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Nicolas Cage loses 2 homes in foreclosure property auction

Academy Award winner actor Nicolas Cage lost two homes in New Orleans worth a total of $6.8 million in a foreclosure property auction Thursday.

Cage's 1140 Royal Street asset in the French Quarter appraised at $3.5 million for $2.3 million.

Cage's 2523 Pataniya Street asset appraised at $3.3 million in the Garden District.

Cage purchased both homes from Hancock Park Real Estate Co. Valteau(New Orleans's civil Sheriff) said attorneys representing Levin, Cage's former manager, set up the corporation so that his name would not appear on the mortgage documents.

Cage filed a lawsuit against Levin in California claiming that Levin duped the Hollywood actor out of more than $20 million since 2001 when he was hired.

The suit said Levin "feint his pockets with quite a lot of million dollars in business managing fees while sending Cage down a path toward financial ruin."

The suit went on to say Cage has "exposed that he is now compulsory to sell major assets and investments at a major loss and is faced with huge tax liabilities. Rather than attaining financial security, Cage has been forced to set out of significant assets in order to pay for Levin's gross misdemeanors."

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