Nicolas Cage Remembers A 'Dark' Time When He Was $6 Million In Debt And 'Over-Invested In Real Estate'

Nicolas Cage reflects about overcoming prior financial difficulties.

The Oscar winner remembers being $6 million in debt following the collapse of the real estate market and working nonstop to pay off his debts on CBS’s 60 Minutes Sunday.

I made excessive real estate investments. Cage, 59, said, “I paid them everything back, but it was around $6 million. The real estate market plummeted and I couldn’t get out in time. Never did I declare bankruptcy.

Sharyn Alfonsi, a journalist, remarked, “That had to be a dark period for you.” “It was dark, sure,” Cage retorted, adding that getting parts “no doubt” helped him get through it.

“Work has always been my protector angel. Even though it wasn’t top-notch work, he continued, it was still work.

The much mocked series of direct-to-video films Cage produced during that time were defended by him as well: “Even if the movie ultimately is bad, they know I’m not phoning it in, that I care every time.”

In a GQ interview from the previous year, the Renfield actor confirmed this idea, saying, “Even when I was doing four movies a year, back to back to back, I still had to find something in them to be able to give it my all. They all failed to function. Some of them, like Mandy, were fantastic, but others weren’t successful.

Cage said, “But I never called it in. Therefore, if there was a misunderstanding, it was this. I didn’t care; I was simply doing it. I had compassion.

Cage previously spoke to The New York Times Magazine in August 2019 about working two jobs back-to-back for financial reasons.

Money is an issue, but I can’t give figures, percentages, or ratios. I’ll be up front and honest about that. At the time, he stated, “There’s no reason not to be. Occasionally, it plays a bigger role than not. Regardless of how well the rest of the movie does, I still have to believe that I can contribute and be entertaining to watch.

But it’s no secret that I’ve had to work to make up for mistakes I’ve done in the past, Cage said. “Financial errors came with the real estate collapse that took place, in which the majority of everything I had gained was essentially destroyed. But declaring bankruptcy was one thing I would not do.

According to Cage, he had “this pride thing where I wanted to work my way through anything” as opposed to declaring bankruptcy, which he claimed “was both good and bad.”

“Not all the films have been A-listers, but I’ve been honing my craft. On the other hand, I’m a better man while I’m working, so perhaps there has been more supply than demand. “I am organized. I have somewhere to be. I don’t want to be sitting around drinking Dom Pérignon and Mai Tais while making mistakes in my personal life. I desire a set visit. I desire to be acting.

Nicolas Cage Remembers A ‘Dark’ Time When He Was $6 Million In Debt And ‘Over-Invested In Real Estate’

Nicolas Cage reflects about overcoming prior financial difficulties.

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