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Photo courtesy of the Las Vegas Sun.

While the rough economy affects everyone, it’s not often that we hear about celebrities losing their home to foreclosure.  According to the Las Vegas Sun, Nicholas Cage not only lost his Las Vegas home to foreclosure, he also owes over $6.6 million in back taxes to the IRS.

Cage’s home went into foreclosure last December.  Cage originally bought the home for $8.5 million in September 2006, and just this past Monday the foreclosed home sold for $4.95 million after being on the market for one day.  This is surprising considering the star made $40 million between June 2008 and June 2009.

With property values at an all time low, now is the best time to buy a home, as even celebrity mansions are now sold at half price these days.  Cage has foreclosed on a total of four homes so far, two in New Orleans, one in California, and this one in Las Vegas.  For the full story, check out the original article.

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