After reportedly purchasing castles, islands, homes, a dinosaur skull, cars and boats, the actor hit the skids.
In late 2009, the federal government placed a tax lien on Cage's real-estate holdings, including an additional $6.7 million from 2008, according to reports.
Cage has admitted to owning the IRS a total of $14 million and has said that he is taking steps to repay the IRS, starting with switching business managers.
"Everybody makes mistakes. Its part of being human," Cage said on "Good Morning America" recently. "Some people say you have to be a sinner before you can be a saint," Cage said.
His latest: "Drive Angry 3D," where he plays a guy who departs hell to find the Satanist that killed his child.
He said that after a daylong staring contest with the cat he "had no doubt that he was my brother."
Cage is no stranger to drugs.
He's admitted to using drugs in his 20's. When promoting "Bad Lieutenant" in Australia, Cage told reporters that doctors there "still use cocaine to clear your sinuses."
According to OK Magazine, Cage said he felt "invincible" and kept coming up with ideas after receiving the "cocaine solution" in his nose.
Cage has been married three times.
An early relationship with model Christina Fulton, produced a son -- Weston Coppola Cage.
His first marriage to actress Patricia Arquette ended in 2000 and lasted five years, but divorce papers revealed the pair had only cohabited for the first nine months of their marriage.
Cage's second marriage to Lisa Marie Pressley only lasted four months.
His third marriage was to Alice Kim, who he met in 2004 when she waited on his table at a Los Angeles restaurant.
Kim is, of course, now famous for the argument she had with her husband over the weekend which led to his arrest.
She refused to press charges against her husband in that incident.
The 47-year-old actor and Kim have one child together-- a son named Kale-El which was Superman's name as a child.
Which leads us to Cage, the comic book geek?
Cage made news earlier this month when a missing mint copy of Action Comics No. 1 -- the comic book debut of Superman -- belonging to him surfaced in a San Fernando Valley storage locker.
The comic, which has been authenticated, was stolen from Cage more than a decade ago, according to Detective Don Hrycyk with the Los Angeles Police Department's Art Theft Detail.
Cage accepted an insurance payout after the theft, so it is unclear if he will regain his missing comic.
Most people don't know that Cage is a huge fan of comic books and has a tattoo of Ghost Rider on his arm. He developed a six-issue illustrated series called "Voodoo Child" with his son Weston.