It seems no matter who you are – or how much you earn – it’s never enough to cover all the bills.
In June 2009 Forbes magazine ranked actor Nicholas Cage 45th on its list of the 100 most powerful celebrities and estimated his income at $40 million for the previous 12 month period. Just 6 months later Cage’s $8.5 million Las Vegas home went into foreclosure and has now reportedly been sold for $4.95 million after just one day on the market. The 14,000+ square foot home on Spanish Heights Drive has six bedrooms, seven and a half bathrooms and features a theater and a subterranean 16-car garage.
This is only the latest round of financial troubles trailing the Academy Award winner. In November, 2009, the two homes Cage owned through Hancock Park Real Estate Company in New Orleans were sold at a foreclosure auction and this followed the loss of a residence in California. This is all right on the heels of a lawsuit Cage filed in October against business manager Samuel Levin.
In the lawsuit, Cage claims he has “discovered that 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. Rather than attaining financial security, Cage has been forced to dispose of significant assets in order to pay for Levin’s gross misconduct.”
In addition to home losses, Cage also owes back property taxes and a substantial amount to the IRS.
“Over the course of my career I have paid at least $70 million in taxes. Unfortunately, due to a recent legal situation, another approximate $14 million is owed to the IRS,” Cage told People magazine. The good news for Cage is that as a bankable Hollywood actor, he won’t be finding himself on the unemployment line soon and his five projects currently in play should help him regroup and, hopefully, regain his financial footing.