Nicolas Cage owes IRS $6 million
Filed under: Real Estate, Bankruptcy, Celebs & Money
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."




Reader Comments (Page 1 of 6)
11-03-2009 @ 8:56PM
Holly said...
Forget about how many advisors, how many homes does a person need? Bavarian castle, Las Vegas, California, two New Orleans homes......I think the financial ruin lies as much w/Mr. Cage as his advisors!
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11-04-2009 @ 12:58PM
No snooping said...
Who does Cage think he is? He isn't a Czar (Can anyone tell me what a Czar is in America? I never heard of such a post.), politician, or cabinet member! He needs to pay his taxes!
11-04-2009 @ 3:34PM
NikonF2-AS said...
No snooping: Cage: Just another example of a celebrity not taking responsibility for his business and instantly putting the blame on someone else. Because of his celebrity status, Cage will receive preferential treatment. The average guy like me would have to crawl over broken glass for the IRS. Cage will likely get the amount owed reduced and a payment plan of thirty years. On the Czar appointments, Presidents Roosevelt started it all. George W. Bush, in his eight years had a total of thirty-five Czars. In Obama's first year, has appointed an impressive thirty-three. The total number of appointees includes multiple people being appointed to the same czar position. It should also be noted that while some of these appointees are to czar positions created by previous presidents, most are new czar positions. Some of Bushes czars were in response to crisis in this country, such as 9/11, Katrina, and the bird flu. By this he was responding to national issues rather than creating czar positions to fill instead of filling the positions in his cabinet.
11-03-2009 @ 8:59PM
Jay Love said...
I really hope Mr. Cage works through his money issues, he has always been a very good actor, even if not all his works were the best choices. but the entire family is tremendously talented!! I would expect he will recover very soon and this will be a hard lesson in not entrusting your finances and well being to anyone else, no matter how well intended they may be, people need to take care of their own money wether they are mega rich, or just middle class. nobody will watch your money better than you will, and if you loose it you have only yourself to blame?
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11-03-2009 @ 9:10PM
psmail2 said...
$6 million???? And the IRS is pissing in the wind for $250 from me????
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11-04-2009 @ 4:55PM
janicecbw said...
The IRS always goes after the little money. You don't have the money to hire a tax lawyer. Because the IRS is underfunded by Americans own choice, the IRS goes after the low-hanging fruit. Plus, being $6 million in debt and broke means more than being $250 in debt and broke. You have a chance to get that much, Cage, maybe not.
11-03-2009 @ 9:16PM
Ellie said...
I definitely agree. He should look at Suze Orman and learn about conserving money! Shame on him. Greed will take him down!
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11-04-2009 @ 7:18PM
kathy said...
to bad , how sad,....everyone gets to pay taxes...and with obamas plan, hollywood bigs are in line for bigger donations to those who , because of their aversion to work, have nothing... most of hollywood is backing obama...so i think it only fair they be first in line, and donate the most to those they think need the help.....this too should apply to those who think , sacraficing the one for the good of all...should be the first to be sacraficed... and for those who dont care how many lose jobs to save a species of fish , over human misery , should be the one , giving your job to those who lost a job over your beliefs.... after all its only fair....if it dont cost you anything, you should have no say...about it costing someone else....(its so easy to keep your beliefs if someone else makes the sacrafice, and you get off scott free) isnt it...
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11-04-2009 @ 3:53PM
Angel said...
What??? Please if you're going to make outrageous statements please certify it with facts instead of blanket accusations.
And please do a spell check before submitting a comment.
Thank you.
11-04-2009 @ 4:45PM
NikonF2-AS said...
kathy: After reading your post the second time, it seems you are a person who can put your thoughts to paper, exactly as you thought them. You don't inter ject to many words. Each thought is exact and complete. It doesn't have to be explained. Almost, written in an abbreviation style, if you will. All the senses can be felt, "to bad, how sad," a minus and a plus invoking humor. The reader, voluntary or involuntary, picking up your mood and rhythm as you put your thoughts down. The readers attention is held firmly. A sensation of color comes to mind. Your work must be related to writing. OOPS! Here come the ward attendants, they know I'm off my meds again!
