Cage's former Vegas home sells for nearly $5M
Mansion wasn't on market long
January 27, 2010, 9:56 a.m.
STAFF REPORT
A real estate broker said a Las Vegas mansion that belonged to Nicolas Cage before it was foreclosed on sold for nearly $5 million on its first day on the market.
Records show Cage owes millions of dollars to the IRS in unpaid taxes. The Oscar-winning actor has said he's had to sell numerous assets because of his financial situation.
Kenneth Lowman, owner of Luxury Homes of Las Vegas, said the 14,300-square-foot, bank-owned home sold for close to the asking price of $4.95 million.
Lowman said the sale is expected to close on Wednesday. The buyer wasn't identified.
Cage sued his former business manager in October for $20 million, saying the man's advice led him toward ruin.
A finance director in Middleton, R.I., said Cage owed roughly $128,000 in unpaid taxes on a mansion there.