Nicolas Cage Tax Debt: Actor Working Off $13 Million In Back Taxes
Nicolas Cage's tax debt, which totals $13 million dollars, is slowly being paid off by the actor, TMZ reports. The actor racked up massive amounts of debt after splurging on various purchases between 2004 and 2009, but has started paying the tax debt off.
Nicolas Cage paid off more than $6 million in April and another $600,000 recently, but still owes more than $6 million in back taxes. The actor filed a lawsuit against his former business manager Sam Levin, claiming he had led him "down a path of financial ruin."
Part of Cage's extraordinary purchases includes a $276,000 for a 67-million-year-old dinosaur skull -- a purchase in which he outbid fellow actor Leonardo DiCaprio. Cage also owns a jet, two yachts, three castles, two islands in the Bahamas and several mansions, according to MSN.
"Over the course of my career I have paid at least $70 million in taxes," Cage said in 2010. "Unfortunately, due to a recent legal situation, another approximate $14 million is owed to the Internal Revenue Service (IRS), however, I am under new business management and am happy to say that I am current for 2009. All taxes will be paid including any to be determined state taxes."