Nicolas Cage's foreclosed house nets zero at auction
byApr 8th 2010 2:00PM
Nicolas Cage bid adieu to another mansion Wednesday -- after no one bid for it in a foreclosure auction. His Bel-Air, Calif., Tudor estate went on the block starting at $10.4 million, a measly sum given that the "National Treasure" star had asked for $35 million when he put it on the market, the Los Angeles Times said. But the complex attracted only a minute of silence on the steps of a courthouse in Pomona, Calif.. Not that anyone expected it would be gone in 60 seconds. One Realtor described its decor to the Times as "frat-house bordello." And back to the lender it goes.
Cage, an Oscar winner and accused tax evader who will never be confused with Donald Trump in real estate, lost two New Orleans homes to foreclosure in November. But at least those sold at auction -- one for $2.3 million and another for $2.2 million.
This financial hit will be far greater -- a brick-and-mortar testament to the excess that the "Moonstruck" star seems to have reached in an economic spiral. Once owned by Dean Martin and Welsh heartthrob Tom Jones, the bloated, baronial 11,817-square-foot compound features a 35-seat home theater, an Olympic pool, nine bathrooms and walls filled with framed comic-book covers, the Times said. In a how-not-to of flagging personal finance, Cage reportedly borrowed against the equity by taking out first, second and third mortgages of $425,000, $10.35 million and $5.5 million.
His financial empire appears to be crumbling faster than a stale butter cookie. As of January, he said he owed an additional $14 million to the IRS on top of the $70 million of taxes he paid during his career-- and vowed to pay the rest back . He's being sued by his ex-girlfriend and counter sued by a former business manager.
On the plus side, Cage made $40 million last year, according to Forbes, and he isn't hurting for work. "Kick-Ass" opens April 16 and "The Sorcerer's Apprentice" July 16. "National Treasure 3" and "Ghost Rider 2" are in development, according to IAMBI, so perhaps that will help fill his depleted coffers. Meanwhile, no word on "Season of the Witch," which got yanked from its March 19 release date.
But as you can see, the actor has bigger problems than a movie in limbo.