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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Topic:
ActiveRain Community
Location:
California Los Angeles County Los Angeles Bel Air
Groups:
LA Connection
LATE NIGHT - EARLY MORNING AT ACTIVERAIN
Posts to Localism
The Lounge at Active Rain
Voice of Reason
Tags:
nicholas cage
bel air
celebrity real estate
multi million dollar homes

Comments 11 New Comment

Rainmaker
257,125
Franklin & Brentwood, TN Homes Mike Nastri - Rodney Kennedy
It matters to us as much as it matters to you.
Keller Williams Realty

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.

April 02, 2010 12:50 AM
Rainmaker
473,988
Palm Springs Realtor Stewart Penn
Windermere Real Estate - Associate Broker
Windermere Real Estate - Palm Springs

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.

April 02, 2010 06:42 AM
Rainmaker
894,344
Brian Madigan
LL.B., Broker
RE/MAX West Realty Inc., Brokerage (Toronto)

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

April 02, 2010 09:51 AM
Rainmaker
971,395
Sharon Alters
Your Fleming Island Relocation Agents.
Coldwell Banker Vanguard Realty

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

April 02, 2010 11:45 PM
Rainer
22,295
Richard Johnston
San Fernando Valley - RE/MAX Grand Central

Wow!  Great post and thanks for sharing!

April 05, 2010 05:44 AM
Rainmaker
473,988

Palm Springs Realtor Stewart Penn

Windermere Real Estate - Associate Broker
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