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On 3/18/2010 a Notice of Sale was recorded against the title to 363 Copa De Oro Rd, Los Angeles, CA 90077.

That address happens to be the Bel Air mansion belonging to Nicholas Cage ... and the very same property that at one or another time belonged to Dean Martin, Tom Jones and Patricia Arquette.

I first blogged about this property in July 2009 .... commenting about how the property was reduced from the original asking price of $35 Million all the way down to $17,500,000.

I blogged about the property again in September 2009 .... intrigued by the "sealed bid auction" with a minimum bid of $9,950,000. Shortly thereafter the MLS was updated to show that the property was in escrow and "Looking for Backup".

Cage bought the house in 1998 for $6.5 Million, but over the years the property was refinanced and borrowed against several times to the extent (that according to Public Records), over $17 Million is currently owed on (or at least secured by) the property.

 
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12 Comments on Nicolas Cage's Bel Air Mansion - Notice of Trustee's Sale

APR
01
2010
724,575 Points 223 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master

That guy has screwed up his finances but good. How could anyone squander so much money? 
9:58am • #1
431,401 Points 26 Featured Posts Outside Blog Called Shot Master

Philip - I think it's sad when one loses perspective and any sense of reality.

Obviously he thought there was no end to his money ....!!
10:21am • #2
281,336 Points 1 Featured Post Called Shot Master

That is a little disturbing considering his longevity in industry.  Appears to be a great parcel with a lot of landscaping and trees offering privacy.  $11M seems to be reasonable for the location also.  Keep us up to date on the 7th with the result.  Thanks! 
10:31am • #3
681,586 Points 130 Featured Posts Attended Rain Camp Called Shot Master

Strategic default? It's not like he cares about credit...one more movie and he can buy with cash? Although the amount of the mortgages is amazing...so one must assume he has some financial issues.
12:15pm • #4
708,952 Points 63 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Hi Stewart... I am sure it's not that easy, but couldn't Nick just make another couple of movies and take care of this?
11:41pm • #5
APR
02
2010

Stewart,

How in hell does a bank loan 3 times what the assessed value is?
12:13am • #6
217,258 Points 2 Featured Posts

Sounds like greed to me Terry, without thought to consequences if the cash cow breaks.  Too many people at all levels of income made the unfortunate mistake of borrowing on their homes like piggy banks.  It is a hard lesson to learn.  Very interesting post Stewart.
12:50am • #7
431,401 Points 26 Featured Posts Outside Blog Called Shot Master

It sounds like Cage's finances are in serious trouble in spite of his ability to command enormous amounts to appear in movies.

He's lost several of his properties in foreclosure and still has huge debts to settle.

Mike (in #7) is spot-on ..... People at all income levels used their homes like piggy banks .... but that couldn't go on forever.

Perhaps this is lesson to everyone to keep things real.

I admire someone like Sandra Bullock, one of Hollywood's highest earners, who shares her fortune instead of squandering it.
6:42am • #8
745,527 Points 3 Featured Posts

Stewart,

I wish I knew some buyers for this. Actually, the only two mega rich people I know live in million dollar houses, not tens of millions.

Brian
9:51am • #9
116,834 Points

There's no way in seven snowballs the lender's will ever see a return of their funds.  The real estate lottery and the real estate piggy bank really became so incredibly stupid, as we now know.

What a mess.

And what a beautiful old Tudor styled estate.  I hope someone buys it who will maintain it and love it.

 
9:43pm • #10
608,883 Points 26 Featured Posts Localism Sponsor Attended Rain Camp Called Shot Master

OK, Stewart, so you answered my question from your last post. Nicolas Cage is in financial difficulty, not just making a strategic financial decision.
11:45pm • #11
APR
05
2010

Wow!  Great post and thanks for sharing!
5:44am • #12

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