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Silver Super Contributor
Lizard
Posts: 1,320
Registered: ‎12-18-2007
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Former home of Dean Martin & Tom Jones now bank owned!

http://www.redfin.com/CA/Los-Angeles/363-Copa-De-Oro-Rd-90077/home/6827067

 

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.

Regular Contributor
Audio
Posts: 84
Registered: ‎06-07-2010
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Re: Former home of Dean Martin & Tom Jones now bank owned!

What no interior photos?  What kind of real estate agent doesn't include interior photos?

Regular Contributor
Gobi
Posts: 66
Registered: ‎06-13-2009
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Re: Former home of Dean Martin & Tom Jones now bank owned!

there are interior photos, look for that external link to the virtual tour.

Gold Trusted Contributor
Dag44
Posts: 2,884
Registered: ‎02-17-2009

Re: Former home of Dean Martin & Tom Jones now bank owned!

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.

Platinum Super Contributor
Nanomug
Posts: 10,421
Registered: ‎05-30-2009
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Re: Former home of Dean Martin & Tom Jones now bank owned!

LOL - It's a fixer to boot!   

Platinum Regular Contributor
STARCHY
Posts: 4,914
Registered: ‎02-17-2009
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Re: Former home of Dean Martin & Tom Jones now bank owned!

 


Audio wrote:

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

 

Platinum Regular Contributor
STARCHY
Posts: 4,914
Registered: ‎02-17-2009
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Re: Former home of Dean Martin & Tom Jones now bank owned!

 


Lizard wrote:

 The property is encumbered with $18M of debt.


where does this ^^^^^^  number  come from??

 

Silver Contributor
JK_1
Posts: 351
Registered: ‎04-15-2008
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Re: Former home of Dean Martin & Tom Jones now bank owned!

What? No swimming pool? Did you see that cheap a** countertop Walmart microwave in the kitchen?

 

 I'll give you one million- take it or leave it.