Bel-Air estate that Nicolas Cage lost to foreclosure sells for $10.5 million
The sprawling mansion, which had been listed for sale at one point for $35 million, sold for $10.5 million. A county courthouse steps auction in April had opened at $10.4 million but failed to generate any bids. There were six loans totaling $18 million on the property.
Although there has been speculation among local real estate agents that the 1940 Tudor might be torn down, a real estate source familiar with the deal said the new owner has hired a restoration architect to bring it back to flawless condition. The Gerard Colcord-designed house, on 1 acre, was home to both Dean Martin and Tom Jones.
The Bel-Air manse, at 11,817 square feet, has a central tower, custom wine cellar, 35-seat home theater, six bedrooms, nine bathrooms and a swimming pool. It had been most recently listed for sale at $11.8 million.
Cage, 46, won an Oscar for his role in “Leaving Las Vegas.” Although Forbes puts his 2009 earnings at $40 million, the actor has been plagued with financial and tax problems and lost several homes to foreclosure.
Last year Cage sued his former business manager, Samuel J. Levin. The complaint, filed in Los Angeles County Superior Court, 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 and millions of dollars' worth of art and jewelry.
Photo: The actor's former Bel-Air estate became bank owned in April after it failed to garner any bidders on the courthouse steps in Pomona. More images of the former Cage house in photo gallery. Credit: Everett Fenton Gidley