"Face Off" star Nicolas Cage commands a king's ransom for doing a single movie. But the latest figure that corresponds to his net worth is $25 million. It was a big question mark how the actor has spent his huge fortune.
Cage has accumulated wealth through the years but his latest net worth is just equivalent to his earning for a single movie. According to ABC News, the "Leaving Las Vegas" actor signed a check for $6 million as partial liquidation of his tax liabilities that have piled up. His total tax debt was $14 million but the IRS has given him ample time to settle his tax liability.
The actor used to earn $6.4 million per year but his penchant for expensive homes and transportation brought him to near insolvency. "The Croods" actor owns various high-end properties some of them were sold to cover up his liabilities. Aside from his tax liability he owed an East West Bank $2 million as a loan.
He sold his Las Vegas, Nevada home in 2009 to pay his debts. The huge chunk of his indebtedness with IRS dates back in 2002. He also sold his Bel Air home and his Rhode Island property.
The versatile actor's lavish lifestyle coupled with the mismanagement of his funds by his finance manager caused his wealth to be depleted. According to Richest Celebrity, he filed a case against his former financial manager for mishandling his funds.
Nicolas Cage can easily recover from his financial mess when offered to do a big-budget movie. That is if the producers will trust him to do the likes of "Sorcerer's Apprentice," "National Treasure, and "Gone in Sixty Seconds."
His outstanding balance with the IRS is still a big amount. If he fails to ink a contract for a movie project that can cover for his obligations, Nicolas Cage net worth will continue to decline.
This article is copyrighted by Travelers Today, the travel news leader
