Nic Cage Takes $3.5 Million Loss on Vegas Mansion

January 26, 2010 No Comments »

ouch

It wasn’t quite a Hollywood ending for actor Nicholas Cage, according to the Las Vegas Sun.

He sold the $8.5 million mansion he acquired in September 2006 yesterday for just $4.95 million, which somehow still seems overvalued.

Sure, the 14,300-square foot home is nice to look at it, but it’s hard to imagine plopping down nearly $5 million for anything in Las Vegas these days.

The home has six bedrooms, seven-and-a-half bathrooms, a subterranean garage with space for 16 cars, and you guessed it, a movie theatre.

The property was foreclosed upon back in early December following an announcement that the star owed more than $6.6 million to the IRS in federal tax liens.

It’s been reported that four of Cage’s homes have been foreclosed on since he ran into tax troubles; he has/had properties in New Orleans and California as well.

Cage told People magazine in a statement that he owes approximately $14 million in back taxes to the IRS, despite paying at least $70 million in taxes over the course of his storied career.

He’s said to be one of the top 100 highest paid celebrities, so he should be able to get out of this mess.

(photo: bschmove)

Leave A Response