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Nicolas Cage Facing Serious Money Troubles
3-Nov-2009
Written by: Marjorie Quinn
Nicolas Cage may not be broke but the actor owes $6.6 million in back taxes and suing his former business manager of eight years.
Actor Nicolas Cage, 45, commends about $20 million a movie, earned $40 million between June 2008 and 2009, and according to Forbes magazine has a net worth of $38 million. So how did Cage land in such serious money trouble?
Cage owes the IRS about $6.6 million in back taxes since 2002 and over $5 million in unpaid mortgage debt on two properties. Two of the actor’s homes in New Orleans, each valued at about $3.5 million are being auctioned on Nov, 12. Cage may also be selling his estate in Southern Nevada near Las Vegas as well as several other properties.
In a lawsuit filed last month Cage is now suing his former business manager of eight years, Samuel Levin. Cage told the Las Vegas Sun he led him “down a path toward financial ruin.” Cage is asking for $20 million in damages.
Cage’s lawyer, Marty Singer, told Las Vegas Sun "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.”
Cage is also claiming that Levin overcharged him for his services and it wasn’t until a year after he fired Levin that Cage learned about his financial situation.
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