Thursday, 26 November 2009

• Celebs in Debt: Say It Ain't So, Nicolas Cage

  
  

  
  Nicolas Cage has achieved cedebrity status as of late, as reports come in that the star owes over $6 million in unpaid taxes, as well as an unspecified amount of personal debt from years of lavish spending. People detailed Cage's outrageous money-squandering in a recent article, mentioning his 15 ginormous houses, 22 cars (nine are Rolls Royces), and "Gatsby-scale parties."
  
  And, prior to his death, Michael Jackson dug himself into an even larger sinkhole, racking up about $500 million in debt, again from financial splurging—DailyFinance estimates the King of Pop spent about $20 to $30 million per year.
  
  It always surprising me when people who earn so much are able to rack up so much debt. Maybe my aspirations are low—all I want is a refrigerator with an ice-dispenser, a few sweet pairs of shoes, and, I don't know, a parade of male models hand-feeding me grapes and the like. Okay, not so much on the last one. But even if I was a super-successful movie star, I think I'd draw the line at two or three houses, maybe four cars. I cannot promise I'd reduce my Fitzgeraldian exploits, however.
  
  But seriously, how do these celebs wind up so in debt? Cage is suing his old financial advisor for allegedly getting him into this mess, but it seems unlikely that the actor could have been so oblivious to his own financial ruin.
  
  What do you think about celebrities that go into debt?
  
  (And, isn't that "Not the bees!" clip from Wicker Man hilarious?)
  
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