Nobody Wants Nic Cage's Bel Air Home

by Deidre Woollard (RSS feed)
Apr 7th 2010 at 10:02PM

We've know for years that Nicolas Cage's house in the Bel Air area of Los Angeles was a hard sell. After all we've seen the home linger on the market since 2007 going from a high of $35 million to $17.5 million in 2009. Cage, whose money troubles have already cost him most of his other real estate, was set to lose his Tudor-style home at an auction on April 7. It was up for auction with several other foreclosed properties at the county courthouse in Pomona. The LA Times reports that the bidding opened at $10.4 million. There were no takers and it was all over in a flash with ownership going back to the foreclosing lender, one of six that have queued up to get their share of the $18 million owed on the house.

Why can't Cage unload this one? He bought the home in 1998 from Tom Jones for $6.469 million and it was also owned by Dean Martin. The vintage Tudor is classic old Hollywood but Cage's tastes which run toward the baroque and bizarre may have thrown off some buyers. A tour shot by Everett Fenton Gidley reveals comic books framed on the wall in the dining room and a massive amethyst geode dominating another room. The core bones of the seven-bedroom home are great and it is on over an acre of land with a pool but the pervasive air of wackiness may have worked against it.

TMZ reports that Cage lost more than just the Bel Air house on Wednesday. He also owned two adjacent properties in the hills of Malibu which represented hundreds of acres total. Both of those properties were being auctioned for a minimum of $10 million but with no takers they were also surrendered to the lenders.

Cage, who also saw both his New Orleans homes go back to the bank, has sued his former business manager, Samuel J. Levin, claiming that Levin mismanaged Cage's funds and left him destitute. In return Levin has countersued saying that Cage was a binge spender.

Tags: bel air, estate, nicolas cage, real estate

Filed under: Estates, Celebrity Shopping

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Reader Comments (Page 1 of 1)

Oellyme nsio Apr 8th 2010 6:12AM

That home is very nice according to me.

Tessa Apr 8th 2010 11:39PM

WELL....the accountant was correct in saying........"binge spender"......that is a 'given' seeing ALL the property and boats he owned......but the accountant is an IDIOT TOO.........
What an embarrasing situation to be in.......:(((((

Terry Apr 19th 2010 5:53PM

Tessa,
It was his business manager, not accountant. Big difference, the first could be my three year old son, accountants' have a license issued by a State Board. But it was still Cage's decision to spend the money. You can take a horse to water, but you can't make him drink.

Mik's $ Toy Apr 8th 2010 8:41PM

I'd take it in a NY minute if I could afford it! It is the sort of house I have always wanted! A den or library with a fireplace, where on a cold winter day or a cold rainy day, I could have a roaring fire and a chaise lounge to lay on while I read a good book and drink hot tea.

Mik's $ Toy Apr 8th 2010 9:20PM

If I had the $$$ I'd take it in a NY minute. I have always wanted a house with a den or library with a large fireplace. A great place to spend a cold winter afternoon or a rainy spring day, with a comfy chair or lounge, some hot tea and a great book!

Gil Apr 9th 2010 6:51AM

No writedowns from "free" TARP money? Somebody forgot to file the proper forms.

Bill Apr 9th 2010 5:16PM

How the hell do you owe 18 million on a house you paid 6 million for?

Mark F. Apr 9th 2010 6:35PM

Nick, why can't you try a few alternatives way before the auction. You should have not bought it at the first place. Second of all, maybe you should call up HGTV's Desinged to Sell tv program producers to do yours and change from your unusual baroque style to proper Tudor style matching to the house. You also can do this way, Nick, if you still have the house, RENT it to Hollywood studios or sell them to your bosses who hired you to perform in movies. Why not, Nick?

You could also convert your home to an Inn or a bed & breakfast inn. You can do this, Nick!! I wish I can help you but I do not have the money. Not even the 10. OK? If you make like 25 Million per picture, I know that the taxes is over 50 percent.. bringing to 12.. then there is your agent fee of 10 percent. thats 2.5 mil leaving you only 9.5 million. USE all that 9 million from a contract THIS year to pay off loans!! PAY IT ALL OFF!!! Also, Nick, get an other job if you can not get any acting jobs. Many actors do that. They wait tables, they own companies, they have charities jobs that they do earn a little. A little goes a long way, buddy! I will pray for you, Nick. God bless.

gposner29 Apr 9th 2010 10:03PM

"Pervasive Air Of Wackiness"...describes Cage Perfectly

lbccards Apr 10th 2010 9:17AM

Why do all these rich people buy such huge homes to begin with? Why not buy a lot of land and have like a 4 or 5 bedroom house which is still a big house. The property taxes have to kill these rich people with these way too big houses. If they had a lot of land with a house maybe 3500 square feet, they could buy some cows or horses and have it as agricultural and the taxes are soo much cheaper. Instead of buying that house for almost 7 million, he could have bought almost 2 million silver dollars and then he would not have to pay property taxes and it would make him money instead of costing him money. It appears now that it is costing him almost everything he owns.

It may be that these actors that make millions have no brains and do not know how to manage their money. My grandpa always taught me to put 10-15% of your money away towards retirement and when it comes time to retire, you will be able to live the lifestyle you have been used to. I would love to have the chance to make hundreds of m illions of dollars and see what I could do with it. It would not be buying multi million dollar houses all over the place. Although Jay Leno is not my favorite person, he is smart enough to spend his money of a lot of old collectible cars that he would be able to sell anytime if he ever needed money. It is not easy to sell houses for a million dollars let alone for 10's of millions of dollars. Buy land because what is out there is all there is and houses can be vuilt any time. I have always said, big house, big bills. People seem to forget about not just paying for the house, but you have all the property taxes, insurance costs, utilities, etc. Maybe Nicholas Cage should have learned from Warren Buffet as he still has the same house he bought years ago and drives a nice car but not some million dollar ride.

deinsprigg Apr 10th 2010 10:47PM

Who help Mark do the math?

robert Apr 15th 2010 6:43PM

Fireplaces in LA are for decoration.

paul molbert Apr 17th 2010 11:51AM

my heart breaks for him, another over paid jester bites the big one because he managed his untold MILLIONS poorly. My heart pumps purple piss for him. Too bad Sean Penn hasn't met the same demise........................................

gposner29 Apr 19th 2010 7:35AM

To add insult to injury, it appears that NO ONE WANTS NICHOLAS CAGE/COPPOLA EITHER....TALK ABOUT REJECTION. Nice job Nicky Poo. Your uncle is Francis Ford Coppola, who kicked down any doors/obstacles/requirements and got you in the business..proving once and for all that ANY schmuck can act. You took full advantage and transformed yourself into an imbecile....a raving lunatic. You've pissed away your money like a broad on speed...You had more opportunites in this lifetime than Custer had Indians. Shame on you. Now, go to your room (until it's sold) and no dessert for you.

gposner29 Apr 26th 2010 7:42AM

Why is this old news still running?

Stephen Kuzniar Apr 26th 2010 6:23PM

Money houses and land cannot buy happiness.....

Frank ODonnell Apr 28th 2010 5:07AM

Hollywood is just a never ending serial of bad judgement and fools............................of course the wise old pawn brokers smile and go home early ! ! ! ! Sorry, Nick, don't believe everything you think, like real estate will never go down in value, etc. Love your work, a man always has his work you
know ! Have some fun, buy a new toy and a humble little house in Exposition
Park to call home, be modest and take what you need, not what you want (or your
girlfriend). Go help some kids or your family or ? Makes you feel better when you
appear to be dumb or heartbroken. Go spend some time with people you trust,
they like you for who you really are not what you appear to be !