Nicolas Cage has been facing two home foreclosures and tax bill for $6 million. The actor fell victim to a financial downfall in which he blamed his long time business manager, Samuel J. Levin, stating that he, “lined his [own] pockets with several million dollars in business management fees while sending Cage down a path toward financial ruin.”

Both Cage’s homes in the French Quarter were auctioned off on Thursday after being foreclosed. Regions Bank, his lender, bought both properties for $4.5 million. Nick has also sold off homes in L.A., Las Vegas and Rhode Island in effort to pay off his tax lien.

Johnny Depp has also come to the rescue. Depp feels he owes Cage after he plucked him from obscurity and sent him to his agent. Johnny was then put on track to stardom.

“Johnny called Nic and basically told him not to worry and he’d help him and sort everything out,” says a friend. “He feels he owes his career to Nic and now wants to repay him – if Nic agrees. Johnny has never forgotten what Nic did for him.”

This is sad. Cage went Ebay crazy and had been purchasing things like:

*Yachts (note the plural)
*Two Bahamanian Islands
*Shrunken Heads (Not a joke despite the WTF? factor.)
*Two Pet King Cobras and an Octopus (He was forced to donate the snakes to a local zoo after his neighbors lost their shiz when finding out he had them.
*A $276,000 Dinosaur Skull

I think Johnny needs to hook him up with the MC Hammer and Ed McMahon’s shoppers scared straight program instead.

[US Weekly]