Talk about tough luck. Hollywood actor Nicholas Cage has been having some rotten luck with his real estate investments. He’s lost several of his homes to the banks or sold them at huge losses. Most recently, it was Cage’s Gray Craig mansion in Middleton, Rhode Island. The luxury property had been put up on sale as early as in 2008 at the starting price of $15.9 million. It took over two years to sell, that too, at a measly $6.2 million. Cage paid double that when purchasing the property in 2007.
The global economic crisis sent real estate prices spiraling downwards. But for celebrity homes to run into the kind of losses that Cage’s properties have is surprising. Cage purchased the Gray Craig mansion in 2007 for $15.7 million. By the time the luxury property was finally sold, the actor had run up $128,000 in unpaid taxes.
Although it was initially placed on the market at the price of $15.9 million, the price of the Gray Craig mansion fell to $9.5 million. It was eventually purchased by Boston couple Pamela and Andrew Constantine. The couple will conserve and preserve the oceanfront property and rent it out from time to time. Real estate agent Melanie Delman confirmed as much, but refused to spill any info about either the buyers or the selling price.
Cage’s former estate is a brick-and-stone country manor that is spread over 24,000 square feet and houses 12 bedrooms and 10 baths. This is also not the first home that Cage has lost. As of now, Cage’s Las Vegas and Bel-Air homes are up for sale at $7.9 million and $35 million respectively.
Via: Projo.com
Didn’t he took action against his business manager for giving him really bad advice? Couple that with an obviously greedy real estate agent and poor Nic was doomed. The high-end market has not dropped 60% in that area. Everyone knows he paid way over market value for the house when he bought it.