Nicolas Cage's Former Home Sells For $10.5 Million
The LA Times reports on another twist in the saga of Nicolas Cage's former Bel-Air estate. Cage had bought the Tudor-style home in 1998 from Tom Jones for $6.469 million and it was also owned by Dean Martin. While it was once listed at high as $35 million several years ago, Cage was unable to sell at an acceptable price and ended up losing the property to foreclosure earlier this year. An auction at the county courthouse in Pomona, California back in April failed to bring out any bidders and went back on the market for $12.75 million.
Now a new owner picked up the mansion for $10.5 million. The buyer was identified as a limited liability company so there is always the possibility that the 1940 Tudor is once again in celebrity hands. The property entered escrow at the end of July but didn't close until this week because the IRS had 120 days to decide if they wanted to buy it. There's good news for fans of the house, the owner has hired a restoration architect to restore the home which was designed by architect Gerard R. Colcord. The home is on an acre of land and has six bedrooms, a lavish movie theater, stained glass, carved woodwork and other classic details.