07-23-2010 06:02 PM
An $11.8M foreclosure.
Bought in 1998 for $6.5M, where did all the equity go? The property is encumbered with $18M of debt. Looks like the bank is willing to eat about half of that.
I wonder if this was not a strategic default....Of course it was, this *was* Nicolas Cage's crib. One of several he let go. I hope he gets back on his feet. Great actor and nice guy all around who got real bad financial advice.
07-23-2010 09:54 PM
18M of debt?? My Lord!! All the equity went to buy the other homes that are in foreclosure now too - or for the private jets - just basically to finance his lavish lifestyle! What did he have, something like 16 homes?? I don't feel sorry for him at all.
07-24-2010 06:24 AM
What no interior photos? What kind of real estate agent doesn't include interior photos?
slide show here: http://weahomes.com/slideshows/647/slideshow.html