Not how much $ you have, it's how you manage it...

WOW that's a lot of tax owed.  Hmmmm the accountant signed a contract.  You gotta fulfill all portions of a contract or you can be sued.  The accountant is to blame for failing to do a whole bunch of things.  "Accountant couldn't be reached for comment" wonder why.  Too busy spending his millions.  But something as definite as paying taxes, or you go to jail - I'd pay closer attention to govt obligations if I were Nicholas Cage. 

To make matters worse (and even sadder for him)--his Father just passed away in Orange County. He was a University Professor at CSU-Long Beach. 

Sad, but looks like he has plenty of houses to sell...geesh! We know you'd never let that happen, Ty =)

Good thing he is in the acting business and not in financial management!

Moral of the story--pay your own bills.  However, I could have done a better job for him with my great Quickbooks experience.

Ya he definitely needs Val-Pak behind his books, she would never commit such an oversight=)

What a loser.

Well, I think Cage is primarily responsible, cause u never hand anyone "the keys to the castle", and then not pay attention for 7-8 years.  Secondly, just the properties he is liquidating add up to $35.5 mil, and he already sold the Bavarian place for $2.5 mil.  So, if he was a wise investor, he didn't leverage those places when he bought them.  However, my intuition tells me that he did, and that's the reason his empire is collapsing.  If he had bought only half of those places, and paid cash, then the fact that they are now worth 1/2 of what he paid would be, economically speaking, not such a drastic problem.  But he may be upside down in one or more of them.  Also, maintenance and taxes on those kinds of digs is astronomical and exponential.  I'll never forget that my old boss, Marvin Davis, employed 52 people at his estate in Beverly Hills.  The payroll alone was mind boggling.  MC Hammer went down this same path, but got bit not so much by the big dive in the economy, but by over extending himself and spending tomorrow's money today, but tomorrow's revenues never materialized.  Foolish!!!  If Nick only owes $6 mil in back taxes when he rakes in $40 mil in a good year, that sounds like peanuts to me...  If I made $40 mil this year I would owe at least $11.2 in Fed taxes alone.

Good points Clark. I was thinking the same thing, it's like how on earth did he not see any of that shady business with his accounts over such a long period of time. He had to have had mortgages on all of those properties or, like you said, he wouldn't be in so much trouble. Six million shouldn't be hard to dig up, but it sucks when you think realize that you could be worth well over 100+ million (probably way more if invested well) and who know's where his bank account is. Do you think he's broke? Can't be right? If he "owes" 6 mil then why is he selling so many properties? Seems like one of them (maybe one and a half) would suffice. I can't believe how high taxes are in California. Crazy.