Nicholas Cage’s Tax Lien (Tax Defaulted Property Lien) of $13 Million

Was Nicholas Cage on his way to a tax deed auction (tax defaulted property auction) with one of his 15 palatial estates? A few years ago, the actor was in hot water, having fallen behind on his property taxes to the tune of $13 million dollars.

How would you like to write that check?

Citing blame on his business manager for the oversight, Cage claimed to have paid over $70 million in taxes and assured after a public disclosure of the information, that he was squaring things away with the government on his past-due bill and was now current.

Other Celebrities’ Tax Defaulted Properties

Celebrity tax default on property is nothing new, even if the property owner comes from another country. Take, for instance, Ozzy and Sharon Osbourne. They hail from England but live and work in the US. They’re responsible for paying US taxes on all of the property they own on our shores.

A tax lien of $1.024 million was filed against the couple for back taxes not paid for 2008 and 2009. They have since paid the IRS back, so don’t look for their gorgeous home at a tax sale (tax defaulted property sale). Again the buck was passed: Sharon tweeted, “You can’t rely on anyone but yourself. You have to be on top of your own business affairs. My fault…lesson learned.”

Actor Val Kilmer was reported to have owed half a million for both 2009 and 2010, proving once again that financial resources aren’t the only reason for non-payment of property taxes. Money management continues to be an issue for owners of tax defaulted property, regardless of whether it’s $65 or $6.5 million. And when those taxes are not paid, properties are auctioned, regardless.

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Tax defaulted property investing is a lucrative method of increasing cash flow and building wealth. Anyone can do it as long as you learn the ropes. Follow specific guidelines, and you can profit securely and with certainty. To learn more, go here.

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