The LA Times Hot Properties section is reporting that Academy Award-winning actor Nicholas Cage’s Bel Air home has gotten another price cut. According to details on the Multiple Listing Service, a sealed-offer sale is scheduled to take place Sept. 24 and the minimum opening offer is $9.95 million. This is quite the price cut from when Cage first listed the property in October 2006 for $35 million, and even a 50% reduction from when he dropped the price to $17.5 million earlier this year. However, the actor will still turn a profit; he bought the 11,817-square-foot home (complete with six bedrooms, nine bathrooms, five fireplaces, theater, a library, and a 1,800-bottle wine cellar) for in 1996 for less than $7 million.
Stephen Shapiro, whom Haute Living named one of LA’s Power Players, has the listing.