Nicolas Cage Recalls 'Dark' Time Being $6 Million in Debt While 'Over-Invested in Real Estate'

The actor said "work was always my guardian angel" as he made it through that "dark" period

Nicolas Cage is looking back on overcoming past financial struggles.

On CBS's 60 Minutes Sunday, the Oscar winner recalled being $6 million in debt after the real estate market crashed, continuing to work back to back in order to pay what he owed.

"I was over-invested in real estate. ... The real estate market crashed, and I couldn't get out in time," Cage, 59, explained, adding, "I paid them all back, but it was about $6 million. I never filed for bankruptcy."

Journalist Sharyn Alfonsi then said, "That had to be a dark period for you." Cage responded, "It was dark, sure," and shared how booking roles "no doubt" helped him through it.

"Work was always my guardian angel. It may not have been blue chip, but it was still work," he said.

Cage also defended the often-ridiculed string of direct-to-video movies he made during that time period: "Even if the movie ultimately is crummy, they know I'm not phoning it in, that I care every time."

Related:Nicolas Cage Says He Turned Down Lord of the Rings and The Matrix Because He 'Put Family First'

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The Renfield actor echoed this sentiment in an interview with GQ last year, saying, "When I was doing four movies a year, back to back to back, I still had to find something in them to be able to give it my all. They didn't work, all of them. Some of them were terrific, like Mandy, but some of them didn't work."

"But I never phoned it in," said Cage. "So if there was a misconception, it was that. That I was just doing it and not caring. I was caring."

Back in August 2019, Cage told The New York Times Magazine about taking jobs back to back for financial reasons.

"I can't go into specifics or percentages or ratios, but yeah, money is a factor. I'm going to be completely direct about that. There's no reason not to be," he said at the time. "There are times when it's more of a factor than not. I still have to feel that, whether or not the movie around me entirely works, I'll be able to deliver something and be fun to watch."

"But yes, it's no secret that mistakes have been made in my past that I've had to try to correct," continued Cage. "Financial mistakes happened with the real estate implosion that occurred, in which the lion's share of everything I had earned was pretty much eradicated. But one thing I wasn't going to do was file for bankruptcy."

Cage said he had "this pride thing where I wanted to work my way through anything" rather than file for bankruptcy, which he said "was both good and bad."

"Not all the movies have been blue chip, but I've kept getting closer to my instrument. And maybe there's been more supply than demand, but on the other hand, I'm a better man when I'm working," said Cage. "I have structure. I have a place to go. I don't want to sit around and drink Mai Tais and Dom Pérignon and have mistakes in my personal life. I want to be on set. I want to be performing."

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