Nicolas Cage: Latest Housing Victim

Hollywood star Nicolas Cage is no newcomer to the Haute Living real estate blog news. Cage has had a busy year in terms of real estate and it looks like the end of 2009 will be no different for the superstar. Losing homes, selling at lower prices, owing the IRS a ton of money, when will these stars catch a break, or learn their lesson?

Cage owned two properties in New Orleans, one in the French Quarter and one in the Garden District, and he just lost both of them. Cage’s lender bought both homes back for a combined total of $4.5 million, a significantly lower value than they were actually appraised to be to be worth.  There were no other bidders on the properties, and with the sales now complete, the city will be collecting $151,729 in unpaid property taxes. Cage apparently owed somewhere in the region of $5.5 million on the homes meaning there is still approximately $1 million the bank will be going after, and it is said that they are most likely going to go looking for it from Cage’s real estate holding company, or perhaps try to sell the homes at market value to raise the missing funds.

The Garden District home was bought by Cage in 2005 for $3.45 million and has six bedrooms. It was listed for sale for $3.7 million. The other New Orleans home, in the French Quarter, was bought in 2006 for $3.45 million and listed for $3.9 million. Clearly no profits turned here.

Somewhat amazingly, although keep in mind we are speaking about a Hollywood actor here, Cage still has homes either listed on the market or about to be sold in Las Vegas, England, Rhode Island, and the Bahamas.

Via: Luxist