By Anne Thompson | Thompson on Hollywood April 8, 2010 at 10:13AM
At a time when the entire state of California seems about to implode, it's tough to feel sorry for the rich and famous who can't manage to live within their magnificent means. Photographer Annie Leibowitz is back in financial trouble. And now Nic Cage----the fifth-ranked movie star on Forbes list with earnings of $40 million last year--has lost one of his many homes.
The LAT broke the story Thursday about the Bad Lieutenant star losing his Tudor house in Bel Air, which was once owned by Dean Martin, to foreclosure. Cage took six loans totaling $18 million against the mansion, which cost him $35 million. It failed to sell at auction Wednesday, mainly because the interior was too weird, with elevated miniature train tracks running through several rooms and hundreds of framed comic book covers. Cage is suing his former business manager, who accuses him of indulging in a "spending binge of epic proportions," reports the LAT.