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The Great Nicolas Cage Garage Sale continued this week, with the actor’s repossessed 14,300-square-foot house in Las Vegas selling for $4.95 million.
Cage paid $8.5 million for the house in 2006.
The star of “Leaving Las Vegas” and “Ghost Rider” built a diverse portfolio of property around the world, including New Orleans, Bahamas, Germany and the U.K. (Check out his castle in Bath.)
But tough times and a slew of financial issues has Cage deep in debt, suing his manager and jettisoning properties like used shoes. Recent sales include the foreclosure auction of his two New Orleans mansions in November for $5.5 million.
The Nevada State Bank foreclosed on the Vegas property last December. The house includes a 16-car subterranean garage, an elevator, theatre room, six bedrooms, seven and a half bathrooms and “a full and magnificent view of the Las Vegas Strip,” according to a press release.
The unidentified buyer is paying cash and plans to hang on to it for “three to five years” to watch the economy come back, the listing agent, Realtor Ken Lowman, told the Las Vegas Review Journal. He said the house had only been on the market for one day.
Lowman says he sold three houses of more than $1 million in December.
“The luxury home segment moves in relation to the stock market,” Lowman said in a statement. “The market is back, and it's not only a trend; these are dollars. Luxury properties are being closed on today for up to 50 percent off the original asking price."
