A real estate company alleges in a $36.7 million lawsuit against Nicolas Cage the U.S. actor failed to pay back more than $5 million in loans.
Attorneys representing Red Curb Investments allege Cage, 45, also did not adequately detail his personal financial situation before taking on a loan, particularly the actor's $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 lawyers allege in the lawsuit. "(But) the values of Cage's assets were grossly exaggerated."
The suit also accuses Cage's former accountant and a mortgage broker of attempting to defraud Red Curb.
The company is seeking at least $36.7 million in the suit. The total being sought includes the loan amount, as well as other costs such as interest, damages and attorney fees.
"Any claims that Nic Cage engaged in fraud or wrongful conduct is absurd and ridiculous," the film actor's attorney, Marty Singer, said in response to the suit.
The United Press International has contributed to the report.