Nicholas Cage Loses Two Homes to Foreclosure

November 16, 2009 No Comments »

nicholas cage foreclosure

Mega movie star Nicholas Cage has lost two of his homes to foreclosures, according to a report from The Times-Picayune.

The 45-year old actor, who starred in such films as Leaving Las Vegas and Con Air (any many, many others), saw the historic New Orleans homes purchased at foreclosure auction.

The multi-million dollar homes, which are located in the French Quarter and Garden District of New Orleans, went back to the original lender, Regions Bank.

Cage’s 10,300 sq-foot property at 1140 Royal Street went for $2.3 million, while the 13,200 sq-foot home at 2523 Prytania Street sold for $2.2 million.

The collective $4.5 million is only two-thirds of the value of the two properties as determined by a Birmingham, Alabama appraiser hired to assess their worth.

Cage has apparently been unloading his real estate portfolio for some time now after running into financial difficulty; the IRS is after him for $6.6 million in unpaid taxes.

The actor also has/had properties in Los Angeles, Las Vegas, Rhode Island, the Bahamas, Germany, and England, but the New Orleans properties appear to be the only foreclosures in the bunch.

Back in mid-October, Cage filed a lawsuit against his former business manager, Samuel J. Levin, who he claims reaped millions in business management fees while sending the actor into financial ruin.

The winner here is clearly the city of New Orleans, which will collect $151,729 in unpaid property taxes via the sales.

The loser, perhaps Regions Bank, as the homes are rumored to be the most haunted in the world, dubbed “ghost-front property” by Cage.

(photo: wharman)

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