No one is immune to foreclosure . . .
Posted by admin on December 6th, 2009
At this point, I feel sorry for anyone who loses homes, even multi-millionaire movie stars. Plus Nicholas Cage is one of my all-time favorite actors. Are there better action movies than “Con Air” or “The Rock” or “Gone in 60 Seconds?” I don’t think so.
Excerpted from CNN Money, New York
November 16, 2009
Nicolas Cage: Movie Star, Foreclosure Victim
Hollywood actor’s financial troubles continue as he loses two New Orleans homes worth $6.8 million in foreclosure auction.
Even Academy Award winners are suffering from financial woes this recession. Actor Nicolas Cage lost two homes in New Orleans worth a total of $6.8 million in a foreclosure auction Thursday. (The image to the right is NOT of an exclusive motel/hotel . . . apparently it is the inner courtyard of one of Mr. Cage’s New Orleans homes.)
Birmingham, Ala.-based Regions Bank purchased Cage’s 1140 Royal Street property in the French Quarter appraised at $3.5 million for $2.3 million. The bank paid $2.2 million for Cage’s 2523 Prytania Street property appraised at $3.3 million in the Garden District.
Cage owed $5.5 million in mortgage payments and $151,730 to the City of New Orleans in real estate taxes, according to Valteau.
Hancock Park Real Estate Co., a corporation through which Cage purchased both homes, is listed as the official property owner. Valteau said attorneys representing Samuel Levin, Cage’s former business manager, set up the corporation so that Cage’s name would not appear on the mortgage documents — a common strategy among celebrities (and among many people with considerable $$ and too much social visibility).
Last month, Cage filed a lawsuit against Levin in California claiming that Levin duped the Hollywood actor out of more than $20 million since 2001 when he was hired.
The suit said Levin “lined his pockets with several million dollars in business management fees while sending Cage down a path toward financial ruin.”
The suit went on to say Cage has “discovered that he is now forced to sell major assets and investments at a significant loss and is faced with huge tax liabilities because of Levin’s incompetence, misrepresentations and recklessness. Rather than attaining financial security, Cage has been forced to dispose of significant assets in order to pay for Levin’s gross misconduct.”
CNN reported that Cage owes more than $6 million in back taxes and his properties in California and Las Vegas have also been foreclosed on and are designated for auction later this month.
Tags: even stars are losing their homes, New Orleans Foreclosure, Nicholas Cage
