BREAKING: Nick Nolte Escapes Inferno at His Malibu Home

Nick Nolte is recovering this afternoon following a blaze that officials say completely destroyed his Malibu home, causing an estimated $1.5 million in damage. Nolte reportedly cut his hand while fleeing the fire through a window, and — Wait! This just in: His rep issued a statement to Extra claiming there was in fact no structural damage, and neither Nolte nor anyone else at the house was injured. Whom to believe? One thing the dueling parties appear to agree on is the fire’s source, an electrical mishap in Nolte’s living room. Details beyond that are evolving as we write this; now the AP reports the home was burned to the ground, with damage totaling $3.5 million. Developing…