OfflineI know some of you are into the higher-end REOs so thought I'd send this along.
A Bel-Air mansion owned by Nicolas Cage has found no takers in a foreclosure auction.
The opening bid for the actor's 12,000-square-foot home was $10.4 million, but there are $18 million worth of loans on the property.
The Tudor mansion boasts six bedrooms, a central tower, home theater and an Olympic-sized pool. The house reverted to the foreclosing lender at Wednesday's auction in Pomona.
Even though he's one of Hollywood's highest-paid stars, Cage has money troubles. He owes millions in unpaid taxes and in January his foreclosed home in Las Vegas sold for nearly $5 million.
Cage sued his former business manager in October for $20 million, claiming the man's advice led him toward financial ruin. The ex-manager says Cage is a spendthrift.
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(Sorry, I couldn't resist - a light moment in REI. Well, maybe not for Nick Cage...). You think they might take $500K for it?
Cindy
Life isn’t about waiting for the storm to pass…
It’s about learning to dance in the rain.
The most difficult thing is the decision to act, the rest is merely tenacity. The fears are paper tigers. You can do anything you decide to do. You can act to change and control your life; and the procedure, the process is its own reward. - Amelia Earhart
"The greatest mistake you can make in life is to continually be afraid you will make one." - Elbert Hubbard
I think you put the post in at just the right time,especially when some of our own DG students continue to hunt for ways to make their first deal.
It just goes to show you that movie stars CAN'T WALK ON WATER!!!!!!..
Perhaps Mr Cage should buy Dean's book!!!!...Jan
I think he needs to learn about exit strategies! He has (had) this place in Bel Air, and another in Malibu which I think they wanted $25M for (no takers). I don't know if you're familiar with LA, but those two houses are probably only about 10 miles apart! And he's losing one in New Orleans.
Some people really do need to take money management courses.
Cindy
Life isn’t about waiting for the storm to pass…
It’s about learning to dance in the rain.
The most difficult thing is the decision to act, the rest is merely tenacity. The fears are paper tigers. You can do anything you decide to do. You can act to change and control your life; and the procedure, the process is its own reward. - Amelia Earhart
"The greatest mistake you can make in life is to continually be afraid you will make one." - Elbert Hubbard
Now I hear he is suing his financial adviser for giving him bad advice on investments. Oh well Nicholas. Give us some of his money to invest in upstate NY and we will turn a profit for him. Have him give me a call!!!!!!...Jan
He paid $100,000 for a two-headed snake someone was selling. Do we really think his financial advisor had any input into that deal?
Moral of the story is...when you are making $20M plus back-end per picture, please be sure to put some amount of that money into a safe harbor. If not, you have no one to blame but yourself if you lose it (unless, of course, you trusted Bernie).
Cindy
Life isn’t about waiting for the storm to pass…
It’s about learning to dance in the rain.
The most difficult thing is the decision to act, the rest is merely tenacity. The fears are paper tigers. You can do anything you decide to do. You can act to change and control your life; and the procedure, the process is its own reward. - Amelia Earhart
"The greatest mistake you can make in life is to continually be afraid you will make one." - Elbert Hubbard