Nicolas Cage owes IRS $6 million
Nov 3rd 2009 3:15PM
Updated Jan 19th 2010 1:08PM
UPDATE: Cage to pay taxes.
A funny thing happens when checks stop rolling in. You don't have any money. That scenario is becoming reality for yet another Hollywood A-lister, Oscar winner, Nicolas Cage, whose movies have failed to produce box-office hits. Or a lot of royalty dough.
But Cage, who owes a reported $6.3 million to the IRS, isn't blaming his professional choices (or acting ability) for his cash crunch. Instead, he's suing his financial adviser, citing he's to blame for the actor's money woes.
On Oct. 16, Cage filed a lawsuit claiming his longtime business manager Samuel J. Levin "lined his [own} pockets with several million in business management fees while sending Cage down a path toward financial ruin." Cage claims he didn't realize he was in such a deep financial hole until earlier this year, when the sell-off began.
Cage, 45, is no stranger to falling on hard economic times. Earlier this year, he had to sell off some of his real estate holdings including a 28-room Bavarian castle to his German adviser, lawyer Konrad Wilfurth. This begs the question, just how many advisers does one actor need?
His properties in California and Las Vegas are for sale. Cage is also jettisoning two New Orleans residences in Nov. 12 auctions. The reported prices, $3.5 million each.
Since he earns $20 million a movie, you'd think he'd be perched on every film maker's door hawking a script for the next installment of "National Treasure."