Nicolas Cage who is on a path to financial recovery, recently lost his Bel Air mansion to foreclosure. The sprawling estate, worthy of any Real Housewive of Beverly Hills, was finally sold on the auction block. Cage’s’ fall from financial grace was a rather public one, where the actor claimed he received bad financial advice from his former business manager, Samuel J. Levin.
According to Philly.com, a new owner picked up Nicolas Cage’s estate for only $10.5 million, a relative bargain for a trophy home that had been originally listed several years ago, for close to $30 million. The buyer was identified only as a limited liability company, a common cloaking device in high-profile real estate transactions.
Nicolas Cage’s 1940 Tudor mansion, had failed to generate any bids in April, when it was offered at the county courthouse steps in Pomona, Calif. Six loans totaling $18 million encumbered the house, which Cage had decorated in a style one local real estate agent dubbed “frat-house bordello. The Colcord-designed mansion sits on an acre, has a central tower, a custom wine cellar, a 35-seat home theater, six bedrooms, nine bathrooms and a swimming pool. Now some new lucky owner, can brag that they bought Nicolas Cage’s home for a steal.
Last year Cage sued his former business manager, Samuel J. Levin. Cage accused Levin of having “lined his pockets with several million dollars in business management fees while leading Cage down a path toward financial ruin.” Levin filed a countersuit, describing Cage as setting off “on a spending binge of epic proportions” and stating that by July 2008, Cage owned “15 palatial homes around the world,” four yachts, an island in the Bahamas, a private Gulfstream jet, 22 Rolls Royces and millions of dollars’ worth of art and jewelry. Sounds like Cage is a shopaholic.
Nicolas Cage born under the astrology star sign of Capricorn, can expect a couple more bumpy years financially and emotionally. Married to a Alice Kim, a super young girl who Cage met at a Korean Nightclub, have a cute little baby boy together. The marriage may hit a rough spot next year.
Nicolas Cage is probably one of the hardest working actors in Hollywood. Last year, Cage raked in $40 million dollars in acting fees and is scheduled to appear in five more movies through 2012. Hopefully by now, Nicolas Cage is on a personal financial diet and will be more frugal in the near future. Stay tuned.