Nicolas Cage's $8.5-Mil Home Sells for $5 Million

01/27/2010 at 11:45 AM EST

Nicolas Cage's $8.5-Mil Home Sells for $5 Million
Nicolas Cage
Malcolm Taylor/Getty
The dipping real-estate market obviously is affecting everyone, including Oscar winners. One current casualty: Nicolas Cage, already beset by financial woes.

The Leaving Las Vegas and Honeymoon in Vegas star's foreclosed, 14,300-sq.-ft. home in the Nevada tourist destination may have sold for $4.95 million on its first day on the market, but Cage paid $8.5 million for it in 2006, the Associated Press reports.

The residence otherwise screams Vegas splendor: six bedrooms, seven-and-a-half baths, a 16-car subterranean garage, a theater and a glorious view of the city's downtown Strip.

Cage, who has recently changed business managers, currently owes the IRS approximately $14 million. Much of his money troubles comes from his real-estate dealings. In the past few years his investments have included 15 palatial homes in Germany, the U.K. and New Orleans. He also paid $3 million for a Bahamian island.

Cage, 46, earns $20 million per film, and his latest, the supernatural thriller Season of the Witch, opens March 19. Cage has assured PEOPLE "all taxes will be paid."

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