House repossession is hitting even the richest people in the U.S. As a prime example, award-winning actor Nicolas Cage recently had his Tudor home in California repossessed. The estate also served as home to other celebrities in the past, including Dean Martin and Tom Jones.
Cage was ranked as the fifth highest earner in Hollywood in 2009; but even those millions were not able to spare him from the foreclosure crisis affecting the U.S. The house was repossessed after it failed to fetch a buyer in an open auction.
The actor owns several estates in different countries including one in Somerset. He is also said to be the owner of a Bahamas island, a private jet, several yachts and a jewelry and art collection. A collection of priceless dinosaur remains is also said to be part of Cage’s properties.
The California mansion was put up for auction after Cage failed to pay his mortgages. The house features a wine cellar, a home movie theater, a swimming pool, nine bathrooms and six bedrooms. It also has a central tower that dominates the more than 11,000 square feet of space.
This is not the first time that the Hollywood actor has fallen victim to house repossession. In January of 2010, Cage’s home in Las Vegas was foreclosed and sold at an auction. Two more residences in New Orleans, Louisiana were auctioned off at a foreclosure deal on November 2009. To add to these properties, Cage also saw his Bath home and Milford Castle sold at prices below their original worth.
According to real property agent Bret Parsons, one of the possible reasons why the house failed to sell was that there was not enough space to construct a tennis court, a requirement that most California home buyers are looking for.
The house is said to be designed in a bordello style, but the location and floor plans are good and should have fetched enough dollars to compensate Cage. Meanwhile, the actor has filed a lawsuit against Samuel Levin, his former business manager, alleging that Levin has led him towards financial ruin.
The house repossession experienced by actor Nicolas Cage is just one example of how far the foreclosure problem in the U.S. goes. As recent records show, even high end residential properties have been affected by declining home values and foreclosure.
Author Resource:-> Original Post: House Repossession Trend Did Not Spare Actor Cage on Repo-Homes.com.
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