Nicolas Cage's New Orleans Homes Go Back To The Bank

by Deidre Woollard (RSS feed)
Nov 13th 2009 at 2:00AM

t's official, Nic Cage is no longer a homeowner in New Orleans. The Times-Picayune reports on the foreclosure auction which saw Cage losing both his French Quarter and Garden District homes. Cage's lender, Regions Bank, bought both homes back for a total of $4.5 million, which is two-thirds of the value that appraisers hired by the bank had determined they were worth. There were no other bids for the property. Cage did not attend the auction. The city will collect $151,729 in unpaid property taxes. Cage owed approximately $5.5 million on the homes. The bank is free to go after Hancock Park Real Estate Company, Cage's real estate holding company, for the other $1 million and can also try to sell the homes at market value to raise the money.

Cage bought his six-bedroom Garden District home in 2005 for $3.45 million and listed it for sale for $3.7 million. Cage's New Orleans other home, the haunted LaLaurie mansion was bought by Cage in 2006 for $3.45 million. He listed it for $3.9 million. He has blamed his former business manager, Sam Levin, for his recent financial woes including a $6 million IRS bill. He still has homes in Las Vegas, England, Rhode Island and the Bahamas either on the market or about to be sold.

Gallery: Another Nicolas Cage Home In New Orleans

Gallery: Nicolas Cage in New Orleans

Tags: new orleans, NewOrleans, nicolas cage, NicolasCage

Filed under: Estates, Celebrity Shopping

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Reader Comments (Page 1 of 5)

TexasNan51 Nov 13th 2009 3:22PM

I love this guy's acting but his politics stink. If I remember correctly, he's just another Bush bashing, America trashing, radical liberal and deserves what he gets for supporting the Marxist agenda in Washington.

Peter Gullerud Nov 13th 2009 2:21PM

Texasnan: I love this Nan as a human being but can't stand her exaggerated stance on the Democratic White House. Nan: take a chill pill and rent a Nic flick on netflix tonight.

TexasNan51 Nov 13th 2009 2:09PM says:

I love this guy's acting but his politics stink. If I remember correctly, he's just another Bush bashing, America trashing, radical liberal and deserves what he gets for supporting the Marxist agenda in Washington.

DeeDee Dudley Nov 14th 2009 1:46AM

Maybe he should put a panty on his head and go rob a convenience store.

jchan2010 Nov 13th 2009 2:16PM

Life is hard!!!!
No matter how hard you work it is still not enough.
That is why we all need a Plan B

bobbie Nov 13th 2009 4:10PM

No matter how hard you work, if you live above your means, you still go broke. Thanks, Mr. Cage, for the economic lesson. Idiot.

earsstinks Nov 13th 2009 2:26PM

MY HEART BLEEDS--NOT ! HE HAD MORE MONEY THAN MOST OF US COULD EVER IMAGINE AND HE PISSED IT AWAY.STUPID IS STUPID DOES ! NOT QUIT CRYING !!!!!!

Beverly Nov 13th 2009 3:04PM

I really like Nicolas Cage; he's a good actor. That said, he should have been more involved in the management of his own finances instead of relying solely on his business manager. As Suzie Ormond says, no one will be more interested in your money than you. With the huge amounts of money movie stars make, they all should be very involved with how it's managed and spent. I've read that Nicolas Cage once had a fortune of $120 million dollars. With that kind of money he should have been able to live like a king for the rest of his life instead of being in the position he is in now. It's his own fault; I don't feel sorry for him. People all over the country are struggling to keep their heads above water and he had it all and he blew it. The good news for him is that he can still act and make money to recoup what he's lost, unlike most people. He'll survive and, hopefully, learn from this very traumatic experience. Let him take some personal finance classes if he doesn't know how to manage money. I think that would benefit him immensely.

lady2u45 Nov 13th 2009 6:09PM

Beverly,

Don't be too tough on him.

It is definitely a lesson learned. I am sure that he has never had to live paycheck to paycheck.

Mr. Cage I know it is probably an embarrassment to you. Don't let it be. I am very saddened for you. Losing a home is very difficult. I know. I lost mine. I also lost my spouse around the same time. My heart goes out to you. Keep your chin up. It will get better.

