Nicolas Cage discussed his $6 million debt load during an interview with “60 Minutes” on Sunday.
Sharyn Alfonsi spoke to the legendary actor about the roles he has taken throughout his career and his devotion to each one of them. In spite of his overwhelming success, Cage found himself $6 million in debt and explained how that came about — and how he got out of it.
“We wanted to ask him about reports that he blew through his fortune, buying exotic cars, mansions around the globe, even a dinosaur skull,” Alfonsi said, in a voiceover. She then asked Cage directly if big-ticket purchases were the cause of his financial demise. “I was over-invested in real estate, it’s not because I spent $80 on an octopus,” Cage replied.
Alfonsi rattled off a list of luxurious properties once owned by the famous actor.
“Castles in Germany, in England , in Ireland, a mansion in New Orleans, what’s that all about?” she asked Cage.
He looked back on his financial struggles and matter-of-factly described the reason he found himself in a difficult situation.
“The real estate market crashed, and I didn’t get out in time,” Cage said.
He then explained that his hard work and dedication got him back on track again.
“I paid them all back, but it was about $6 million,” the Oscar winner said.
He mentioned the one thing he was adamant about: “I never filed for bankruptcy.”
Alfonsi probed the actor once more.
“That had to be a dark period for you,” she said.
“It was dark, sure,” Cage said.
“Work was always my guardian angel. It may not have been blue chip, but it was still work,” he added.
Later in the interview, Cage elaborated on his financial struggles and his unwillingness to fold by declaring bankruptcy. (RELATED: Nicolas Cage Says Eating Bugs ‘Could Solve World Starvation’)
“But yes, it’s no secret that mistakes have been made in my past that I’ve had to try to correct,” he said. “Financial mistakes happened with the real estate implosion that occurred, in which the lion’s share of everything I had earned was pretty much eradicated. But one thing I wasn’t going to do was file for bankruptcy.”