« Click to Next Article »

Nicolas Cage Working On Paying Down His $14M Debt to the US Government

Nicolas+Cage in
Actor Nicolas Cage poses for a photo on the red carpet at the premiere of "The Sorcerer's Apprentice" at the New Amsterdam Theatre on July 6, 2010 in New York City. (Getty Images)more pics »Nicolas Cage is on his way to being debt-free! The actor made a $360,545 tax payment to the US government recently, which puts a small dent in the $14 million in unpaid taxes and fees he owes for the years 2002, 2003, 2004 and 2007.

Nicolas Cage (Getty)
Gossip website TMZ has obtained documents showing the cash was handed over to cover owed back taxes from 2002 to 2004. The 46-year-old actor has claimed he was led “down a path of financial ruin" by his former business manager Samuel Levin, who he sued for $20 million.

He filed the lawsuit against Levin in October 2009, claiming his ex-employee had caused him “catastrophic losses" by making bad investments but dropped the case in September 2010 after allegedly agreeing to settle out of court.

The Hollywood star has been beset by financial problems in recent months and in October 2010 he was ordered to pay over $2 million to the Nevada State Bank. He owed $2,511,605.74 because of a loan he defaulted on, as well as unpaid taxes, legal costs and lawyer's fees after his Las Vegas home was repossessed last year.

The property was foreclosed - where it is repossessed and sold on to recuperate monies lost in a defaulted loan – in late 2009, and resold in January at a loss of $3.5 million.

See more Nicolas Cage pics here:
  • Nicolas Cage in 'The Sorcerer's Apprentice' Photocall in Barcelona
  • Nicolas Cage in Nicolas Cage at Botafumeiro
  • Nicolas Cage in Summit Entertainment&squot;s "Drive Angry 3D" Panel - Comic-Con 2010
  • Nicolas Cage in MySpace And MTV Tower During Comic-Con 2010 - Day 2
  • Nicolas Cage in Cinema Society Screening Of "The Sorcerer&squot;s Apprentice" - Arrivals
  • Nicolas Cage in "The Sorcerer&squot;s Apprentice" New York Premiere - Performance
  • Nicolas Cage in Guests at 'Live with Regis and Kelly'
  • Nicolas Cage in "The Sorcerer&squot;s Apprentice" New York Premiere - Outside Arrivals

View Nicolas Cage Pictures »
Leave a Comment!