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 5 of 5)

pcnissanmazda Nov 13th 2009 10:30PM

This is probably a publicity stunt to raise property value in New Orleans. Promotes the bank, draws attention to a town trying to get fully re-built, and clear his debt and keep his credit score high. That bank will lend him money any day of the week from now to eternity....The perfect financial decision. That is what a business manager of a celebrity does..........it is a strategy:)~Charles

Not Brain-Dead in Socal Nov 13th 2009 10:44PM

Is Nicholas Cage trying to say that he gave his manager carte blanche and that Nicholas himself didn't approve and sign every check that was spent in his name? If so, he's not much of a business man.

JENNY KASTNER Nov 14th 2009 9:22AM

Why does anyone need all these homes? It's really obscene. Poor guy, down to only four!

southpawshelia Nov 13th 2009 11:37PM

How many homes do these celebrities need?

chris Nov 14th 2009 12:03AM

Welcome to the recession, Mr. Cage. Perhaps you'll want to vote conservative in 2010 and 2012. Notice I said conservative, not Republican. There's a difference.

SNAFU Nov 14th 2009 12:41AM

If I were Nick Cage, I'd get on the phone with Charley Rangel and ask Chuck, how he did it. Maybe Chuck can get a conference call going with Tim Geithner (Sec. Of Treasury) or put in a good word with Nancy Pelosi and make this thing go away. After all why should rich Dems have to pay taxes, it is so inconvenient. I especially like how they all pay their taxes after they are 'outed'. Oh did I mention that Bernie Madoff is a Dem too. Now that's some club. Karma can be a real Bitch - Ouch!

BrendaF0312 Nov 14th 2009 2:16AM

PARKER said: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_________________________
Uhhhhh...OUR measely "fortunes" pay OUR BILLS and THATS ABOUT ALL....
As far as his RISK....its NOT the same "risk factor" to "risk" 5 million when YOU STILL HAVE 5 MILLION as it is if you risk 500 out of a thousand. BIG "risk" DIFFERENCE!!!!!!!!

val Nov 14th 2009 2:19AM

the guy is such a dumbass.

reds7la Nov 14th 2009 3:11AM

Why does hollywood think they are void from living among their means? Look at what the rest of the world earns and gets buy on.

Sue Nov 14th 2009 6:06AM

Awwwwwww.....poor fella!!! Are we supposed to care?

Marc Nov 14th 2009 1:43PM

This really says it. Homes, for the most part, are a terrible investment. Add the doubling price effect of interest, then insurance, taxes, maintenance etc., you will be broke. Rarely, does anyone ever pay them off. Anybody buying a house today is a complete idiot.

Teresa Nov 14th 2009 5:45PM

It fascinates me to look at famous peoples home to realize, I wouldn't want any of them because of their poor taste in decorating. Nicolas Cages's homes are horrible in taste and color. I would fire the decorator!

Sid Vicious Nov 14th 2009 6:14PM

I've been in the Uptown / Garden District home many times. Cage bought the house from a friend of mine. He added the stair case in the dinning room and the stained glass at the top of the landing but little else. The home has three kitchens, six bedrooms and is about 15K sq ft. It also has a card room and a great master suit with a bath tub, surrounded by columns in the middle of the room. You'd think that he could have hired someone to maintain the pool.

Just because you have some money.........you can still be white trash, Like Mr. Cage.

Poor thing!

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