Nicolas Cage's Bel Air Mansion - Notice of Trustee's Sale

By
Real Estate Agent with Windermere Real Estate - Palm Springs CalBRE# 01339266

On 3/18/2010 a Notice of Sale was recorded against the title to 363 Copa De Oro Rd, Los Angeles, CA 90077.

That address happens to be the Bel Air mansion belonging to Nicholas Cage ... and the very same property that at one or another time belonged to Dean Martin, Tom Jones and Patricia Arquette.

I first blogged about this property in July 2009 .... commenting about how the property was reduced from the original asking price of $35 Million all the way down to $17,500,000.

I blogged about the property again in September 2009 .... intrigued by the "sealed bid auction" with a minimum bid of $9,950,000. Shortly thereafter the MLS was updated to show that the property was in escrow and "Looking for Backup".

Cage bought the house in 1998 for $6.5 Million, but over the years the property was refinanced and borrowed against several times to the extent (that according to Public Records), over $17 Million is currently owed on (or at least secured by) the property.

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Rainmaker
851,428
J. Philip Faranda
J. Philip Faranda (J. Philip R.E. LLC) Westchester County NY - Briarcliff Manor, NY
Broker-Owner

That guy has screwed up his finances but good. How could anyone squander so much money? 

Apr 01, 2010 09:58 AM #1
Rainmaker
476,984
Palm Springs Realtor Stewart Penn
Windermere Real Estate - Palm Springs - Palm Springs, CA
Windermere Real Estate - Associate Broker

Philip - I think it's sad when one loses perspective and any sense of reality.

Obviously he thought there was no end to his money ....!!

Apr 01, 2010 10:21 AM #2
Rainmaker
519,935
Kevin J. May
Florida Supreme Realty - Hobe Sound, FL

That is a little disturbing considering his longevity in industry.  Appears to be a great parcel with a lot of landscaping and trees offering privacy.  $11M seems to be reasonable for the location also.  Keep us up to date on the 7th with the result.  Thanks! 

Apr 01, 2010 10:31 AM #3
Ambassador
1,062,653
Karen Fiddler, Broker/Realtor
HOM Sotheby's Intl Realty, 949-510-2395 - Laguna Beach, CA
Laguna Beach & Lake Arrowhead, CA (949)510-2395

Strategic default? It's not like he cares about credit...one more movie and he can buy with cash? Although the amount of the mortgages is amazing...so one must assume he has some financial issues.

Apr 01, 2010 12:15 PM #4
Ambassador
752,839
Steve Shatsky
Prudential Texas Properties - Dallas, TX
Dallas Real Estate & Short Sale Specialist (214)213-0340

Hi Stewart... I am sure it's not that easy, but couldn't Nick just make another couple of movies and take care of this?

Apr 01, 2010 11:41 PM #5
Anonymous
Anonymous
Anonymous

Stewart,

How in hell does a bank loan 3 times what the assessed value is?

Apr 02, 2010 12:13 AM #6
Rainmaker
267,900
Franklin & Brentwood, TN Homes Mike Nastri - Rodney Kennedy
Keller Williams Realty - Franklin, TN
It matters to us as much as it matters to you.

Sounds like greed to me Terry, without thought to consequences if the cash cow breaks.  Too many people at all levels of income made the unfortunate mistake of borrowing on their homes like piggy banks.  It is a hard lesson to learn.  Very interesting post Stewart.

Apr 02, 2010 12:50 AM #7
Rainmaker
476,984
Palm Springs Realtor Stewart Penn
Windermere Real Estate - Palm Springs - Palm Springs, CA
Windermere Real Estate - Associate Broker

It sounds like Cage's finances are in serious trouble in spite of his ability to command enormous amounts to appear in movies.

He's lost several of his properties in foreclosure and still has huge debts to settle.

Mike (in #7) is spot-on ..... People at all income levels used their homes like piggy banks .... but that couldn't go on forever.

Perhaps this is lesson to everyone to keep things real.

I admire someone like Sandra Bullock, one of Hollywood's highest earners, who shares her fortune instead of squandering it.

Apr 02, 2010 06:42 AM #8
Rainmaker
895,504
Brian Madigan
RE/MAX West Realty Inc., Brokerage (Toronto) - Toronto, ON
LL.B., Broker

Stewart,

I wish I knew some buyers for this. Actually, the only two mega rich people I know live in million dollar houses, not tens of millions.

Brian

Apr 02, 2010 09:51 AM #9
Rainmaker
979,170
Sharon Alters
Coldwell Banker Vanguard Realty - Fleming Island, FL
Your Fleming Island Relocation Agents.

OK, Stewart, so you answered my question from your last post. Nicolas Cage is in financial difficulty, not just making a strategic financial decision.

Apr 02, 2010 11:45 PM #11
Rainer
22,295
Richard Johnston
San Fernando Valley - RE/MAX Grand Central - Sherman Oaks, CA

Wow!  Great post and thanks for sharing!

Apr 05, 2010 05:44 AM #12
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Rainmaker
476,984

Palm Springs Realtor Stewart Penn

Windermere Real Estate - Associate Broker
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