Celebrity stew: Stars up to their necks in IRS trouble
by AccountingWEB on
Rounding out 2010's cavalcade of celebrities mired in tax issues are actor Val Kilmer, songwriter Lamont Dozier, rapper Trick Daddy, and all-around weirdo Grace Jones.
MacGruber and Batman Forever star Val Kilmer no sooner got the Internal Revenue Service off his back in early 2010 regarding a $538,000 lien, than another lien, this one for $498,165, came rolling in. The latest lien was filed in November with the Santa Fe County Clerk in New Mexico.
Kilmer has been trying to sell his 6,000-acre New Mexico ranch, known as Pecos River Ranch, which is listed on the lien. But, like many other property owners, he’s having a hard time unloading it. Earlier this year Kilmer fought for and got permission to turn the ranch into a bed and breakfast establishment. Now, the ranch is back on the market for $18.5 million, a bargain compared to last year’s asking price of $33 million.
The IRS also has been knocking on the door of actress and new wave singer Grace Jones. A lien in the amount of $63,898 was filed in October on Jones in the New York City Register’s Office.
Jones’s hit song was I Need a Man. She has just joined the lineup for the 2011 Bluesfest, joining Bob Dylan, BB King, and ZZ Top.
Jones’s tax liability pales in comparison with the bill the IRS sent tolegendary Motown songwriter Lamont Dozier. He owes the fed nearly $1.36 million, according to a lien filed in September with the Clark County Recorder in Nevada against Dozier and his wife, Barbara.
The songwriter and his wife also owe the state of California $2.57 million. On California’s list of largest delinquent taxpayers, the Doziers rank No. 13.
Dozier is 69 years old and part of the team known as Holland-Dozier-Holland, which wrote hit songs for the Four Tops, the Supremes, Marvin Gaye, and The Temptations. The team’s songs include Baby Love, Stop! In the Name of Love, and I Can’t Help Myself (Sugar Pie Honey Bunch).
The Holland-Dozier-Holland team became financial pioneers 12 years ago when they issued bonds backed by their future song revenues in exchange for $30 million in a lump sum. The success of the team's songs allowed it to pay off the bonds several years early.
Rapper Trick Daddy (nee Maurice Young) faces delinquent tax bills totaling more than $157,000. Young and his wife lost their $320,000 Miami home to foreclosure last May. The home then was sold in October.
The latest lien was filed on September 3 in Miami-Dade County in the amount of $85,366 for taxes related to income from 2007, 2008, and 2009.
On July 29, a lien for $16,709 was filed in Miami-Dade County relating to 2006 income. Also on July 29, a lien in the amount of $54,979 for income taxes owed from 2002 was filed in Miami-Dade County.