One by one, they are going, going… gone!

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.

> See more Las Vegas real estate
> See Las Vegas home values

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(Photo of Cage’s home courtesy Las Vegas Sun)

  • finance

    why he keeps selling his properties?
    I hope he’s not broke

  • TreeHouseForRent

    I heard, in the news several months ago, that he had lost a fortune from the bad advice and poor money management of his financial adviser. I feel bad for him. He does great work!

  • La Jolla Modern Homes

    This guy is getting a lot of bad press lately.

  • tim

    What a lot of this rich stars are doing is they by a 10 million dollar home pay a couple of payments then don’t pay anymore they let the hous go to a short sale. say the house goes fotr 3.5 million then they buy back the house from the person that bought it for 4 million. now he just saved 6 million cash on his house So I don’t feel bad when TMZ says look at all these movie stars getting foreclosed on>

  • Bob Stahl

    In the Phoenix-area real estate market (which is quite like Vegas, in a lot of ways), all signs point to an increasing number of foreclosures and short sales in the luxury market. Trickle-up hard times, I guess.

  • adelaide dancing

    sounds interesting, i wonder if there really is a strategy behind all of this stuff!

  • Ryan Vaught

    This article makes no sense. First it says that Cage “foreclosed on” it (the home), which would mean he was the lender (and became the new owner). I suppose the author meant that Cage’s home “was foreclosed” on (which is done by the lender).

    Next it says he sold it for a loss?? If you are foreclosed on, you don’t sell anything for a loss, the bank does. If you sell something for a loss, the bank has nothing to do with it.

    Then again it said he foreclosed on two more properties. Banks foreclose, owners are foreclosed on. There is a big difference. I assumed at first glance that Cage held the first on a few luxury homes, but it sounds like he actually owned them, and let the go to foreclosure.

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  • egille

    It is very complicated who is telling the truth I dont care, anyway Nicolas is paying what he should do but it take time, I don’t think the banks are giving some money away that is for sure

  • Apidexin Reviews

    I’m not really sure, but I really like his acting, so yea.. Hope he’s just OK.

  • Family Man

    Looks like the new york place in Family Man, cold.

    Nice lighting thou.

    No doubt realtors are coaching these stars thru the process of buying back their own properties. Screwing those banks.

    Why is he mortgaging anything anyway. Why doesn’t the bank have to power to go oafter his money?

  • Janet Yao

    I like Ryan Vaught’s comments. Obviously the person who wrote the article either is poor in grammar or has no sense of real estate language.

    The lender takes the home away from a borrower who fails to pay his or her mortgage. If a lender forecloses on a mortgage, the bank takes control of the property.

  • Karl Wurz

    Here is someone who seems to have the money who seems to be just walking away from his properties. The law makes it too easy for guys like that. The little guys are hurting and over-paid actors and bankers are having a great time on the expense of the little guys. Disgusting!

  • JD’s banker

    I think he’s declaring bankruptcy. Please don’t walk away from your homes thinking this it’s ok.

    Please read the following article (see below). Somebody on another thread said, “People are just walking away to buy another home cheaper somewhere else. Well, they lived in Arizona, but in some states such as Florida, if you do that, you will be held legally responsible for the deficit. And even if you live in Arizona, if you refinanced you may be in for a shock if you walked.

    I hope Nick has a good lawyer to fix the various judgment deficiency he may potential be held liable for. Please pray for him & everybody else who had to walk away from a home because judgment deficiencies may be much more common in the coming years.

  • JD’s banker
  • Henry Pualson

    Are you kidding me! Listen, The bank lends to a well paid actor, he defaults on his promise because the theoretical value isn’t what he hoped for, he gives up on his payments, the bank takes over the discounted property ( in this case 50%), but thats ok because tax payers will supplement the bank with tax dollars; oh and, while honest folk watch their home values + jobs + retirement go south.
    Yep this Mr. Cage is a swell guy, I hope he sends us all a thank you tweet for picking up his debt!

  • Chad Pennington

    If you look up this address on zillow, it shows the property’s “zestimate” at about $1.5 million. WTF? Hey zillow, you’re making me seriously doubt your estimates.

  • Johnny Sabicj

    I am not that sorry for him. He is going to be ok. on the long run. Just bad investment move.

