: 4 yachts (total cost: $20+ million)
Cars: $3 million+ in cars
- Ferraris, Lamborghinis, rolls-Royces
Pyramid tomb (2010): $300,000
- A 9-foot pyramid in a New Orleans cemetery (where he plans to be buried)
Shrunken heads and haunted houses: Exact cost unknown, but yes, he collected these
The defense: "I was investing in art and real estate."
The reality: He was hemorrhaging money.
The Financial Manager Disaster
In 2007, he sued his business manager Samuel Levin for $20 million.
The accusation: Levin mismanaged his finances and failed to pay his taxes.
Levin's counter-suit: "He spent $33 million on real estate, art, and a dinosaur skull in a single year. How was I supposed to manage that?"
The result: Both suits settled out of court. But the damage was done—his finances were in ruins.
The Collapse: From $150M to Broke (2009)
July 14, 2009: The IRS Lien
On July 14, 2009, the IRS filed a $6.3 million tax lien against him.
What it meant: He owed $6.3 million in back taxes (2007 unpaid taxes).
Why it happened: He spent everything and didn't pay taxes.
The headline: "Nicolas Cage Owes Millions to IRS"
The Financial Breakdown
What he owed (2009):
- IRS: $6.3 million
- Mortgages: $18+ million
- Other debts: Estimated $10+ million
Total debt: $30+ million
Assets:
- Real estate (but underwater mortgages)
- Cars (depreciating)
- Art (couldn't sell fast enough)
Net worth: Negative (more debt than assets)
He was bankrupt.
The Fire Sale (2009-2012)
To pay off debts, he sold everything:
Real estate:
- Bel Air mansion: Sold at a loss
- Rhode Island estate: Foreclosed
- Bahamas island: Sold for $7 million (bought for $7M, broke even)
- German castle: Sold
- English castle: Sold
Comic book collection: Sold (including Action Comics #1 for $2.1 million)
Cars: Most sold
The result: He raised tens of millions, but it wasn't enough.
The solution: Work. A lot.
The "Four Movies a Year" Strategy (2010-2024)
The Desperation Era Begins
From 2010 onward, he adopted a brutal work schedule:
Number of films per year: 4-6
Quality: Mostly terrible
Payment: $1-5 million per film (massive pay cut from his $20M days)
The goal: Pay off debts as fast as possible.
The Worst Movies You've Never Heard Of
2011-2019 filmography (partial list):
- Drive Angry (2011)
- Trespass (2011)
- Stolen (2012)
- The Frozen Ground (2013)
- Rage (2014)
- Left Behind (2014)
- Outcast (2014)
- Pay the Ghost (2015)
- Dog Eat Dog (2016)
- Vengeance: A Love Story (2017)
- Arsenal (2017)
- Inconceivable (2017)
- 211 (2018)
- Primal (2019)
Common features:
- Low budgets
- Direct-to-streaming
- Terrible reviews
- Nobody watched them
Rotten Tomatoes average: 15-30%
The Memes and Mockery (2012-2019)
During this period, he became a meme:
"Nicolas Cage will star in anything"
Common memes:
- His face photoshopped onto every movie poster
- "Nicolas Cage: The Patron Saint of Terrible Movies"
- Compilations of his over-the-top acting
His response: "I need to work. I have debts to pay."
The Turning Point: Strategic Choices (2018-2021)
2018: Mandy - The Cult Classic
In 2018, he starred in Mandy—a bizarre, ultra-violent horror film.
Rotten Tomatoes: 91%
Box office: $1.3 million (tiny)
Impact: Critics called it "a Nicolas Cage masterpiece."
Why it mattered: He proved he could still act when given good material.
2021: Pig - The Career Resurrection
In July 2021, he starred in Pig—an indie drama about a truffle hunter searching for his stolen pig.
