Nicolas Cage. From Hollywood's pinnacle to bankruptcy and back

In the 90s, Nicolas Cage became one of the most bankable actors. He bought uninhabited islands in the Bahamas and European castles. By the early 21st century, he was already bankrupt. Due to problems with the tax office, he could have ended up in prison. On January 7, 2023, Nicolas Cage turned 59 years old.

Nicolas Cage comes from a not-so-wealthy family living in the suburbs of Beverly Hills. His mother suffered from depression and was unable to care for the children. The three sons were raised by their father, an academic professor who pioneered studies for the blind. Young Nicolas often visited his uncle, the famous director Francis Ford Coppola, the creator of "Apocalypse Now," "The Godfather," and a three-time Oscar winner. He dreamed that one day, he would become equally famous. At that time, his name was Nicolas Kim Coppola.

Nicolas received a thorough education in the humanities and, being a talented student, graduated high school at 17. Two years later, he debuted in a small role in the teen comedy "Fast Times at Ridgemont High." When his uncle offered him a role in the famous "Rumble Fish" (1983), Nicolas changed his last name so people wouldn't think that everything he achieved was due to his relative.

In the latter half of the 80s, Nicolas Cage was already a valued and popular actor, though not yet a Hollywood star of the highest order. Thanks to such productions as Alan Parker's "Birdy" (1984), Francis Ford Coppola's "The Cotton Club" (1984), "Peggy Sue Got Married" by Francis Ford Coppola (1986), "Moonstruck" by Norman Jewison (1987), and "Wild at Heart" by David Lynch (1990), he became an actor you could bet on in a production with Oscar aspirations.

In 1995, Nicolas Cage starred in the movie "Leaving Las Vegas". It was the role of his life. His portrayal of an alcoholic who arrives in the gambling capital with the intention to drink himself to death, earned the actor an Oscar, a Golden Globe, and many other prestigious awards. At that time, most critics expected that soon audiences would see him in more stellar roles. Cage decided, however, to become a big Hollywood star, at the expense of good acting.

In the second half of the 1990s, he starred in many blockbuster movies ("The Rock," "Con Air," "Face/Off," "Gone in 60 Seconds," "National Treasure," etc.) and became one of the most popular, highest-earning actors in the world. His fortune was estimated at $150 million at the beginning of the new century. It's hard to believe how easily and quickly one can blow through such a fortune in just a few years.

He bought a dinosaur skull for $300,000, bidding against Leonardo DiCaprio. Unfortunately, it was stolen, so he had to return it to the owner. He spent nearly $30 million on a dozen properties in California alone. He paid $7 million for an island in the Bahamas. Another $16 million was spent on two European castles, and he built himself a property in Los Angeles modelled after a medieval fortress. He also spent a fortune on vehicles that he collected in his garages. He spent more than he earned.

In this way, Cage squandered all his money and became a person in debt, facing imprisonment because he neglected the necessity of paying taxes. At one point, after selling off his property, his debt to the tax office reached over $6 million in unpaid property taxes. The actor blamed his accountant for everything, stating that his accountant had led him to financial ruin.

At the age of 40, Nicolas Cage became bankrupt, which is why he had to perform so much and in such poor films. In one year, he could appear in 5-6 productions. For a fee over a million dollars, he did not turn down any script (in the 90s, he earned $20 million for one movie).

Finally, he bounced back and now can be seen in increasingly interesting productions (the comedy "Dream Scenario," for which Cage is nominated for a Golden Globe, is currently being shown in theatres). Financially, he also recovered, although it can be considered that he is one of the poorest well-known Hollywood stars. His fortune is currently valued at "only" $25 million. For comparison, after the divorce and division of assets, Arnold Schwarzenegger has a fortune reaching $450 million.