Cage Homes Go Under The Hammer
By WENNFriday, November 13, 2009
NICOLAS CAGE’s property portfolio is shrinking fast - two of his homes in New Orleans, Louisiana are going up for auction after the cash-strapped star fell behind on mortgage payments.
The actor has built up an impressive property empire over the years with homes and castles across the world.
But he has been forced to reassess his cash flow after being hit with a $6 million (£3.75 million) tax bill, allegedly due to his former financial adviser’s monetary mismanagement.
Cage recently sold off his Bel Air mansion in Los Angeles for a fraction of its original $35 million (£23.3 million) asking price, and also offloaded a Bavarian castle in Germany and a house in Bath, England.
Now he’s set to lose two more multi-million dollar properties - the New Orleans homes, estimated at more than $3 million (£1.88 million) each, go under the hammer on Thursday (12Nov09).
Cage reportedly missed a number of mortgage installments and the buildings went into foreclosure.
The star has since filed suit against his ex-adviser.
As WENN went to press the properties had not been sold.
