The Las Vegas home that actor Nicolas Cage owned and the bank foreclosed on last December, just sold for half the price Cage purchased it for back in 2006.
Cage purchased the mansion, located at 5100 Spanish Heights Dr, Las Vegas, for $8.5 million in September 2006 and, according to the Las Vegas Sun, it just sold for about $4.95 million after one day on the market.
Cage’s former home is among many sold for a loss. Zillow data shows that in November 2009, 27% of all U.S. homes sold for less than the previous purchase price and in Las Vegas, it’s much worse: about 55% of Vegas homes sold for a loss.
The 14,300-sq ft home has a sweeping staircase, 16-car subterranean garage, an elevator, theater room, six bedrooms, seven and a half bathrooms and a panoramic view of the Las Vegas Strip.
Ken Lowman, the broker/owner of Luxury Homes of Las Vegas who handled the sale of Cage’s foreclosed home, said “Luxury properties (in Vegas) are being closed on today for up to 50 percent off the original asking price.”
Cage foreclosed on his two New Orleans homes last November.
> See more celebrity foreclosures.
(Photo of Cage’s home courtesy Las Vegas Sun)