Rumor has it actor Nicolas Cage is broke and bankrupt, owing millions in debt. Truth is, Cage isn’t broke and probably isn’t about to declare bankruptcy, but he is in some serious financial trouble.

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According to reports, two of the actor’s homes will be going on the auction block in New Orleans. Nicolas Cage reportedly owes over $5 million in unpaid mortgage debt on the two properties. Cage will also reportedly be selling his grand estate in Southern Nevada near Las Vegas and several other properties. Even worse, Nicolas Cage allegedly owes over $6 million in back taxes to the IRS all the way back to 2002.

Cage claims his former business manager, Samuel Levin, led him “down a path toward financial ruin.” The Academy Award winning actor is currently suing Levin over the alleged financial mismanagement.

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“Levin placed Cage in numerous highly speculative and risky real estate investments, resulting in Cage suffering catastrophic losses,” the lawsuit states. “He is now forced to sell major assets and investments at a significant loss and is faced with huge tax liabilities because of Levin’s incompetence, misrepresentations and recklessness.”

Cage reportedly has a net worth of $38 million according to Forbes magazine and earned $40 million between June, 2008 and June, 2009. Just goes to show being rich and famous doesn’t mean you can’t be an idiot with money.

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