Actor Nicolas Cage reportedly owes $128,000 in back taxes on a Rhode Island mansion that he has been trying to sell to settle his personal IRS tax debts.
Property tax payments on the actors mansion in Middletown, R.I., have been delinquent for the past three quarters, according to the towns finance director, who was interviewed by the Associated Press.
The IRS filed a $6.2 million tax lien against Cage last July and the actor has been selling off his property in the U.S. and Europe to try to pay off his debts (see Nicolas Cage Hit with $6.2 Million Tax Lien). Cage filed suit against his former business manager and accountant, Samuel Levin, blaming Levin for making poor investment choices and failing to pay his taxes, leading Cage down a path toward financial ruin.
Levin subsequently countersued Cage, claiming that he had tried to warn the actor against his compulsive, destructive spending and encouraged him to sell off a dozen automobiles and a $1.6 million comic book collection to support his lavish lifestyle.
Among the properties he has been selling are three castles in Bavaria, Germany, and Bath and Somerset, England, as well as Dean Martins former mansion in Bel Air, Calif. Also on sale are novelist Anne Rices former home in New Orleans and a New Orleans mansion described as the most haunted house in the United States. Other properties on the block include homes in New York and Las Vegas, and a 132-foot yacht.
Both Cage and Levin have also been sued by Cages ex-girlfriend, Christina Fulton, the mother of his 18-year-old son. She received an eviction notice on one of Cages homes where she and her son had been living. She claimed she owes over $1 million to the IRS due to the negligence of Cage and Levin.
Register or login for access to this item and much more
All Accounting Today content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access