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SUNDAY, NOVEMBER 22, 2009
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22

Nicolas Cage Selling Vegas Mansion to Cover Debt

Actor owes IRS $6.6M, is suing former manager

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(Newser) – Nicolas Cage must sell his $10 million Las Vegas mansion to help cover the $6.6 million he owes to the IRS in back taxes and penalties. The Nevada estate is just the latest property Cage has been forced to put up for sale to cover his mounting debt, and the actor is now suing former business manager Samuel Levin, notes the Las Vegas Sun.

Says the suit: "Levin placed Cage in numerous highly speculative and risky real estate investments, resulting in Cage suffering catastrophic losses. He is now forced to sell major assets and investments at a significant loss and is faced with huge tax liabilities because of Levin's incompetence, misrepresentations and recklessness.”

Actor Nicolas Cage poses for a portrait at the 34th Toronto International Film Festival in Toronto Tuesday, Sept. 15, 2009.
Actor Nicolas Cage poses for a portrait at the 34th Toronto International Film Festival in Toronto Tuesday, Sept. 15, 2009.   (AP Photo/Carlo Allegri)
Actor Nicolas Cage poses for a portrait at the 34th Toronto International Film Festival in Toronto Tuesday, Sept. 15, 2009.
Actor Nicolas Cage poses for a portrait at the 34th Toronto International Film Festival in Toronto Tuesday, Sept. 15, 2009.   (AP Photo/Carlo Allegri)
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22 comments
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Crispy
Nov 3, 09 3:12 PM CST
Poor little rich guy Reply
Vote up! Vote down!
-1
Cat-Lover
Nov 3, 09 3:16 PM CST
I don't care how busy anyone is, if you're going to turn over all of your assets to one person to manage, you'd better spend a good portion of your time watching that person! Good advice for the Madoff "investors" too because they'll probably do it again. Reply
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+8
IN RESPONSE:
Netstorm2k9
Nov 3, 09 3:21 PM CST
Just what I was thinking. This guy wasn't a good overseer. Cage shouldna have been so trusting.
Vote up! Vote down!
+3
calkino
Nov 3, 09 3:25 PM CST
i've got $20 on the fact that nicolas cage signed a pile of documents giving levin authority to do whatever the hell he wanted. seriously, though, from someone who manages the money of others, pay close attention to your finances. it's kind of important. Reply
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+3
IN RESPONSE:
ChristianPatriot
Nov 3, 09 3:55 PM CST
I'll put up another $20 on the fact that this Levin guy probably MADE A BUNDLE off of Nick Cage! That's how they play the game, I win, you loose, sorry buddy. Everything you've worked all your life for is POOF! GONE! But hey, that is why Nick Cage hired a business manager in the first place, it's not his specialty and he thought he was doing a good thing by hiring a professional. Wonder what Mr. Levin's books look like??
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+2

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