Nicolas Cage Loses New Orleans Homes to Foreclosure

28 Comments so far

1. La Jolla Realtor on November 14, 2009 8:58 am

   Why didn’t he just sell them?

2. Dr. Bob on November 14, 2009 10:29 am

   He didn’t sell the house on Royal because it is unsellable. The appraisal is based on a normal house not a severely haunted house in which over a hundred murders took place. The appraisal does not take into account that even though a similar house might sell for millions this house cannot be sold because of its history.

3. Barry Lynn Miller -REMAX on November 14, 2009 11:30 am

   He’s had several movies over the last 5 years at say 10 million a piece. Where did his money go and why do actors and celebs feel they need like 10 houses I can’t keep the grass cut on one house. Trust me if I ever make it big I will have my one dream house and rent my other 9.

   Yes before you say it he pays someone to cut grass but lets remember he did go into foreclosure. I was watching that show how did you get so rich and one guy paid a chef $120k a year to cook for his dog. Some rich folks deserve to be humbled.

   Not saying he does

4. wendy on November 15, 2009 9:58 am

   That’s sad. I still can’t really understand the ‘rules’. Thanks I’m not on your country.. lol

5. Free Loan Modification Kit on November 15, 2009 1:04 pm

   Seems like more and more celebrities are losing their homes in foreclosures. I guess the economy is catching up with everyone..

6. Brandon Green on November 15, 2009 3:28 pm

   Amazing that someone who stars in so many blockbusters could be having so much financial difficulty!

7. Gainesville FL Real Estate on November 15, 2009 7:16 pm

   I don’t understand why anyone would own so many homes throughout the world, let alone two in the same city.

8. houses for sale tn on November 16, 2009 1:27 am

   I think this is the consequence of having too many houses but can’t keep them all in a good condition. This is the typical ending of those property. If I’m not mistaken,this is the so-called haunted mansion,I’m not sure is someone would buy the house if many people knew its scary background.

9. Cherry Creek Realty Services on November 16, 2009 11:29 am

   I agree with the above statement. They have way too much money but more and more of them go into foreclosure because they try to be too big.

10. Kerry on November 16, 2009 2:02 pm

    Agreed. It seems the more money you have, the more you spend, and once it stops pouring in, they can’t seem to reel back their spending.

11. Pharmaclinix on November 17, 2009 7:55 am

    Why did he not just sell them?

12. scott clark on November 17, 2009 9:13 am

    If you look at the CNN article, you can see Cage is in a lawsuit with his former business manager who set up the company to buy these houses with Cage’s money. Cage is claiming the business manager wasted tens of millions of dollars through his incompentence, gross negligence and perhaps outright embezzelment. I can believe it. At a certain point it can become a full time job just to keep track of your money. So there was no point in selling the houses, Cage would not have gotten anything out of them after paying off the mortgages, paying the back taxes, any realtor commissions, transfer taxes, any thing that would have been left over to go to the company that owned the houses may have ended up in the business manager’s pocket anyway.

13. scott clark on November 17, 2009 9:23 am

    Now I see that the house was on the market since late 2008 and there must have been no acceptable offers, so the bank had to do what a bank has to do.

14. Shawn on November 17, 2009 1:14 pm

    My thing is this, its not hard to keep track of your millions, that’s what offshore accounts are for and before anyone says its illegal, its not illegal to keep your money in an offsore account, Its just illegal for you not to pay taxes on the interest made. Cage could have had a cutoff approval point (Ex: Anything over $500,000 would need his look over before being disbursed) so do I feel sad nope. If Bill Gates, Oprah, hell even 50 Cent & Jay Z can keep track of their money then nick can do the same, that’s just being lazy and leaving everything to be handled by one person.

15. Bouch on November 17, 2009 3:52 pm

    Nicolas Cage is a wonderful guy. He is very smart, but not naive. He is simply too nice. Some greedy people that he trusted took adnavyage of him. He is a very busy man. He has no time to manage his assets. However, this is a very brutal experience for him. Let alone, his dad just passed away recently. We all send him our very best wishes and condoleances. He deserves the best, because he is one of the best actors around. I am saying this, because we know him for years. He is humble and down to earth. Let’s pray for him to go through his financial troubles to recover.
    God bless him and his beautiful family.

16. Bouch on November 17, 2009 3:56 pm

    Correction: Some greedy people that he trusted took advantage of him.
    We all should learn from this.
    If you happen to strike it reach, remember Nicolas Cage’s BIG MISTAKE “trusting all his fortune to one greedy person” who totally made very bad decisions and …..

17. Jeremy on November 17, 2009 5:52 pm

    It’s a better financial move to forclose on a home thats not worth the money you owe and go purchase one of same value at half price… That’s why everyone who has money and smart is doing it…

18. Tempe Real Estate by Steve on November 17, 2009 10:53 pm

    How can he have so much difficult keeping track of his millions? I could probably beat him in Monopoly.

19. Houston Neighborhoods on November 18, 2009 3:31 am

    Steve, you are such a clown. I figure he let them go into foreclosure because he didn’t want to throw good money after bad.

20. John G on November 18, 2009 12:00 pm

    Why don’t those rich people give their money to charity instead of wasting it on 10 houses that they don’t need. You see all the rich liberal actors and actresses telling the gov’t to help the pooor. They are all hypocrites who feel guilty because of their wealth. Then they spend it all on themselves and they support liberal democrats so the gov’t has to help the poor so they don’t have to feel guilty about spending all that money on themselves. Let them lose all their money.

21. swh on November 18, 2009 6:43 pm

    if you look in the public records in Orleans CDC, you will find that his business manager hurt him in more ways than those properties.

22. swh on November 18, 2009 6:44 pm

    BTW- Orleans CDC is Orleans Parish Civil District Court

23. Dwayne Neal on November 18, 2009 10:02 pm

    The foreclosures on the properties may not mean that Cage is hurting financially, although he very well could be. The homes were purchased by a real estate investment firm that was owned by Cage. It can be used as a means of protecting personal assets when purchasing investment properties.

24. Denise on November 19, 2009 6:51 am

    Nicolas, you are one of my favorites.
    “This too will pass.”

    Take care.

25. Carrie on November 19, 2009 12:31 pm

    I wonder if all the celebrities losing their homes still are “in love” with Obama? Oh wait, I forgot we are currently in a recovery right?

26. is this news on November 19, 2009 12:58 pm

    People, please. All these celebrity foreclosures are not a sign that these celebs are in financial trouble. The dumbing down of America continues, and Zillow is speeding it along …

27. Tedine Long on November 19, 2009 2:31 pm

    Wow some of you are much to brutal……remember a very famouse person said…..

    “Let he who is without sin cast the first stone”….I can’t speak for everyone, but it won’t be me casting that stone!

28. Joe P on November 20, 2009 10:09 am

    Folks - he bought them for a investment property. Just like others buy stock. This would have been a good investment 10 years ago - the economy is hard on all investors - big and small.