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
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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(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.”