Billionaire Pleads, Pays $52M Tax Bill

Igor Olenicoff didn't do as well in his latest court battle with the IRS as he did the last time around.

In one of the biggest-bucks tax cases ever, concerning an individual in southern California, the 65-year-old real estate entrepreneur pleaded guilty to one count of lying on his tax returns and paid $52 million in back taxes today, reports the Orange County Register.

He also faces a potential prison sentence of up to three years when he is sentenced next year, although his lawyer says a six-month prison term is more likely.

In a previous tax case, Olen Properties paid $272,024 in 2004 to settle Internal Revenue Service claims, the Register reports. The federal agency had originally sought $148 million from the company in back taxes and penalties.

"I'm pleased with the outcome," said Olenicoff today, following a half-hour federal court hearing in Santa Ana, Calif. "I'm not happy about it."