# Luxury Home Auction Fails Nicolas Cage Mansion Foreclosed, Up for Sale with No Bidders By Katie Cordrey | Published 2010-04-11 | Lifestyle Source: Trend Hunter, https://www.trendhunter.com/trends/nicolas-cage-mansion References: [uk.news.yahoo](http://uk.news.yahoo.com/22/20100408/ten-uk-cage-3334b85.html) & [finance.yahoo](http://finance.yahoo.com/real-estate/article/109284/buy-nic-cage-money-pit?mod=realestate-sell) 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. ## Trend Insights (Trend Hunter) - Score: 5.1/10 - Popularity: 79% | Activity: 65% | Freshness: 8% - Audience gender: 70% men, 30% women - Primary generations: Millennial, Gen X - Top markets: North America ## Categories [Trend Hunter](https://www.trendhunter.com/trends) > [Lifestyle](https://www.trendhunter.com/lifestyle) > [Credit Crunch](https://www.trendhunter.com/creditcrunch) ## Key Themes ### What Makes This Trend Stand Out - **Luxury Home Market Downturn:** The failure of auction of the Nicolas Cage mansion signals a downturn in the luxury home market. - **Shift Towards Modest Living:** High-end homeowners may start considering more modest homes, signaling a shift towards modest living. - **Real Estate Investment Caution:** Investors may take a more cautious approach towards investing in high-end real estate properties. ### Sectors Adopting This - **Real Estate:** Real estate industry may need to reevaluate their approach to the high-end luxury market. - **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. - **Banking:** Citibank and other banks may need to reassess their lending strategies for high-end real estate properties. ## Related on Trend Hunter - [Mysterious Painted Car-Door Auctions](https://www.trendhunter.com/trends/crazy-horse.md) - [Wine Region Estate Auctions](https://www.trendhunter.com/trends/virginias-piedmont-region.md) - [Dramatic Doomsday Bunker Images](https://www.trendhunter.com/trends/alastair-philip-wiper.md) - [Luxe Metaverse Mansions](https://www.trendhunter.com/trends/cavalli-mansion.md) - [Glass-Reflective Illuminated Homes](https://www.trendhunter.com/trends/invisible-house.md) - [Mountain-Top Tranquil Homes](https://www.trendhunter.com/trends/casa-aire.md) - [Film-Inspired Eerie Houses](https://www.trendhunter.com/trends/beetlejuice-house.md) - [Hollywood Regency Modern Homes](https://www.trendhunter.com/trends/cordell-drive.md) - [Holiday Film Home Experiences](https://www.trendhunter.com/trends/home-alone-house-experience.md)