National Treasure’s Nicolas Cage cannot seem to catch a break in his personal life, especially in relation to love, taxes, and real estate. Earlier this year Cage was arrested on charges of everything from domestic battery to public intoxication; however, the charges were dropped after “Dog” of Dog the Bounty Hunter bailed him out.
However, this arrest and dropped charges have been the last of Cage’s problems with numerous financial issues surrounding real estate (and taxes). Some of his recent losses are highlighted below:
- 2011 – Took a $3 million loss on Midford Castle in Bath, England.
- 2010 – Lost his Bel-Air Mansion, previously owned by Dean Martin and Tom Jones, to foreclosure
- 2009 – Lost a $3.45 million historic home in the French Quarter in New Orleans to foreclosure
- 2009 – Lost another historic (and supposedly haunted) mansion in New Orleans worth $3.3 million
And the list continues.
Along with the list above and multiple others that could be added, Cage’s former Hancock Park property is now being sold by Citibank, another property loss due to foreclosure.
Cage purchased a Hancock Park mansion in 2001 that is 6,300 square-feet with 6 bedrooms and 6.5 baths for a little over $2.69 million. This home was purchased for his ex-girlfriend and mother of his son Weston. In November of 2009, Cage received the first default notice on the property. Citibank, who is now the owner of the property, foreclosed upon the home. In March of this year, the property was put up to auction without any success in a sale. Now, you can get the home for a little over 2.78 million!
It seems like the question is this'”who, exactly, is financially irresponsible enough to continue to provide Cage home loans for his risky real estate “investments” (which are more like flushing his money down the drain)?
Cage is also notorious for his tax issues that result allegedly to his generosity. He has failed to paid taxes on millions in gifts, when the law states that financial gifts over $13,000 are subject to a 35% tax.
In the end, it seems like Cage is a sucker for bad real estate purchases and generosity that does not follow the law. Granted, if what the Leaving Las Vegas star alleges in a lawsuit is correct ‘” his manager/accountant/financial advisor is to blame ‘” it is a bit more understandable. Either way, the former home of his ex-girlfriend and mother to his son is on the market and could potentially be a great deal for anyone with the extra cash to spare
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