PrincessDeliah Nov 13th 2009 7:21PM

lady2u45: It is sad when you lose your home, because usualy for all of us normal people it is our only homes. Sorry that I don't feel bad for this guy, but really boo hoo he lost his home, no he lost two houses and still has four!!!!!!!!!!!!! It isn't his home when he has 5 other houses. What, he spends about a month and a half a year at each house, thats not a home. He had f*cken 6 houses, 6 huge houses to live in and there are homeless on the street, and others who work paycheck to paycheck to afford their morgage because they have families to worry about and they aren't rich actors. He is just plain stupid, for him money is a luxury, easily spent, for everyone else money is hard earned and doesn't stretch that far. I'm not saying he doesn't work hard for his money, I'm saying shouldn't our firefighters, our police, our teachers and school district should be payed the amount of money he earns, since they are doing things that benefit our commuity and risk their lives everyday for us. Nicholas Cage although a talented actor and pretty good guy, does he really deserve millions of dollars?

PARKER Nov 13th 2009 10:31PM

In all fairness to Mr. Cage... he did not buy all those houses "to live in", although, he certainly could have chosen to do so since he owned them, and, yes he did spend some time in residence in each of them. However, his long-stated purpose in purchasing each of them was for the benefit of their potential as "investments" toward future profits by sale of said properties. He, in fact, spent large sums at remodeling and upgrading each home. Kinda like a lot of "regular folks" do... except, on a much larger scale. He has been doing it for years. It's called "flipping", in the real estate biz. Had not the general economies of this nation, and the world, taken a nosedive... he likely would have been hailed as a very shrewed, clever, insightful, SUCCESSFUL, investor and developer. The same as any of you self righteous, shortsighted, afraid-to-take-a-risk, "regular folks"... too chickenshit to put your measly "fortunes" on the line. He had the balls... he risked, when the market was strong... he wound up losing for various reasons; most of which were beyond his control. If Nick Cage is to be adjudicated an idiot... which he is NOT... then, all the other, "regular" mom & pops, throughout the country have to be thrown onto the same heap; for they, too, "failed" to make decisions which resulted in profit. The primary difference being the "scale" of their mistakes, their level of risk, compared to Mr. Cage's. Only the lazy, ignorant, stupid, cowardly, or disenfranchised, amongst us fail to be pro-active when presented with opportunities to enhance, or grow, our personal wealth and fortunes. I wish him the best, for his future... I do not doubt that he will rebound, successfully.

J Nov 13th 2009 2:33PM

Gee, how about a little human compassion? They guy invested in high-end homes, he didn't go out and blow it all on cocaine or republican loose women! He got overextended in the housing crash and lost his shirt.

Heidi Nov 13th 2009 2:50PM

Thanks for the reminder to be compassionate. I was just about to say that I don't see the need of having six homes. Thanks for that posting and the heart check.

Carol Hock Nov 13th 2009 3:38PM

I like Cage too, but who In God's name needs 6 homes... Most people are struggling to keep one. Need to take care of your finances, cuz some one else does not care about you!
I was down there when Cage was a buying and he was with Lisa Presley then-married.

cindy lou Nov 13th 2009 4:28PM

Compassion for this moron? There are families killing themselves to put food on the table for their kids, and we're supposed to feel sorry for this piece of crap? Who do you think eventually picks up the tab after this scum bag files bankruptcy? We do, my friends. He pissed through $120 million dollars. That's not irresponsible, it's criminal. Eff him and his crap movies. Raising Arizona is the only decent one.

serandipit Nov 13th 2009 2:39PM

Boo-hoo, poor Nick. He's an idiot.

Adam Smith Nov 13th 2009 3:34PM

Biden in 2011

acg712 Nov 13th 2009 2:53PM

That's why no matter how much money you have - you don't trust anyone else with it....he has no one to blame but himself! It's a shame - but, with 6 houses - he is certainly far from homeless or without means to support himself and get back on his feet...unlike most of us! One movie and he is back in the game...

jeff Nov 13th 2009 3:11PM

Awwwwwwwwww poor rich baby...

Beverly Nov 13th 2009 3:16PM

HEY, DOUG, WHAT'S WITH THE NASTY CRACK ABOUT "DEALING WITH JEWS?" JUST BECAUSE CAGE IS BLAMING HIS BUSINESS MANAGER FOR HIS LOSSES DOESN'T MEAN IT WAS THE MANAGERS' FAULT. THERE HAS TO BE A LOT OF FACTORS INVOLVED. AND, FOR YOUR INFORMATION, JUST BECAUSE THE MANAGER HAPPENS TO BE JEWISH DOESN'T AUTOMATICALLY MEAN HE'S A CROOK! LOTS OF TIMES, PEOPLE BLAME OTHERS FOR THEIR OWN MISTAKES. CAGE OVER-EXTENDED HIMSELF. THAT'S NOT HIS BUSINESS MANAGERS' FAULT. OBVIOUSLY, YOU ARE A VERY IGNORANT PERSON. I THINK YOU SHOULD JUST STICK YOUR HEAD DOWN THE TOILET AND FLUSH.