Is Nicolas Cage Broke? Cage Sues Ex-manager for $20 Million
Perez Hilton claims that Cage is selling his "haunted" mansion in New Orleans in addition to his $35 million mansion in Hollywood. Additionally, Hilton claims that Cage did not pay his 2007 federal income tax on the home in New Orleans which is worth $3.55 million.
It has also been reported that Cage recently sold his 132 foot yacht for $7.7 million.
Additionally, a lien has been filed by the IRS for $6,257,005 for unpaid federal income tax.
Cage just recently fired his ex-manager of seven years. He claims that Levin did not tell him that he was running out of money and that his credit had already been over-extended.
Celebrity website TMZ.com stated that Cage has been forced to "sell major assets and investments at a significant loss". This is due to Levin not paying Cage's taxes when they were due. Additionally, Cage stated that Levin had made speculative and shaky real estate investments.
According to Cage, Levin's actions resulted in Cage "suffering catastrophic losses."
Cage is well known for his acting roles in "National Treasure", "Leaving Las Vegas" and "Face/Off". According to Fobes.com, Cage earned about $40 million in 2008. He also has six movies that should be released to theaters in the next couple of years.
Apparently, Cage was unaware of how bad his financial situation had become until September, 2008. That was when he hired a new manager to replace Levin.
Additionally, Cage feels that his reputation has been "irreparably tarnished".
Sources: http://celebrifi.com/gossip/Is-Nicolas-Cage-Going-Broke-267872.html, http://omg.yahoo.com/news/nicolas-cage-sues-ex-manager-for-financial-ruin/29673?nc , http://perezhilton.com/2009-08-02-broke-nicolas-cage-dumping-homes-owes-the-government-millions
Published by Carol Whyte
Previous freelance writer for two business magazines, on-line contributor for Yahoo! Contributor Network, and National Examiner. Consistently awarded YCN's Top 100/500 and listed as Top 1000 for 2009 and 2010. View profile
- LLCs and the Federal Income Tax For U.S. federal income tax purposes, a Limited Liability Company (LLC) could be treated as a sole proprietorship, a partnership, or a corporation, depending on the number of members and the election that is made
- Who Wants a New Federal Income Tax System? What is it that we need to do to get the Federal Income Tax changed for good?!
- Prepare to File a Federal Income Tax Return Before you file your federal income tax return make sure you have all of the correct forms. If you are a independent contractor you will probably have a 1099 form. If you are an employee of a business then you will...
- The Best Places to Pick Up Federal Income Tax Forms in Dallas, Texas Dallas, Texas is very wide spread and locating the proper tax forms can be challenging. Here are a few of the most common places to pick up federal IRS income tax forms, publications and additional tax information in...
-
Economic Stimulus Package: Bailouts and Federal Income Tax Deductions
Economic stimulus package - using tax income tax dollars to bailout default corporations
- Federal Income Tax Online Filing
- What to Do When You Need to Make a Change on Your Federal Income Tax Return
- Federal Income Tax Medical Expense Deductions
- Farm Income Averaging for Federal Income Tax Purposes
- What to Do with an Overpayment on Your Federal Income Tax Return
- Federal Income Tax Deduction for Sales Tax
- Federal Income Tax and the College Deduction
|
|
8 Comments
Post a CommentHow does someone not know they haven't paid taxes for the past several years? Even if other people file for you you still need to sign the documents. Makes me wonder if it was lack of communication/knowledge or actual fraud (papers signed but not filed) going on.
Thanks for the coverage.
wow, how odd to think of someone so famous and talented going broke...
Thanks for this update on Nicolas Cage..I like him!
I just had a flashback of him in "Valley Girl" in the early 80s. How these things happen to people who makes tens of millions is beyond me.
One of my favorite actors, impossible to think of him being broke after all the money he has to have made.
My sister owns a multi million dollar business. she handles the finances for this very reason. The family has an attorney and an accountant. However, she felt for this reason she needed to maintain a handle on the finance side of the business.
It's amazing how you really have to keep on top of your finances even though you pay someone else to take care of it.