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StumbleNicolas Cage’s foreclosed Las Vegas home sells for $4.95 million
Sam Morris / Las Vegas Sun
This is the foyer of a home formerly owned by Nicholas Cage and recently sold out of foreclosure for $4.95 million Monday, January 25, 2010. Cage bought the house in September 2006 for $8.5 million.
Published Monday, Jan. 25, 2010 | 12:10 p.m.
Updated Monday, Jan. 25, 2010 | 7:43 p.m.
5100 Spanish Heights Drive
Actor Nicolas Cage’s financial troubles have become someone else’s gain.
A Las Vegas real estate company reported today that it sold Cage’s foreclosed, bank-owned home for about $3.5 million less than what the star bought it for in 2006.
Cage bought the 14,300-square-foot home for $8.5 million in September 2006, according to Luxury Homes. The company announced Monday it sold the house for about $4.95 million after one day on the market.
The sprawling mansion at 5100 Spanish Heights Drive in Las Vegas boasts six bedrooms, seven-and-a-half bathrooms, a 16-car subterranean garage, an elevator and a theater room.
Cage’s home went into foreclosure in early December, following the announcement that the 45-year-old star owes the IRS more than $6.6 million in back taxes dating back to 2002.
The Sun reported in November that Cage owes a total of $6,617,550.84. The figure is a combination of three older federal liens – $70,190.05 from 2002, $179,738.23 from 2003 and $110,617.56 from 2004 – and $6,257,005 in back taxes from 2007.
Cage told People Magazine earlier this month he owes the IRS more than was previously reported. An additional lien was filed for $6.7 million for a 2008 tax bill, according to People.
"Over the course of my career I have paid at least $70 million in taxes. Unfortunately, due to a recent legal situation, another approximate $14 million is owed to the IRS," Cage told People in a statement.
Forbes ranked Cage 45 on its list of the 100 most powerful celebrities last year, reporting that star made $40 million between June 2008 and June 2009.
Luxury Homes reported that four of Cage's homes have been foreclosed upon -- two in New Orleans, one in California and one in Las Vegas.
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So, I guess this means he is Leaving Las Vegas. It seems like he was Gone in Sixty Seconds.
lol, this guy is a National Treasure.
i have no sympathy for people that buy things to show off how much money they have.
He thought he was in the City Of Angels but was told it Could Happen To You and found himself Trapped In Paradise at Red Rock West in a Face/Off looking at Snake Eyes in the Kiss Of Death. Now he is Bringing Out The Dead as the Ghost Rider. RIP Nick Cage.
How can someone who has made all that money over the years be such a F***-up when it comes to finances? He obviously didn't hire the right people nor did he take an active interest in his earnings and investments. What a bimbo.
PS You guys crack me up!! Ah...but you all forgot one - "Con Air"!!!
You're right! Cant forget Con Air... That is where it ends with a huge crash in the middle of Vegas... similar to this story.
Can't also forget: Honeymoon in Vegas!!!
Honeymoon In Vegas, Leaving Las Vegas, Con Air, All great Nic Cage movies which take place here in our wonderful city!
Unfortunately, the story here is government utilizing its oppressive powers of theft through taxation and confiscation to steal millions from one of its citizens.
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A 16 car garage? Who NEEDS IT !!!!!!!
> A 16 car garage? Who NEEDS IT !!!!!!!
Sir, surely you jest.
;-)
Anyone know the realtors involved in this?
After living in that trailer with Edwina, he's trying to over compensate. (The best movie he was in, for sure)
Well, maybe these are "strategic foreclosures" or whatever they're called by us mortals. I mean, he bought at the height of the market...And who got rich back then off this sale. I hope they're broke now too...
What a dump.
Looks more like the inside of an office building then it does a house. Even if it is a house something that looks that cold shouldn't even be considered a home and there is a difference between a house and a home.
Cage is not the swiftest person in the world not only about finances but a lot of other intelligent subjects. Yes, he has/had money but then again Hollywood will throw money at anyone they think is a celebrity.
From what I have heard about him he's an unapprecitive assh0le towards the people,including family, that helped him get where he is in Hollywood and how smart can he be to have married Lisa Marie Presley.
Nice crib, blocks definitely the rain!
Nic was on a buyers binge with properties in Nevada, Cali and Louisiana - now all in foreclosure. This guy decides to go ALL IN on real estate during the 2005-2006 bubble mania- era.
Hollywood tends to feel sorry when one of their own takes a hit. You saw this with Wesley Snipes when he had his IRS problems. Suddenly they get some cheesy movie deals that everyone else has turned down.
To Harley "oppressive powers of theft through taxation":
Seriously, we all know that the gov't takes it's fair share before we even get ours. "Death and Taxes" it's the name of the game. Every adult knows it and deals with it. Besides, how do you expect the gov't to pay off that $1.6T dollar debt? On another note the Gov't is probably the only institution that can let a $6M+ debt idle before they start collecting and even if that guy files for bankruptcy, this is one debt that can't be forgiven.
Here' a link talking about how banks are controlling the inventory and where 74% of sales here are forclosure sales..who would a thought the bank would control their inventory (hehehe)
http://www.cnbc.com/id/35079275
By the way - Nice house Nicholas
Easy come, easy go. The lesson here is don't mess with the IRS.
What a gorgeous home. I think if I was Cage I would do what the tax people say I need to do to keep my association with the IRS on a even keel. When you start to not pay taxes you get into trouble. This home would be my jewel. WOW, these rich people just think they are untouchable.
Very nice place. Not gaudy at all . I like the garage . Can you imagine the electric bill in the Summer?!?!
I understand the new owner used to be in government in Haiti. A minor official at best.
Ah, Red Rock West, excellent movie. I liked Dennis Hopper in it also. Btw, nice crib too.
That's a nice 'hood. Agassi, Doyle Brunson live in the same street. Prince Jefri's complex which he built for $60 million is a half a mile away. If you think Cage's house is big, Prince Jefri's complex is over 100K square feet.
Why would Nic have so many mortgages and he owns a castle too.. There was a great story about his outrageous spending habits.. over generous towards his close friends..I just can't believe with as much money as he made that he would have over leveraged himself that much. Should have paid cash for most of those homes. Awesome house..I found the story here it is http://www.popeater.com/2009/11/05/nicol...
Some FAMILY MAN he is....getting his house foreclosed on and all.
For the life of me I don't understand why these actors don't, as they're MAKING the money, just give the government their (un)fair share in taxes and be done with it .....so ya made a few million making a movie - so ya had to paid enormous taxes on the money....but, hey, ya still MADE MONEY after all is said, paid and done. It doesn't make sense that those who can most afford to pay their bills don't while the little guy struggles to keep his credit score over 600+.........food for thought.
Oh come on, how do we all miss this one? "Maybe he'll have to go live in the Valley, Girl".
I hope Limbaugh didn't buy it.
Certainly better looking than the one MJ rented.
To see more luxurious home like this go to: www.luxuryhomesoflasvegas.com
Well Granny I guess there will be another lawsuit about the untruthfulness of the article..More bad money thrown away than good money donated..yes he did good but still the bottom line is that he can't manage money obviously. When he was arrears with the IRS maybe he should of said "hey lets handle this before we buy more multi million dollar properties and make more huge donations".