Wednesday, February 23, 2011

...More Nic Cage Foreclosure News

Over the last few years real estate gossips around the world spent (too) many hours and ten tons of ink dutifully documenting the spectacular, painful and byzantine financial fall from grace experienced by Oscar-winning actor Nice Cage. Although Mister Cage was paid $20,000,000 for at least three of the dozens of movies in which he's starred he still somehow managed to find himself in a serious financial pickle. Mister Cage claims he was led down the financial garden path by a business manager who mismanaged his money. Be that as it may or may not be, Mister Cage was a notoriously prolific spender who all but tossed his money out the window on a myriad of non-necessities such as a collection of 30-50 cars, a couple big boats, a Gulfstream jet, a dinosaur skull, a zoo's worth of exotic pets and lavish residences around the world.

At one time in the not so distant past Mister Cage's property portfolio bulged with at least a dozen posh and pricey properties across the globe including (but not limited to) a Bavarian schloss, a 14th-century English castle, a private island in the Bahamas, a multi-unit combo condo in Midtown Manhattan, a ranch in Malibu, an historic estate in Middletown, RI, a turn of the century mansion in San Francisco, a bloated mansion in a gated enclave in Las Vegas, NV, and a harbor front mansion down behind the Orange (County) Curtain in Newport Beach, CA.

The bottom falling out of Mister Cage's finances resulted several of his properties falling into foreclosure, including (but not limited to) a pair of historic mansions in New Orleans, LA as well as his primary residence on Copa De Oro Road in prime West Gate Bel Air, a fabled and stately Gerard Colcord-designed sprawler previously owned by boozy Rat Packer Dean Martin and hairy-chested cheese ball crooner Tom Jones.

Now brace yourselves, pussy willows, because just when the children thought they'd never have to hear another damn word about Nic Cage's deep and wide real estate woes Your Mama gets a covert communique from our trusted informant The Rolling Stone who provided us with information that shows yet another of Mister Cage's many properties was recently lost into the gaping maw of foreclosure.

Property records show that in May of 2001 Mister Cage's well-known and famously-embattled Hancock Park Real Estate Trust paid $2,695,000 for a 6,312 square foot house with 5 bedrooms and 7 poopers on the busy northeast corner of S. Rossmore Avenue and West 6th Street in Los Angeles's upscale Hancock Park 'hood.

We don't actually know a lamp post from a post office, but it's Your Mama's understanding that the four-building compound in Hancock Park was purchased for use by Mister Cage's baby momma Christina Fulton. In late 2009, after receiving an order to vacate the property due Mister Cage's increasingly precarious financial issue, Miz Fulton sued Mister Cage for $13,000,000 and ownership of the Hancock Park house in which she was living.

We're not sure of the status of Miz Fulton's lawsuit or if some agreement was reached outside the courtroom but we do know that Miz Fulton had to pack her bags and get out of Dodge. Property records reveal that on the 15th of September 2010 a third and final Notice of Default was filed and recorded and, according to foreclosure database RealtyTrac, on the 10th of February 2011 the Hancock Park property was officially snatched back by Cage's creditors with about $2,900,000 owed on the spread.

Fortunately for Mister Cage and his beleaguered bank accounts he has at least four films coming out in 2001 (including The Hungry Rabbit Jumps with January Jones) and a trio of films scheduled to be completed in 2012.

photo: Bing


Anonymous said...

Given that this was the baby-mama's house and there's a lawsuit involved, it's possible that this foreclosure is intentional. It's not like his credit rating is going to suffer any more than it already has.

Mr. Cage is probably paying beaucoup child support AND alimony in addition to paying for multi-million dollar living quarters for an Ex.

Perhaps his divorce lawyer is as incompetent as his accountant and real estate advisor. Or alas Nic is about as money savvy as my teenage son.

angie said...

Placing all your eggs in one basket is a well known and common sense risky financial strategy, so it's rather questionable for him to try laying all the blame for his financial liabilities on his business manager, especially in light of his numerous other spending sprees. That said, I'm amazed we haven't heard the last of his foreclosure nightmare. I'm starting to feel sorry for him. I'd be a wreck.

angie said...

An after thought.. he paid $2,925,000 for the property in 2001, and by 2011 he STILL owed $2,900,000 on it??? It doesn't require a business manager to make you aware something is wrong with that picture. Think of all the interest money he threw away on almost $3MM during that decade in addition to only paying off $25,000 on the property. Sheeze Louise.

Carla Ridge said...

Tiny quibble: I'd characterize Copa de Oro as 'East Gate' Bel-Air.

Agoura Hills Draperies said...

I like Nicholas Cage's movie especially the one with Meg Ryan and the other one with John Travolta.

You thought celebrities don't have this kind of money problem since they earn alot. Then you read something like this, makes you think again that they are just as normal as you and me with same problems.

Anonymous said...

The house has a huge lot and is probably worth over $3 mil.

Anonymous said...

Like Mama said, that's a busy intersection, the two roads are E/W & N/S thoroughfares.
Not like I wouldn't be willing to move right in though.

Mama'sBoy said...

Same problems?! Ha, surely you jest. Cage and his peers are largely self-focused megalomaniacs who somehow manage to justify living like old school royalty while losing no sleep over the imbalance of suffering in their world. It's almost as disgusting as Qaddafi and the like, but admittedly not quite.

Selfishly buying properties and vehicles into the double digits, splurging on whimsical tchotchkes and impregnating various women as ones sexual appetites change is NOTHING like "just as normal as you and me with same problems."

Carla In California said...

I don't wish ill will on Mr. Cage, but we all reap what we sow...

I just hope Charlie Sheen doesn't end up like Nic. :(

Porn can be costly too. Ha!

Anonymous said...

Preach it, Mama's Boy!

Lady J

Anonymous said...

I'm a business manager and I know people like Cage - they earn millions and want to spend like they earn billions. These pricks do whatever they want with their money, whenever they want, and as soon as it dries up - they blame the business manager.

Anonymous said...

Isn't it time we call Cage for what he is, a real estate hoarder? The guy needs therapy.