The 1940 mansion was built for only $110,000. Cage had originally put the house on the market for $35 million, but he was unable to sell at that listing price. The mansion was put up for auction yesterday, April 7, with a bid of $10.4 million to start. The auction closed shortly with full ownership to the lender.
This 11,817 square feet mansion has six bedrooms, nine bathrooms, an Olympic size pool, wine cellar, 35-seat home theater and a central tower. Multiple loans were taken out on the property. He started in 2005 with a loan of $425,000, in 2007 he took out a loan of $10.35 million and following that a loan of $5.5 was taken out. By 2008 he had three more loans totaling to $2.1 million.
Makes you wonder, how can an actor ranked by Forbes as the fifth highest paid actor, earning $40 million a year find himself losing his home? This is not the first house he has lost this way either. Cage did sue his business manager, Samuel J. Levin, for “lining his pockets with millions of dollars in business management fees”. Is he the reason Cage is facing financial issues and losing multiple homes? Levin’s response was that Cage was “on a spending binge of epic proportions”. He claimed the actor had 15 palatial homes around the world, four yachts, an island in the Bahamas, a private Gulfstream jet and millions in art and jewelry.
Partial reason for the home not being a successful listing was because of some minor distasteful décor, such as, train sets on raised tracks below the ceiling and 300 comic book covers framed and hanging all over the walls, reported an agent who had visited the property.
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