Academy Award winning Nicolas Cage seems to have the same kind of luck with real estate as he’s had with some of the movies that have been released lately – miserable! He’s made about just as many bad investments as it is possible for any one man to make on this planet, and then topped that off with a few more. In fact, his real estate portfolio is something of a wonder to his colleagues, with properties spread all over the world in places like U.K., Germany, Bel Air, New Orleans, Malibu, Las Vegas, and New York City. He even owns a private island on the Caribbean, that is if he hasn’t lost it by now in some poor gamble.
The most recent white elephant Nicolas Cage sold off is a 1924 estate known as the Gray Craig Manor House. This colossal property located on 26.77 acres of land was brought by Nicolas Cage in 2007, for $15,700,000. Not an unreasonable price at all when you consider that it has a dozen bedrooms, almost just as many bathrooms, a library with barrel-vaulted ceiling, a huge dining room, a living room overlooking the water, a gourmet kitchen, a vintage conservatory, stone fireplaces, a fishing pond, a tennis court, a gym, and a pool. Yup, not bad at all!
Although it’s not strange for celebrities to sell off their properties to buy a new one in another city only to sell that off as well so they can traipse off to yet another corner of the world, it’s practically unheard of for any showbiz personality to take such a whammer to their pocket book as Nicolas Cage. Although this Rhode Island property was listed two years ago with an asking price of $15,900,000, the final selling price was – and brace yourself for this – $6,200,000 – a loss of $9,700,000! Ouch, That has got to hurt…a lot!
The buyers of this beautiful property built after the style of a typical British manor are Pamela and Andrew Constantine. Residents of Forestdale, MA, this couple has plans of renting out this brick and stone structure as a part time vacation home during the months when they are not using it.
Coming back to the erstwhile owner of this lovely manor, it really is an unfortunate time for Cage. On at least five other occasions, he has had to foreclose his properties or sell them at a great loss. Even as we speak, his Bel Air and Las Vegas properties are on sale for $35 million and $7.9 million respectively. However, all is not bleak for this Ghost Riding star who has more than 10 property portfolios to break the fall. That is, if they don’t meet with the same kind of fate as his other real estate investments.