Nicolas Cage is Leaving Las Vegas after $8.5m mansion sells for nearly half the price he paid for it

Money trouble: Nicolas Cage has been selling off his property portfolio to pay his hefty tax bill

A Las Vegas mansion bought by actor Nicolas Cage for $8.5million has been sold for nearly half the price.

The 4,300sq ft, six-bedroom home was foreclosed by the bank recently after Cage ran up a $6.3million tax bill.

A mystery buyer put down $4.95million for the Spanish Hills home after less than a day on the market.

The lavish home, which Cage bought in 2006 before the property crash, included a 16 car subterranean garage, a private cinema and stunning views of the Las Vegas strip.

Estate agent Ken Lowman, who sold the house on behalf of the bank who foreclosed the property, said he believed Cage had bought it as an investment.

Lowman said the Leaving Las Vegas star also owes $61,000 in levies from 2008 and 2009, which will be paid once the sale closes.

He told the Las Vegas Review Journal: '(I believe he bought all these properties) to profit from them. All of a sudden, that plan doesn't look like it's going to work out.'

Despite being listed as the world's fifth highest paid actor, the Oscar winner's many property deals have landed him in financial trouble with America's Internal Revenue Service (IRS).

Over the last few years, Cage has owned 15 homes in Europe and U.S., including an island in the Bahamas and a German castle.

Cage sold his Bavarian castle to his German lawyer for £1.52million and placed his £3.5million Bath castle up for sale last year.

He also sold another property in Bath for £3.5million last March and has listed his $12million Rhode Island home for sale, for which he owes $128,000 in back taxes.


Offloading: Cage sold Neidstein Castle in Germany last year for £1.52million


Two houses he owned in New Orleans went up for sale in November to cover $5.5million in unpaid mortgages.

Cage has been labelled one of the craziest big spenders in Hollywood.

He has been accused of splashing out millions on property and blowing his fortune on fast cars, jewellery, yachts, castles and a collection of shrunken heads and dinosaur skulls.

His former business manager, Samuel J. Levin, made the claims and is suing Cage in a bitter financial battle.

But Cage blames Levin for his money problems. Originally, Cage sued Levin for £15million after his finances ran aground earlier this year.

But Levin is counter-suing, claiming his reputation has been damaged.


source: dailymail