In July of this year I blogged about the massive price reduction on Nicolas Cage's Bel Air mansion at 363 Copa De Oro Road in Bel Air (Los Angeles).
After being on and off the market for almost three years, the List Price for the property was reduced from $35 Million all the way down to $17.5 Million.
Well, even at 50% off there were no takers for the property.
Today on the MLS there has been a whopping change in price .... The property is now listed at $9,950,000.
The property will be subject to a "sealed bid sale" with the minimum bid of $9,950,000.
In my previous blog I said that whatever the property eventually sells for will still yield Cage a substantial profit since he paid $6.5 Million in 1998. That may not now be the case with this new greatly discounted price. Moreover, loans secured against the property are huge. So after commissions and other closing costs the net proceeds might be minimal, if any at all. (Listed by Westside Estate Agency)
Somehow I don't feel sorry for anyone who makes as much money as most actors. How many "real" people could have paid the original $6.5M asking price?
Stewart: I have to wonder how overpriced this home was in the first place. Your thoughts?
At $9,950,000 the current price is 28% of the original List Price.
Check out the pics.
Stewart, Thank you for providing the slide show...what a magnificent property! I hope you find a buyer!
Stewart, Maybe if they had toned down the garish decor, the property would have attracted more serious offers. I was under the impression that celebrity homes sold well, but I guess it's still price and condition.
Stewart I'm with Greg - those were my thoughts as I looked at the personalized decor. Guess he wasn't interested in Realtor® beige... hope the sealed auction brings a decent bid.
Wow. Crazy colors.
Quite a price drop too!
Great post. Interesting and very visual.
Ken
Stewart - I love this kind of stuff and this post is very interesting and your post has been featured at one of my favorite groups .......... LATE NIGHT - EARLY MORNING AT ACTIVERAIN
I am also attaching a link to another great group I formed several months ago that you might enjoy posting too ........ Famous People Only
Purple is probably not high on anyones list of favorite colors. The original price must have Hollywood Based? :)
I guess it only goes to show that the Market affects everyone. At 28% off original list, it is still 33% over what he paid. which with inflation factored in is about the same in 1998 dollars.
I would love to know what it eventually sells for.
Before I take a bath on the sale of the house, I'd redecorate.....I'm sure someone somewhere will love those colors * maybe Kimmora * however, the colors are overpowering and distracting!!! Did Lisa Marie live in the house? A little "Graceland * Jungle Room" feeling....
Interesting decor... especially those ceilings... some beautiful woodwork... does the bike in the front yard come with it... is that from his movie?
It appears that the auction's Minimum Price of $9,950,000 failed to attract the right Buyer ....
On 9/25/09 the MLS Listing was changed back to the previously reduced price of $17,500,000.
Update: The MLS now indicates this property as "Looking for Back ups" effective 10/7/2009.
I'm sorry, this looks like a museum rather than a home - - does the list price include the staff?