Referring to the actor by his birth name – Nicolas Coppola – the suit reads: “(By the time Levin was hired in 2001) Coppola had already squandered tens of millions of dollars… and owed millions of dollars in… income taxes, with no funds available to pay the tax debt.”

Levin claims in 2007 alone Cage spent $33 million on three new homes and bought 22 new cars, including nine Rolls Royces.

Nicolas is currently in debt to the IRS to the tune of $6.25 million and has lost at least two homes to foreclosure in the past month.

Regions Bank reportedly snatched up both properties for $4.5 million, a bargain on the estates, which were appraised for more than $6.8 million in total.

Last month, Cage filed suit against his allegedly “incompetent business manager,” who the star blames for driving him to financial ruin.

In October, Nicolas – who has been forced to put several of his properties on the market after failing to pay $6 million in back taxes to IRS — filed a lawsuit claiming Samuel Levin, his ex-manager, led him “down a path of financial ruin.”

The 45-year-old grossed a collective $3.9 billion over the course of his more than 25 year career, but Cage’s lavish purchases have left his checking account running on empty. Nicolas owns a jet, two yachts, three castles, and owns two islands in the Bahamas; he also has a fleet of fifty sports cars, as well as a number of mansions. But the most bizarre purchase came in 2007, when the star outbid Titanic’s DiCaprio for a skull claimed to be from a prehistoric beast.

And to make matters worse, Nic — who lost his beloved dad to a heart attack last week — is in for more than $6 million to the IRS.

So what happened to Cage’s millions? The Valley Girl star believes his former business manager had something to do with it. Nic is suing Samuel Levin for leading him “down a path toward financial ruin,” in $20 million lawsuit filed last month.

The IRS is looking for more than $6.2 million from actor Nicolas Cage, The Detroit News reported.

According to the publication, a $6,257,005 tax lien was filed against the Knowing star’s $3.55 million New Orleans mansion on July 14 stemming from alleged unpaid income tax for 2007.

Actress Kathleen Turner, who is facing a libel lawsuit from actor Nicolas Cage for statements made in her new autobiography, Send Yourself Roses, pimps out the work in a Today Show interview with Matt Lauer. Check out Kathleen slam Nic and actor Burt Reynolds in this video footage of the interview.

Nicolas Cage is suing actress Kathleen Turner over comments she made about him in her autobiography Send Yourself Roses. Nic has issued libel proceedings against his one-time co-star at the High Court in London.

Turner accused Cage of causing problems on their set of 1986 comedy/drama Peggy Sue Got Married in an offer to prove that he had not won the role because his uncle Francis Ford Coppola was the director.

Kathleen also stated was arrested for drunk-driving and stealing a chihuahua.

“The libel action follows false allegations that appear in the forthcoming autobiography. As legal proceedings have been commenced, it would be inappropriate to comment further,” a spokesman for the actor stated on Monday.