Nicolas Cage Faces New $36.7 Million Lawsuit

Cage, 45, who says he's facing financial ruin after allegedly being duped by his former accountant, is being sued by a real estate company who says he failed to repay more than $5 million in loans.

Lawyers for Red Curb Investments also allege the actor, his former accountant and a mortgage broker defrauded them by not disclosing Cage's true financial picture, including his $6.3 million tax debt.

"[Our client] was assured that Cage had substantial assets consisting of high-end residential property, yachts, airplanes, antiques, custom automobiles, jewelry, furs ... to assure repayment of the [loan]," the lawsuit reads. "[But] the values of Cage's assets were grossly exaggerated."

Marty Singer, Cage's lawyer, tells PEOPLE: "Any claims that Nic Cage engaged in fraud or wrongful conduct is absurd and ridiculous."

All told, Red Curb is seeking at least $36.7 million for the original loan amounts, interest, damages, attorney fees and other costs.

Earlier this month, Christina Fulton, the mother of Cage's 18-year-old son, sued Cage for fraud for $13 million. He's also locked in a legal battle with his former accountant, who blames Cage's financial collapse on the actor's "compulsive, self-destructive spending."

Cage also faces another lawsuit filed by a bank which claims the actor failed to repay a $2 million loan that was extended this past August.


/People/