Rotten Tomatoes: 97%
Box office: $3 million
Critics' reaction:
- "One of the best performances of his career"
- "Quietly devastating"
- "He's back"
The significance: For the first time in a decade, critics took him seriously.
The Strategy Shift
2010-2017: Take every movie, no matter how bad
2018-2024: Be more selective, choose quality indie films
The result: Career resurgence.
The Debt Freedom Announcement (2022)
April 2022: "I'm Out of Debt"
In April 2022, he confirmed in an interview:
"I'm out of debt. It took me about 12 years, but I've paid everything off."
How he did it:
- Made 40+ films (2010-2022)
- Sold all excess real estate
- Lived modestly (relative to his past)
Total earned from 2010-2022: Estimated $50-70 million
Debts paid off: $30+ million
The result: Financial freedom.
The Renaissance: 2023-2025
Renfield (2023) - The Return to Blockbusters
In April 2023, he starred in Renfield—a horror-comedy about Dracula's assistant (him as Dracula).
Box office: $26.7 million (modest)
Reception: Mixed, but entertaining
Significance: He was back in theaters with a major studio release.
Dream Scenario (November 2023) - Oscar Buzz
In November 2023, he starred in Dream Scenario—an A24 film about a man who appears in everyone's dreams.
Rotten Tomatoes: 91%
Critics' reaction:
- "His best performance in years"
- "Oscar-worthy"
- "A career highlight"
Result: Oscar buzz (didn't get nominated, but close).
The Unbearable Weight of Massive Talent (2022)
He played himself in a meta-comedy about being Nicolas Cage.
Rotten Tomatoes: 86%
The premise: He's hired to attend a billionaire's birthday party, which turns into a CIA mission.
Public reaction: "This is hilarious. He's making fun of himself."
The lesson: Self-awareness is redemption.
The 2025 Nicolas Cage
The Current Status
Net worth (2025): Estimated $25 million
Debt: $0
Career: Respected character actor
Public perception: "He's back"
Upcoming Projects (2024-2025)
Spider-Man Noir (2025):
- Live-action TV series on Amazon
- First major franchise role in years
Multiple A24 and indie films in development
What He Lost
Peak net worth (2007): $150 million
Current net worth (2025): $25 million
Total lost: $125 million
What he sold:
- 15 homes (kept 2)
- 4 yachts
- Comic book collection
- Most cars
- 2 castles
- Bahamas island
What he kept:
- The pyramid tomb (still waiting for him)
- His career
- His dignity (eventually)
What He Learned
In interviews (2023-2024), he's reflected:
"I made terrible financial decisions. I trusted the wrong people. I spent like there was no tomorrow."
"But I learned: Work is salvation. I worked my way out of debt."
"I'm not embarrassed by the bad movies. They kept me alive."
The Criticisms That Remain
"He Still Makes Bad Movies"
The truth: He still takes some questionable roles.
His defense: "I like working. Not every movie has to be great."
"He Lost Everything"
The counter: He paid off $30M in debt through sheer work ethic.
The Legacy of the Comeback
What He's Proven
2007: Worth $150 million
2009: Bankrupt, $6.3M in IRS debt
2010-2022: Made 40+ films to pay debts
2022: Debt-free
2023-2025: Career resurgence, Oscar buzz
Nicolas Cage didn't rebuild his empire. He did something harder: He survived.
The Pyramid Tomb
He still owns that 9-foot pyramid tomb in a New Orleans cemetery.
Cost: $300,000 (one of his craziest purchases)
Purpose: Where he plans to be buried
Current status: Waiting.
The symbolism: Even at his lowest, he thought about his legacy.
From $150M to Bankrupt to Respected
Nicolas Cage isn't the richest actor in Hollywood.
He's not the most famous.
But he might be the most resilient.
He lost everything—and worked his way back.
One terrible movie at a time.
From castles and dinosaur skulls to debt and B-movies.
From punchline to prestige.
That's not just a comeback. That's redemption.
And it took 40+ movies to get there.
