Nicolas Cage: Real estate holdings generate more than $6 million in back taxes owed to IRS

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Hollywood superstar Nicolas Cage owes the Internal Revenue Service (IRS) more than $6 million in unpaid back taxes, according to People.com.

In addition to being an “A-list” actor, Cage is a prolific real estate collector. He owns multiple properties in Los Angeles, Calif., and Las Vegas, Nevada, as well as others in major cities such as New York, New Orleans, San Francisco and elsewhere.

However, he now has two outstanding tax liens attached to the portfolio — one that dates back to 2007 and another from 2002.

Cage actually sold a 28-room castle, Schloss Neidstein, which sits on 395 acres of forest in the Oberpfalz region of Bavaria, Germany, earlier this year because of what he described as a “difficult economic situation.” He is also reportedly shopping a $7 million island in the Bahamas.

The 45-year-old Academy Award winner was recently ranked 45 on “The 2009 Celebrity 100″ from Forbes.com, earning an estimated $40 million from June 2008 to June 2009.

I read about this man and I can actually make myself vomit, without even jammin my fingers down my throat. I guess its just a sad world when actors make this kind of money. Its sad as well people feed these money machines by going to see their movies. I will wait untill I see Mr Cage standing in the unemployment line or watching him try to budget a months worth of food (the 200 a month you get on food stamps like myself here in Florida.) That will be the day I can smile. Just hearing these absurd amounts of money has made me hate going to the movies. It used to be the one thing left that I did enjoy. I worked as a mechanic busting my ass and I gotta turn on the tv and hear how this duchebag blew tens of millions of dollars?? Its a sad sad world people. Damn Hollywood has become sickening.

I have always been a Nic Cage fan and yet I stopped going to movies when they became $9.50 a pop. Hollywood stars are way overpaid as are athletes. Cage may have fallen into the collector trap. There is always a bargain out here in real estate and it was supposed to keep going up. But had he asked me, I would have told him to be careful as the “great fall’ is coming. I think real estate values nationwide and worldwide will continue to plummet except in spectacularly over populated areas with new money like Hong Kong and Hawaii where the real estate is so very limited. Bargains are only bargains when someone else wants them and does not have the capacity to get the basement sale price. Nic Cage is just in a cash crunch and it is happening to real estate investors in many areas. Cage would be wiser to stick to cars and remember the words of my old boss, “cash is king”.

Right now, I’d be overjoyed to have my own tiny apartment.

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