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Nicolas Cage's former mansion sold

A US real estate broker has said a Las Vegas mansion that belonged to Nicolas Cage before it was foreclosed was bought for nearly $5m on its first day on the market.

Records show Cage owes millions of dollars to the IRS in unpaid taxes. The Oscar-winning actor said he's had to sell numerous assets because of his finances.

Kenneth Lowman, owner of Luxury Homes of Las Vegas, said the 14,300-square-foot, bank-owned home sold for close to the asking price of $4.95m.

Mr Lowman says the deal with the unidentified buyer should be completed by Wednesday.

Cage sued his former business manager in October for $20m, saying the man's advice led him towards ruin.

A finance director in Rhode Island said this month that Cage owed roughly $128,000 in unpaid taxes on a mansion there.

© Press Association