Cage eats away at massive debt

Nicolas Cage.
Nicolas Cage. Bang ShowBiz

NICOLAS Cage has made a $360,545 tax payment to the US government.

The 'Ghost Rider' star owes around $14 million in unpaid taxes and fees for the years 2002, 2003, 2004 and 2007 but he has now made this initial payment to the Inland Revenue Service (IRS).

Gossip website TMZ has obtained documents showing the cash was handed over to cover owed back taxes from 2002 to 2004.

The 46-year-old actor has claimed he was led "down a path of financial ruin" by his former business manager Samuel Levin, who he sued for $20 million.

He filed the lawsuit against Levin in October 2009, claiming his ex-employee had caused him "catastrophic losses" by making bad investments but dropped the case in September 2010 after allegedly agreeing to settle out of court.

The Hollywood star has been beset by financial problems in recent months and in October 2010 he was ordered to pay over $2 million to the Nevada State Bank.

He owed $2,511,605.74 because of a loan he defaulted on, as well as unpaid taxes, legal costs and lawyer's fees after his Las Vegas home was repossessed last year.

The property was foreclosed - where it is repossessed and sold on to recuperate monies lost in a defaulted loan - in late 2009, and resold in January at a loss of $3.5million.

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