I think Kendall has the right idea, but the constrained sizes should be reversed to get the exact height based on word wrapping. Take a sample CGSize that is the same width as your cell, but with a height larger than the max height you expect. In the sample code below, textSize will contain the height of your string as it would appear in your cell with an unbounded height.
CGSize sz = CGSizeMake (
yourCellWidth,
999999.0f );
CGSize textSize = [yourString sizeWithFont:yourCellfont
constrainedToSize:sz
lineBreakMode:UILineBreakModeWordWrap];
If the height is greater than 1500, you could start picking off substrings (substringWithRange) from the end and measuring them like above until you get something >= the remainder above 1500 that was returned by textSize.