Actor Nicolas Cage has been in the midst of traumatic financial problems recently, but now at least one of the actor's homes, which had already undergone foreclosure, has been sold.
Kenneth Lowman, Broker/Owner of Luxury Homes of Las Vegas sold Nicolas Cage's home for $4,950,000 on the first day it was on the market. The home had been foreclosed on and, prior to the sale, had become one of the hundreds of bank-owned foreclosures in Las Vegas.
Cage's 14,306-square foot property, located at 5100 Spanish Heights Drive in Las Vegas is located in a gated community and includes a swimming pool and spa. The property has a 16-car garage, an elevator, a theater room and a full view of the Vegas strip in addition to six bedrooms and seven and one-half baths.
Cage purchased the home, one among several he has purchased around the world, for $8.5 million in 2006. He tried to sell it for $9.95 million in July 2008, then later discounted the price to $9.49 million.
Lowman says the recession has reduced luxury home prices by up to 50%.
"I've been preaching to all of my potential buyers who are waiting in the wings the same message over and over," says Lowman. "If you have the wherewithal, now is the time. Conventional homes move in relation to unemployment. The luxury home segment moves in relation to the stock market. The market is back, and it's not only a trend; these are dollars. Luxury properties are being closed on today for up to 50% of the original asking price."
In addition to his problems with foreclosures, Cage is reported to owe the IRS about $6 million in back taxes. Three other Cage homes have gone into foreclosure including two in New Orleans and one in California.
Written by Michele Lerner
HULIQ.com
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