Nicolas Cage Foreclosure Flop - No Sale
Apr 9, 2010
Nicolas Cage's run of financial troubles has extended to two auction lemons in California. Two of the actor's properties failed to raise sufficient bids at auction on Wednesday and became the property of the bank.
TMZ reports the adjacent properties went on the block for a minimum bid of $10 million. Cage, who is swamped with IRS debt and lien, reportedly owed $8,878,886.82 on the properties.
The Leaving Las Vegas actor, who put up a slew of properties in several cities for sale, also lost his Bel Air home on Wednesday. That property carried a minimum bid of $11 million but failed to raise takers.
It was up for auction Wednesday morning -- along with a handful of other foreclosed properties -- on the steps of the county courthouse. According to the LA Times one observer described the house as bizarre and that was likely the reason for the foreclosure flop for the actor.
"The design was 'frat house bordello," real estate agent Bret Parsons told the paper. "There must have been 300 comic book covers elaborately framed and hanging on the walls."
(Image: Splash News)
Got an opinion? Share your thoughts now.