Nobody wants Nicolas Cage’s ‘frat house bordello’ mansion
This article was originally on a blog post platform and may be missing photos, graphics or links. See About archive blog posts.
There are so many sad stories these days about regular people losing regular homes for regular reasons. This isn’t one of them.
Nicolas Cage‘s Bel-Air mansion -- its decor described by one Realtor as ‘frat house bordello’ -- went on the auction block Wednesday morning. It came off the block less than a minute later, after not a single soul on the Pomona courthouse steps jumped at its steal-of-a-deal $10.4-million opening price.
Now the lender gets it back. Actually, the lenders. The six outfits that hold the six loans Cage took out in 2005, 2007 and 2008 against the 11,817-square-foot property, which he bought in 1998 for about $7 million and tried to sell in 2007 for $35 million. And only lenders No. 1 and No. 2 have a real shot ...
... at getting any cash back when the place sells -- say adios to about $7.6 million, you kids at the end of the line.
For those not keeping track, the Southern California housing market crested somewhere around the end of 2005 or beginning of 2006.
In the mood for schadenfreude? That first link leads to lots more details about the loans, the lawsuit Cage has filed against his business manager, the money Cage was pulling in a year while he was taking out all these loans -- and the toy trains that circle through two bedrooms and the breakfast room.
[Updated, 10:35 a.m. April 8: Click here to see a photo gallery of the property.]
But brace yourself: With Dean Martin‘s 1974 addition of an entertainment complex, there’s simply no room for the next occupant to install a tennis court.
No wonder nobody bought it.
-- Christie D’Zurilla