Nicolas Cage lost his house to foreclosure due to huge debts he has. He owes $11 Million to Citibank. He has had the house in market for over a year but no one was willing to but it for the $11.5 Million asking price. Last Wednesday the bank held an auction, but no one made the minimum bid of $10.4 Million. Westside Estate Agency who was holding the auction said this clears most lenders with stakes in the property and leaves Citibank as the sole owner.
Located in Los Angeles (the posh Bel Air community), this party palace has had several high-profile owners, including Tom Jones and Dean Martin. It has 35-seat home theater, nine bathrooms, six bedrooms and a huge swimming pool. The actor reportedly has several such mansions in several countries.
Nicolas Cage’s former mansion was built in 1940’s “on a flat acre in a prime Bel Air location,” Shapiro his attorney said. “It’s about 11,817 square feet of two-story English brick Tudor house. It’s very old world craftsmanship, great detail, a lot of charm, but specific in its tastes.”
In case you don’t know who Nicolas Cage is, he is an Oscar winning actor who has played in over 60 movies, including “Raising Arizona,” “Honeymoon in Vegas,” “National Treasure” and “Ghost Rider.”