Nicolas Cage is selling his Bel Air Mansion at 50% off.
In October 2006 Cage listed his almost 12,000 sq ft house (7 Beds and 9 baths) for $35 Million.
After several price reductions to $29 Million, then $24 Million, then $19 Million and eventually down to $17.5 Million, the property was withdrawn from the MLS in May of this year, unsold.
This week, although not yet on the MLS, it appears that the property has been re-listed at 50% off the original price of $35 Million - and is now offered at $17,500,000.
The home has a history of celebrity ownership having originally been owned by Dean Martin, Tom Jones and Patricia Arquette (Nicolas Cage's second wife whom he divorced in 2001).
Whatever the property eventually sells for will still yield the owner a substantial profit .... he paid $6.5 Million in 1998.
Who lists properties like this? I can't imagine!
I can only imagine that it looks as spectacular on the inside as it does on the outside. DAC
Surprised at the drop in price. Would have thought that someone would have kept it off the market until the econ. turned around.
It's amazing he felt the property had appreciated that much! You can buy alot of house for $35K and it sounds like he is riding on the stature of the previous owners to give him the boost in price.
Maragret - This property is listed by Westside Estate Agency in Beverly Hills .... one of the Brokerage's owners has his personal property listed for $28,500,000, which must make it one of the most expensive homes in the country owned by a Realtor.
Dennis - Check out the tour by clicking on "Nicolas Cage is selling his Bel Air mansion at 50% off" in my post.
Kenneth - I think the public would be amazed at the loans celebrities have on their properties.
I've seen mortgages of $12 Million recorded on properties listed at $15 Million.
It's apparent that many celebrities, just like ordinary members of the public, use the equity in their properties to finance their lifestyles.
Dorie - I've been trying to comprehend the numbers to determine how the original Realtor justified the original $35 Million .... I couldn't!
Stewart - we are seeing some of those price reductions here. My office mate has a ranch that was originally listed at $28M and is now down to $17M. the sad part is he has had 2 offers in the $80M range for the listed ranch and the sellers other adjoining ranch, but the seller turned down both. Carol Burnetts old home here started at $11M and is down to $7M. It is happening everywhere.
It's a lovely home . . . I don't know Beverly Hill pricing, but the current list might make sense?? I think I knew Nicolas when he was younger . . . if so, what a good guy!! He invited me to the movies once. I should have accepted. There's a of people I know who are shadows from the past.
Did I miss the broker's open on this "little" property? Darn!
Well now that its finally closer to my price range who do I call for a showing? :-)
Dan - I'm available NOW ..... Shall I send a car for you? :)
Now, I've never written a contract with that many zeros on the end. Sure must be nice. I would frame that pen up.
That is a staggering discount and like you mentioned - regardless of what it sells for it will be a great profit. It really is beautiful!
Stewart those are some amazing numbers, not only what he tried selling it for, but also for what he bought it for.
On another note, I think it is really smart that you make these postings. You are certainly making a niche for yourself in this celebrity market.
Stewart - it always interests me how these sorts of properties all go through the same process, with multiple price reductions until they finally sell far lower than the original price. The asking prices are almost always astronomical and, at least in this market, sell for nowhere near the original price. Comps probably don;t work so well here - this is celebrity stuff - but even so folks clearly see that the prices make no sense at all. And this one has still not sold, right?
Jeff
Jeff - An old family friend (who happens to be a multi-multi millionaire and then some) used to tell me that everyone is the same except for the number of zeros they use in their calculations ..... "it's just about zeros"
and yes, this property is still "For Sale"!!!
Thank you for linking the tour. It was fun to imagine the previous Hollywood owner's enjoying the home in their day. Beautiful!
Hi Stewart... What a great example of a solid real estate investment... even at $17.5 Million it would be roughly $1 Million in equity/year of ownership.
Stewart..Why is he selling?? Is he in touble ? Where is he living now? What is the REAL scoop?
Various online stories have suggested he owes the IRS a big chunk of money and that's why he's selling of a number of properties he owns......
..... who really knows?