Cage Finally Sells Bel Air Mansion
Nicolas Cage has finally offloaded his Bel Air mansion in Los Angeles - the property has reportedly sold for a fraction of his original asking price.
The actor first put the home, which once belonged to Tom Jones and Dean Martin, on the market in 2007 with a massive $35 million (£23.3 million) price tag. After 12 months, he dropped the price to $17.5 million (£11.7 million) and after still failing to shift the house he set up a silent auction, with bids starting at $9.95 million (£6.6 million) - 28 per cent of the original asking price.
Now Cage has finally accepted an offer for the mansion, said to be between $9.5 million (£6.6 million) and $15 million (£10 million), according to property website LA.Curbed.com.
Cage has been cutting back on his property empire in recent months, selling off his Bavarian castle in Germany, his home in Bath, England, and listing his New Orleans, Louisiana mansion for $3.7 million (£2.6 million).
The star is said to be reassessing his finances so he can pay off a string of tax bills dating back to 1997. The actor has blamed his money woes on his former financial adviser and is taking legal action.