Nicolas Cage Bel Air Mansion - To be sold by Auction

By
Real Estate Agent with COMPASS DRE# 01339266

    

In July of this year I blogged about the massive price reduction on Nicolas Cage's Bel Air mansion at 363 Copa De Oro Road in Bel Air (Los Angeles).

After being on and off the market for almost three years, the List Price for the property was reduced from $35 Million all the way down to $17.5 Million.

Well, even at 50% off there were no takers for the property.

Today on the MLS there has been a whopping change in price .... The property is now listed at $9,950,000.

The property will be subject to a "sealed bid sale" with the minimum bid of $9,950,000.

In my previous blog I said that whatever the property eventually sells for will still yield Cage a substantial profit since he paid $6.5 Million in 1998. That may not now be the case with this new greatly discounted price. Moreover, loans secured against the property are huge. So after commissions and other closing costs the net proceeds might be minimal, if any at all. (Listed by Westside Estate Agency)    

    

   

Comments (15)

Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News

Somehow I don't feel sorry for anyone who makes as much money as most actors.  How many "real" people could have paid the original $6.5M asking price?

Sep 11, 2009 02:36 AM
Kat DeLong
Realty ONE Group Mountain Desert - Prescott, AZ
REALTOR

Stewart: I have to wonder how overpriced this home was in the first place. Your thoughts?

Sep 11, 2009 02:37 AM
COMPASS PALM SPRINGS | Stewart Penn
COMPASS - Palm Springs, CA
COMPASS Palm Springs - Broker Associate

At $9,950,000 the current price is 28% of the original List Price.

Check out the pics.

Sep 11, 2009 02:43 AM
Wanda Kubat-Nerdin - Wanda Can!
Red Rock Real Estate - St. George, UT
So Utah Residential, Referral & Relocation REALTOR

Stewart, Thank you for providing the slide show...what a magnificent property! I hope you find a buyer!

Sep 11, 2009 03:15 AM
Greg Saffell
Tucson, AZ
Real Estate Professional Tucson, Oro Valley AZ

Stewart, Maybe if they had toned down the garish decor, the property would have attracted more serious offers. I was under the impression that celebrity homes sold well, but I guess it's still price and condition.

Sep 11, 2009 03:17 AM
Lee & Pamela St. Peter
Berkshire Hathaway HomeServices YSU Realty: (919) 645-2522 - Raleigh, NC
Making Connections to Success in Real Estate

Stewart I'm with Greg - those were my thoughts as I looked at the personalized decor.  Guess he wasn't interested in Realtor® beige...  hope the sealed auction brings a decent bid. 

Sep 11, 2009 03:40 AM
Ken Tracy
Coldwell Banker Residential - Naperville, IL
Helping clients buy and sell since 2005

Wow.  Crazy colors.

Quite a price drop too!

Great post.  Interesting and very visual.

Ken

Sep 11, 2009 05:11 AM
Robert Vegas Bob Swetz
Las Vegas, NV

Stewart - I love this kind of stuff and this post is very interesting and your post has been featured at one of my favorite groups .......... LATE NIGHT - EARLY MORNING AT ACTIVERAIN

 I am also attaching a link to another great group I formed several months ago that you might enjoy posting too ........ Famous People Only

        www.VegasBuildingsForSale.com

Sep 11, 2009 03:00 PM
Marcia Hawken
WILLIAM RAVEIS - Naples, FL
Naples Luxury Specialist

Purple is probably not high on anyones list of favorite colors.  The original price must have Hollywood Based?  :)

Sep 15, 2009 09:42 PM
Allison Stewart
St.Cloud Homes - Saint Cloud, FL
St. Cloud Fl Realtor, Osceola County Real Estate 407-616-9904

I guess it only goes to show that the Market affects everyone.  At 28% off original list, it is still 33% over what he paid. which with inflation factored in is about the same in 1998 dollars.

I would love to know what it eventually sells for.

Sep 28, 2009 08:40 PM
Wallace S. Gibson, CPM
Gibson Management Group, Ltd. - Charlottesville, VA
LandlordWhisperer

Before I take a bath on the sale of the house, I'd redecorate.....I'm sure someone somewhere will love those colors * maybe Kimmora * however, the colors are overpowering and distracting!!!  Did Lisa Marie live in the house?  A little "Graceland * Jungle Room" feeling....

Sep 28, 2009 11:47 PM
Debra Leisek
Bay Realty,Inc Homer Alaska - Homer, AK

Interesting decor... especially those ceilings... some beautiful woodwork... does the bike in the front yard come with it... is that from his movie? 

Oct 03, 2009 08:17 PM
COMPASS PALM SPRINGS | Stewart Penn
COMPASS - Palm Springs, CA
COMPASS Palm Springs - Broker Associate

It appears that the auction's Minimum Price of $9,950,000 failed to attract the right Buyer ....

On 9/25/09 the MLS Listing was changed back to the previously reduced price of $17,500,000.

Oct 07, 2009 04:17 AM
COMPASS PALM SPRINGS | Stewart Penn
COMPASS - Palm Springs, CA
COMPASS Palm Springs - Broker Associate

Update: The MLS now indicates this property as "Looking for Back ups" effective 10/7/2009.

Oct 12, 2009 07:23 AM
TERRY DRISCOLL
MAINE HOME REALTY - Bath, ME
REALTOR - Buy or Sell in Any Season!

I'm sorry, this looks like a museum rather than a home - - does the list price include the staff?

Oct 25, 2009 01:39 PM