Nicolas Cage Loses Two Homes To Foreclosure

Many know that actor Nicolas Cage has suffered in the economic collapse and financial crises that occurred over the past 18 months. It was reported that Nicolas Cage also lost a lot of money because of Bernie Madoff's ponzi scheme.

On Thursday, Cage lost two homes in New Orleans worth a total of $6.8 million in a foreclosure auction.

Regions Bank purchased Nicolas Cage's 1140 Royal Street property in the French Quarter appraised at $3.5 million for $2.3 million. The bank paid $2.2 million for Cage's 2523 Pataniya Street property appraised at $3.3 million in the Garden District. No other bids were made on the homes.

Cage owed $5.5 million in mortgage payments and $151,730 to the City of New Orleans in real estate taxes, according to records.

Last month, Cage filed a lawsuit against his previous business manager, claiming that he caused the actor to lose more than $20 million since 2001.

CNN reported that Nicolas Cage owes more than $6 million in back taxes. Cage's properties in California and Las Vegas have also been foreclosed on and are set for auction later this month.