Earlier today an east coast informant with a distinguished-sounding surname directed Your Mama to an earlier report that announced that fat-living, Academy Award-winning and financially-embattled actor Nic Cage has finally, at long last, sold another of his real estate white elephants at a bone-chilling financial loss.
In July of 2007, when Mister Cage thought his bank accounts were still coming up roses, he shelled out $15,700,000 for Gray Craig, a 26.77 acre estate in Middletown, RI near the opulent Golden Age sea side enclave of Newport. It wasn't long before the hair-challenged actor's financial fish went rotten and just over a year later he flipped the staid 24,664 square foot brick and stone manor house back on the market with an asking price of $15,900,000.
As time passed Mister Cage lost several of his many properties to foreclosure, sold others at terrifying financial losses and steadily slashed the price tag of the colossal 10 bedroom Gray Craig that includes a dozen bedrooms and 10 full and 3 half bathrooms.
Now brace yourselves butter beans and open your ears for all the Real Estate Chicken Littles out there who will bang pots and cheer with vindication when they learn that after two and a half long years on (and off) the market Mister Cage's baronial estate was finally sold for just $6,200,000. A few flicks of the beads of Your Mama's long-suffering abacus shows that's a pocketbook-punishing and stomach-churning $9,700,000 loss. If we run the beads on our abacus another way, we determine that Mister Cage took in less than 40 cents for every dollar he paid for the posh property almost four years earlier. Ouch!
The buyers, according to property records and a previous report in the Providence Business News, are Pamela and Andrew Constantine of Forestdale, MA who plan to rent the property as a vacation home when they are not using the 1924 brick and stone manor house.
Mister Cage has owned and sold (or lost) homes in various parts of the globe including (but not limited to) San Francisco, Las Vegas, Malibu, New Orleans, Bel Air (Los Angeles), Hancock Park (also Los Angeles), New York City, the U.K., Germany and the Caribbean where he owned–and may still own–a private island.
listing photo: Lila Delman Real Estate