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Nicolas Cage Owes $2 Million, Bank Claims

LOS ANGELES (CN) - Actor Nicolas Cage racked up nearly $2 million in credit debt and then refused to pay his bill, East West Bank claims in Superior Court.

The bank says it approved the actor's unsecured, revolving credit account in August 2007, with a one-year maturity date. One year later, Cage asked for a three-month extension, the bank claims. After reaching that deadline, Cage negotiated a change in terms, extending the due date on his $1.95 million bill until January 2011, the lawsuit states.

Still, Cage allegedly got more than $11,000 behind on his monthly payments.

In June, the bank says it demanded the entire amount, plus interest and late fees. Cage has continued to refuse payment, and missed a $100,000 payment in October, the bank claims. The bank sued for breach of contract, demanding repayment of the entire loan.

Joel Klevens with Glaser Weil Fink is representing East West.

In August, the IRS reportedly filed a $6.2 million tax lien against Cage for unpaid taxes from 2007. At the time, Cage was selling his New York apartment, his Los Angeles mansion, two homes in New Orleans and a castle in Germany.

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