BEL AIR—Who said the famous were in the clear? The unfolding saga of actor Nicolas Cage’s well-documented financial woes continued this week, with two of his homes up for sale. One property was a joint expansion of two homes in Malibu, while the second property is a fabled mansion once inhabited by Rat Pack-member Dean Martin.
On Wednesday, April 7, a Los Angeles County court attempted to sell off Cage’s Bel Air mansion. According to reports, officials tried to sell off the sizable property for somewhere between $10 million to $11 million, but to no avail: no buyer desired, or was able to pay for the large home. Since Cage was in heavy debt, the home will become the dual property of those organizations which helped loan him the money to purchase it in the late 1990s.
At one time, it is believed that the nearly 12,000-square-foot Bel Air mansion could have turned a hefty profit for Cage, supposedly valued at over $30 million. Had Cage sold earlier on, before seizures of his property, it is believed that he could have made close to a 400 percent profit.
Cage, who will next be seen in the film adaptation of the comic book “Kick-Ass,” has blamed a former manager for his impressive financial problems.
It is believed that Cage owes or owed at least $20 million on his land, homes in Malibu and Bel Air, and other holdings. Though both regions are highly desirable to live in and are known as expensive areas in which to live, the slumping housing market has had a clear effect on the movement of real estate statewide.
The Westside Estate Agency is currently handling interest in the Bel Air mansion.