Whack! Nicolas Cage Sells Rhode Island Estate at 60 Percent Loss

Source: IMDb

In the latest installment of the Nicolas Cage real estate saga, the actor has unloaded one of his properties without heading into foreclosure. Although the 27-acre-estate recently sold for a tidy $6.2 million on the Middleton, RI real estate market, Cage purchased the property for a whopping $15.7 million in July 2007. That’s a loss of $9.5 million, or, 60 percent. The sale was still high above Middletown’s median home value of $367,500.

The 1924 estate, dubbed the “Gray Craig Manor House,” was constructed to mimic an English country manor. The brick and stone home sits on a lush green lawn, complete with statues, pond and grand entrance.

Inside, the 18,825-square-foot home has 12 bedrooms and 11 bathrooms, including a “library with a soaring barrel-vaulted ceiling, a formal living room with sweeping water views, a spacious dining room, a vintage conservatory, a handsome billiard room, and a gourmet kitchen with stone fireplace, custom hickory ceilings and antique terra cotta floor tiles.”

According to property listing information, Cage first listed the estate only a year after he bought it in 2008. His first price tag on the home was $15.9 million in October 2008. In September 2009, the price dropped to $12 million, only to be dropped in February 2010 down to $9,995,00. In December 2010, Cage slashed the price again, to take it down to $7,750,000.

While some celebrities buy cars and designer clothes, it appears that Cage prefers to spend his money on homes. Here’s a brief rundown of some of his some of real estate sales and foreclosures:

- (April 2010) No Bidders on Nicolas Cage’s Bel Air Home

- (January 2010) Nicolas Cage’s Former Vegas Home Sells For Half the Purchase Price

- (October 2009) Nicolas Cage Loses Two New Orleans Homes to Foreclosure

- (September 2009) Nicolas Cage Selling New York Apartment for $9.75 Million

Real Estalker writes that this list is just the beginning. Reportedly Cage has — or has had — homes in San Francisco, Las Vegas, Malibu, New Orleans, Bel Air (Los Angeles), Hancock Park (also Los Angeles), Rhode Island, New York City, the U.K., Germany and the Caribbean where he owned – and may still own – a private island.

Beyond his real estate woes, it hasn’t been a great week for Cage in other parts of his life either. According to the L.A. Times, the star was charged with domestic abuse disturbing the peace this weekend after publicly arguing with his wife.