11-03-2009 @ 9:49PM
glynspsa said...
I believe he needs to stop going to the Spearmint Rhino so often.
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11-03-2009 @ 10:20PM
Flashman said...
Why doesn't the IRS crack down on all of these cheaters including Rep. Charlie Rangel who underrreported his income by hundreds of thousands of dollars.
Those of us who pay our bills, who work every day are tired of the sunsabitches snubbing their noses at the law.
To hell with all of em
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11-03-2009 @ 10:31PM
who me? said...
We know why Cage's movies don't bring in any big $$$$.....Cage can not act worth a hoot. Maybe he should learn to sing or play an instrument and try to scream his way out of debt.
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11-03-2009 @ 10:55PM
christine said...
how stupid must you be to let other people handle your money unsupervised? I swear, no one can be accountable when you have all of that property and money and still can't pay your bills. Grow up and count your blessing...many people these days cannot afford a trailer and you are having to sell your castle...boo hoo.
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11-04-2009 @ 2:07PM
jlbloco said...
couldn't have said it better my self. it serves him right for being rich & stupid.
11-03-2009 @ 11:15PM
zdragonsrz said...
Interesting,that the USA via the IRS hounded a patriotic x heavyweight champion,Joe Lewis, yet the people made a hero of M Ali!
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11-04-2009 @ 7:39PM
NikonF2-AS said...
zdragonsrz: Interesting, that you brought up the name, "M Ali." He is nothing more than a warm steamy pile of dog squeeze! His real name is Cassius Marcellus Clay Jr., aka Cassius Clay. He changed his name after joining the Nation of Islam in 1964. That's right, Islamic Terrorist. Also, converting to orthodox Islam in 1975. In 1967, Ali refused to be inducted into the U.S. military based on his religious beliefs and opposition to the Vietnam War. Subsequently, arrested and found guilty on draft evasion charges, stripped of his boxing title, and his boxing license was suspended. Clay did not go to prison. Because, the blacks knew he would come out a 'sister.' He didn't fight for nearly four years, while his appeal reached the U.S. Supreme Court, and was successful. His converting to Islam was planned out. We are the same age. I got drafted and spent twenty years in the military. Clay, pu$$ied out! Yes, it's personal for me. Every time a friend of mine died in Nam, I thought about that human waste. Suppose we all converted to Islamic Terrorists. That was reserved for blacks only. The same as the CBC in Congress today. Over the years Cassius Clay was awarded different honors. The one that made me vomit in my mouth, Presidential Metal of Freedom, to Muhammad Ali 2005!!! This was a big push by blacks, CBC, NAACP, and many others black clicks, clubs, pimps, ho's , all degenerates. Politicians, trying to be politically correct. Only four first ladies have been awarded the PMoF. You can bet they have already reserved one for First Lady Obama. I'm going to have to wrap this up, this $hit goes on forever.
11-04-2009 @ 12:03AM
anais-morr said...
You said it! My parents a few years ago owed just $3,000 to the IRS (accountant made a mistake when filing taxes) and my parents were literally harassed. So sick of politicians getting away with so much!
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11-04-2009 @ 1:30AM
jay said...
Oh boo hoo........I love these stories!
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11-04-2009 @ 1:35AM
gr82ns said...
you know this is getting ridiculous. our country is heading to be yet another 3rd world country and why.... because of the idiots in washinton allowing those that make money not pay them what they owe.
BUT if you or i dont pay it is off to wages garnished, leins on homes/car etc., or my favorite that i love seeing is off to jail.
give me a break get your head out of your ass and grow up Cage and pay your FREAKIN taxes YOU are not above the law even if you think you are.
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