Nicolas Cage Settles IRS Tax Debt For $14 Million

Cash-strapped celeb Nicolas Cage is looking to put his tax troubles behind him. In a statement to PEOPLE this week, Cage says he’s going to pay $14 million in taxes to the Internal Revenue Service.

“Over the course of my career I have paid at least $70 million in taxes, unfortunately, due to a recent legal situation, another approximate $14 million is owed to the IRS,” the actor told the mag. “However, I am under new business management and am happy to say that I am current for 2009, all taxes will be paid including any to be determined state taxes.”

The star of films like Gone In 60 Seconds and Peggy Sue Got Married has been namedd in a number of recent lawsuits and recently lost two of his New Orleans homes in foreclosure auctions.