Desperate Nic Cage Sells Yet ANOTHER House!  

by Pool Builders on 01-27-2010 in Articles

The man earns $20 million a year, probably owns more real estate than all Hollywood celebrities combined, and still owes the IRS $6 million in back taxes. No wonder Nicolas Cage is trying to sell off his real estate assets one after another. He is in dire financial trouble.

Apparently, the Deja Vu star didn't see this one coming. Known in the glitterati circles as a heavy spender, Cage depended on his money manager buddy Sam Levin to keep his consumption craze in control. Now Cage is suing Levin for $20 million for concealing his "true financial condition prior to investments and assets being acquired by [Cage]." Meaning, when I was going around spending millions of dollars on risky property assets, why didn't you stop me, Sam? That's probably as immature as only Hollywood can get.

Nicolas Cage is supposed to have oodles of money. He comes from a more or less well to do family; he is the nephew of Godfather director Francis Ford Coppola, and he has over 60 movies to his credit. Some of them, like "Face Off", "Con Air", "Ghost Rider" and "Leaving Las Vegas" have made him a lot of money; the last one even got him an Oscar. Yet he is selling his classic Mulholland Highway house at a loss of half a million dollars, after a similar lackluster sale of his English castle. Someone seems to have totally missed their Personal Finance 101 classes.

The house in question is a piece of art. Built in 1964, it stands on a.33 acre piece of beautiful California property that gives a "jetliner" view of LA, according to its property listings. The house itself is a 3,480 square feet extravaganza of every conceivable luxury, including Terrazzo floors, a rock fireplace, a swimming pool and even an artificial waterfall. For those in the know, Terrazzo flooring is immensely expensive. It is a kind of Venetian faux-marble flooring. It often has colorful designs made by exposing marble chips and other material on a bed of concrete or resin. Cage's house, however, is done in off white, and the flooring has a wet marble look that is charming.

The house has two bedrooms and three large baths. Both bedrooms have large French windows that open out into a splendid view of LA. There is a very large living room, too. It has floor to ceiling cut glass windows that overlook the swimming pool and the covered patio. There is a little terraced waterfall to the left of the pool. People who have been down there for parties and stuff will tell you the house used to look really pretty at night, when they put on the lights and bring out the drinks.

Cage bought this house in 2005 for around $1.8 million. At that time, he was not yet Face/Off with the IRS. Then things went downhill, and the government struck him with a $6 million tax bill. This forced the poor guy to put up the house for sale last year. The offer price was $1.395 million, but Nick managed to get only $1.375 million. Knowing how things are with him right now, Nick must have fought tooth and nail for that twenty grand. Too bad he lost.

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