Nicolas Cage Sells Off Home to Pay the IRS (VIDEO)

Sheri Reed
20

Nicholas Cage Rhode Island house

As you've probably heard, actor Nicolas Cage owes millions of dollars in back taxes. He's apparently bought a whole lot of crap he doesn't need made some bad business decisions and got sketchy financial advice. So luckily he was finally able to unload this lovely Rhode Island mansion for $6.2 million. Too bad, though, that he bought it for $15.7 million. Ouch!

Let's take a peek inside the mansion while we still can ...

This 24,000-square-foot stone house is located near Sachuest Beach in Middletown, Rhode Island and has 12 bedrooms, 10 bathrooms, ocean views, a tennis court, a gym, and a pool. It borders the Norman Bird Sanctuary. The estate is known as Gray Craig because really big, expensive houses like to have names.

Let's look at some of Nicolas Cage's real estate dealings over the last seven years:

  • (2004) Bought property on Paradise Island, Bahamas
  • (2005) Sold a Malibu home for $10 million
  • (2006) Bought a 40-acre island in the Exuma archipelago, 85 miles southeast of Nassau
  • (2006) Bought a medieval castle in Germany
  • (2007) Bought the above home in Middleton, Rhode Island 
  • (2007) Bought Midford Castle in Somerset, England
  • (2009) Sold German castle for $2.5 million
  • (2009) Put up for sale homes in Rhode Island, Louisiana, Nevada, and California as well as the island in the Bahamas
  • (2009) Two of Cage's properties in New Orleans, Louisiana were foreclosed upon
  • (2010) Bel Air home sold at foreclosure auction for $10.5 million
  • (2011) Another home in Nevada faces foreclosure

Yikes, I'm thinking real estate isn't your business, Nic. Stick to the acting or at least to making blockbuster movies that pay you a lot. Maybe try owning and keeping one home. See how that works for you. And, you know, just say no to castles and tropical islands.

WATCH a video tour of the Rhode Island house:

Have you ever known anyone who's had this bad of luck in real estate?

 

Image via YouTube

Read More