Nicolas Cage: A Real Estate Disaster Story
Sorry Nic, the story must be told.
I never really got the appeal of Mr. Cage. In fact, other than his work in Adaptation, I just don’t like watching him. But other people feel differently. A friend of mine is so intrigued by him she writes a blog where she re-watches each of his movies and probes the actor’s psyche. It’s a fun read, even if you aren’t completely obsessed.
But on to my point. The guy is a real estate disaster. He’s a real estaster (does that work?). I’ve been following his real estate foibles on the celebrity blog Real Estalker, and boy they sure are epic. This latest disaster isn’t the first problem Nic has had with real estate. Or spending. Apparently in 2007 alone, he allegedly bought 22 cars, 12 pieces of fine jewelry, 47 pieces of art and three homes totaling more than $33,000,000 (according to a lawsuit filed by his money manager). Holy moly!
Here’s the description of the Bel Air mansion that’s the focus of this story, from The Real Estalker:
Mister Cage’s imposing English Tudor style white elephant, first listed in late 2007 with a skin scorching asking price of $35,000,000 and now listed at a greatly reduced but still upsettingly high $17,500,000, was designed by noted Los Angeles based architect Gerard Colcord. The Cage mansion was built in 1940, measures 11,817 square feet and includes, according to listing information, 6 bedrooms and 9 poopers. The sprawling residence, which perhaps looks a little too much like a damn dorm hall at an east coast college for our personal and questionable taste, also includes an 1,800 square foot wine cellar, a home theater, multiple marble fireplaces, original stained glass windows, hidden rooms and staircases, exercise facilities and staff quarters. The 1 acre of manicured grounds encompasses mature shade trees, a massive motor court, a huge heated swimming pool, and an outdoor kitchen with a built-in brick oven.
And here’s a play by play of the latest action:
- Late 2009: Nic defaults on the mortgage on his swank Bel Air mansion
- Jan 2010: Mansion scheduled for auction in April with starting bid of $11 million
- April 2010: No one bids!
- Late April 2010: Nic buys a pyramid mausoleum in a New Orleans graveyard to house his remains after he dies. Meanwhile, his properties appear to be nearing foreclosure.
Imagine buying a beautiful dream home, then 3 years not being able to sell it for even a third of that. I’ll bet lots of US homeowners can relate to Nic’s situation…so in a way, if you squint your eyes and it’s kind of dark and you’re a bit drunk, Nic almost is like a real person. Only with 22 cars.
Moral of the story, kids, is don’t look to celebrities as financial role models. Just because Nicholas Cage does it doesn’t mean you should, too.