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The 46-year-old actor reportedly owes over $2m because of a loan he defaulted on, as well as unpaid taxes, legal costs and lawyer's fees after his home was repossessed last year, according to RadarOnline.com.
Cage's Las Vegas home was foreclosed late last year, and resold in January at a loss of $3.5m.
Documents filed in the Los Angeles Superior Court on Wednesday state Cage will be forced to hand the majority of the money back to the bank he originally borrowed from.
He owes $2 300 145.24 for a loan he defaulted on, $106 811.49 for unpaid taxes, property foreclosure costs totalling $35 213.90, lawyer's fees at $24 722.72 and legal costs at $9 915.22.
Nicolas will also face a 5.5 per cent interest charge on top of this until he pays it in full.
The actor's financial problems first came to light late last year, when it was revealed he had been forced to put several of his properties on the market after failing to pay millions of dollars of tax.
He filed a lawsuit against his former manager Samuel Levin, claiming he led him "down a path of financial ruin".
The legal case was eventually dropped last month, amid claims Nicolas agreed to settle out of court to prevent more embarrassing tales of his huge spending sprees being made public.
Cage's Las Vegas home was foreclosed late last year, and resold in January at a loss of $3.5m.
Documents filed in the Los Angeles Superior Court on Wednesday state Cage will be forced to hand the majority of the money back to the bank he originally borrowed from.
He owes $2 300 145.24 for a loan he defaulted on, $106 811.49 for unpaid taxes, property foreclosure costs totalling $35 213.90, lawyer's fees at $24 722.72 and legal costs at $9 915.22.
Nicolas will also face a 5.5 per cent interest charge on top of this until he pays it in full.
The actor's financial problems first came to light late last year, when it was revealed he had been forced to put several of his properties on the market after failing to pay millions of dollars of tax.
He filed a lawsuit against his former manager Samuel Levin, claiming he led him "down a path of financial ruin".
The legal case was eventually dropped last month, amid claims Nicolas agreed to settle out of court to prevent more embarrassing tales of his huge spending sprees being made public.