  • Insurance

    bad times for him, but he’ll be fine

  • Orion Q

    So, basically, Nic Cage ‘rented’ the house while it was convenient for him and then let tax payers pick up his bill for skipping out. Sweet deal for him. I am sure he can simply rent the house next door until he gets bored with that one.

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  • Sage

    I don’t get it. Why would he even want an ugly thing like this? Looks like a freakin’ funeral home!!
    Must have been an image thing, or something. Well, he has plenty of time to think about his bad decisions now, don’t he?

  • DOWD

    I think I’m a kin to the thought that celeb bail outs are all tactical schemes incited by their accountant in an effort to get out from under the up side downness of the loans their paying on.

    Why? well do the math and trust me if I had enough dough to pay off my working class shack and absorb the taxes due verses the current interest I’m paying on the loan over the long term? You dam well better believe I’d pay the tax man!

    See its like this folks…all these rich folks are just like us po’ folk they itemize and take a mortgage interest deduction but when your looking long term at the amortization of say a gajjilion dollar loan in a down market, duh, the answer is a no brainer and bail out is in order! and you know what they can do it! don’t think for one minute these folks don’t have money. OH HELL to the know they just have smart accountants!!

    Even with the tax dings and what not one will certainly come out smelling a whole lot more the roseier. and trust me those are not rose colored glasses your favorite celebs are wearing its just smart accounting!

    Who am I though, huh. just a working stiff for want of just enough to pay my shack off so I can start thinking ’bout getting the kids through college.

    So remember..the lesson today is if you can pay it off, do it and deal with the taxes its still cheaper then payin’ the banksta gangstas and if you are upside down? do the math and consider your very long term cost verses belly uppin’ and eating crow for a few years!

    dowd out!

  • Lone Wolf

    Can’t figure out why these Hollywood types buy these houses that look more like funeral homes than houses. Wonder who talked him into this one; the same guy that ran him into the ditch, financially?

  • Common Sense

    Why do people find it necessary to assume that there is some alterior motive and kick someone when they are down? He is not immune from the economy any more than the rest of us. I think he is a great actor. And like the rest of us he is feeling the pinch. Lets just hope it gets better for everyone.

  • S

    “He is not immune from the economy any more than the rest of us.”

    ARE YOU NUTS? This guy made MILLIONS… let’s say it again, together now: “M I L L I O N S” so yes, he IS immune from the economy. This should be a blip for him. B L I P!

    While I do not begrudge him his money (he earned it – he should have it), his poor management of it is NOT a reason for ANYONE to feel sorry for him. In my opinion, this guy clearly threw good money after bad, and didn’t put his trust in the right people meaning, HE didn’t keep trak and HE didn’t ask the right questions. You work for yours, I work for mine, why should you or I or anyone else feel sorry for someone who was given MILLIONS for virtually no work? The answer: Too bad Nick Cage – go back to work, pay attention to your finances, and quit crying povery. You made MILLIONS! MILLIONS!

    Oh – and to the person who is putting all the blame on “the same guy that ran him into the ditch, financially” – He ran HIMSELF into the ditch! When did personal responsibility go the way of the dinosaur? If you have 20 dollars and put a match to it because someone told you to, whose fault is it? YOURS!

  • Medical Blog

    Yah, I believe he’s OK, it’s just bad move on his investment.

  • Health Beauty Leisure

    Can’t get it alright all of the time I guess.

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  • Manchester 2010

    During these times, it’s not that surprising… I just wonder, why don’t they wait a little until the market go up…

  • Orlando Vacation Rentals

    Bless them. They pay the earth for good advice and sometimes it does not pay off. They have busy lives and highly paid advisers so they can cope with everything on their plates. Sometimes, they all get it wrong and some of us just love to see them fall. Perhaps they can recover quicker than us but they still have to live with the fact it happened to them too.

  • AV Homes

    Wow, that house makes my eyes pop and my jaw drop! What a gorgeous room inside that home. I would love to see what the outside looks like as well. Really it’s no surprise that it only sat on the market for one day. That is fancy!

  • Number

    Nicolas needs lots of money to payout his divorce and bills over a million like most celebrities have.

  • memory herb

    I can’t believe he’s shit broke! He is in every terrible film for the past twenty years!

    I mean, Con Air! Really!

  • scrabble solver

    Well that still waaaayyyy too much for me ;p

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