Cage's former Vegas home sells for nearly $5M

[January 27, 2010]  LAS VEGAS (AP) -- A real estate broker says a Las Vegas mansion that belonged to Nicolas Cage before it was foreclosed on sold for nearly $5 million 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 finances.

Kenneth Lowman, owner of Luxury Homes of Las Vegas, says the 14,300-square-foot, bank-owned home sold for close to the asking price of $4.95 million. Lowman says 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 this month that Cage owed roughly $128,000 in unpaid taxes on a mansion there.

[Associated Press]

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