17
Oct
09

Nicolas Cage Owes IRS Millions and Is Suing Business Manager


IRS has filed liens against Nicolas Cage for more than $6 million in back taxes which will  force the mega-star  to sell off major assets and investments in order to pay off his back tax liabilities.

Cage has filed a lawsuit in L.A. County Superior Court against his former business manager, Samuel Levin. The lawsuit claims that over a period of seven years, “Levin placed Cage in numerous highly speculative and risky real estate investments, resulting in Cage suffering catastrophic losses, ”  states the lawsuit file.

Cage also claims Levin failed to pay taxes when they were due. Cage claims it was only this year, after firing Levin, that he learned of his financial issues.

His lawyer Marty Singer, claims in the lawsuit that Levin never advised him of his financial situation and is guilty of “over-extending [Cage’s] line of credit with banks and financial institutions.” The suit also claims that Levin concealed hid Cage’s “true financial condition prior to investments and assets being acquired by [Cage].”

Cage earned $40 milion between June 2008 and June 2009, according to Forbes.

Cage is suing  for a minimum of $20 million.

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