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Nicolas Cage Selling Vegas Mansion to Cover Debt

Actor owes IRS $6.6M, is suing former manager

By Nick McMaster,  Newser Staff

Posted Nov 3, 2009 2:56 PM CST

(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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COMMENTS
Showing 3 of 16 comments
William Campbell
May 6, 2010 12:47 PM CDT
Everybody has Back Tax Problems in Los Angeles!!! Its ridiculous how much rich people burn through!!! The below guy is in the same boat it blows my mind!

http://www.taxresolutioninstit.../
riffran
Nov 5, 2009 4:31 AM CST
HEY NICKY OLE BOY HOWS THAT SCIENTOLOGY WORKIN FOR YA!.....I wonder if they will bail him out?....I am sure he gave them enough
JoeQ
Nov 4, 2009 6:28 AM CST
I guess he is not as smart as he looks. Oh well. Upcoming movies by Nicholas Cage: Honeymoon in Lost Wages. Peggy Sue Got Audited. Raising Arizona State Income Tax Penalties.

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