Nicolas Cage Mansion Foreclosed, Up for Sale with No Bidders
Katie Cordrey — April 11, 2010 — Lifestyle
References: finance.yahoo & uk.news.yahoo
The opulent Nicolas Cage mansion has been foreclosed and was put up for auction, but there were no takers at the $10.4 million asking price. The luxury property was built in 1940 for $110,000. Dean Martin added a 2,500-square-foot entertainment complex with 35 theater seats in 1974. Tom Jones was also once an owner.
Located in Bel Air, Los Angeles, the two-story English brick Tudor style home went on the auction block earlier this week. Since there was no sale, Citibank will now take possession of the credit-crunched Nicolas Cage mansion in the hope that they can recover funds loaned by selling it.
Located in Bel Air, Los Angeles, the two-story English brick Tudor style home went on the auction block earlier this week. Since there was no sale, Citibank will now take possession of the credit-crunched Nicolas Cage mansion in the hope that they can recover funds loaned by selling it.
Trend Themes
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Luxury Home Market Downturn — The failure of auction of the Nicolas Cage mansion signals a downturn in the luxury home market.
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Shift Towards Modest Living — High-end homeowners may start considering more modest homes, signaling a shift towards modest living.
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Real Estate Investment Caution — Investors may take a more cautious approach towards investing in high-end real estate properties.
Industry Implications
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Real Estate — Real estate industry may need to reevaluate their approach to the high-end luxury market.
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Entertainment — The entertainment industry may take a hit as high-end movie theaters, such as the one in the Nicolas Cage mansion, become less appealing.
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Banking — Citibank and other banks may need to reassess their lending strategies for high-end real estate properties.
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