Nicolas Cage is Leaving Las Vegas

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Nicolas Cage continues to shed assets like a stripper loses clothes.

The financially strapped actor, who is selling off properties to ease his IRS woes, just knocked another one off the block. A 14,306-square foot luxury Las Vegas property he lost to the bank recently is now in escrow and expected to close on Wednesday, the broker revealed.

In a good sign for luxury sales and strapped celebs, the sprawling home -- which features a 16-car garage -- sold the first day it was on the market for close to the asking price of $4,950,000.

The 45-year old Oscar-winner owes the IRS more than $13 million in back taxes, and has unloaded about six properties recently, and has at least another three to go. He foreclosed on four homes -- two in New Orleans, one in California and the one in Las Vegas. The actor sold one in New York, has unloaded two in Bath, England and has one in Rhode Island still for sale, as well as properties for sale in the Bahamas.The Vegas villla, at 5100 Spanish Heights Drive, features an elevator, theatre room, six bedrooms, seven and a half bathrooms and a full view of the Las Vegas Strip, according to selling agent Kenneth Lowman, Broker/Owner of Luxury Homes of Las Vegas. Cage bought the home in September, 2006 for $8.5 million.

"We are seeing a little bit of pickup in luxury home activity as these prices have fallen 30 percent to 40 percent in the last few years," Lowman told HousingWatch. "The buyers are recognizing value." "

Cage is also selling his 18th-Century 7-bedroom Midford Castle, which he bought just outside Bath, England in 2007 for about $8 million. It's not far from the Georgian townhouse in Bath he recently sold.

His New Orleans properties, which were foreclosed on and recently sold at auction, included the LaLaurie House in the French Quarter, for which Cage paid $4 million in 2007. A Birmingham, Ala. bank purchased it for $2.3 million, less than its appraisal value. The other house is a 13,176-square-foot, six-bedroom, five-full-and-two-half-bath Garden District mansion that was once a Catholic chapel. The bank paid $2.2 million for the property, appraised at $3.3 million.

Cage put his Bel Air home up for auction in October. He first listed the mega-mansion, which he bought in 1998 for $6.5 million, for $35 million in 2007, according to RealEstalker.com. After slashing the price to $17.5 million, fashion designer Christian Audigier almost bought it, but the deal fell through. Cage then put the home up for a closed auction with minimum bid of $9.95 million, reported Contactmusic.com. Built in 1940, the English-style manor sits on slightly more than an acre with nine bedrooms and nine bathrooms in close to 12,000 square feet. It has a 35-seat theater, a wine cellar, a game room, a pool and a circular driveway with a fountain.

He also recently sold his Olympic Tower condo at 641 Fifth Ave., New York, for $7.5 million. The three-bedroom, 3½-bath residence was listed at $9.75 million, reported the New York Post.Cage had bought two units in the building in 2004 and 2005 for a total of $5.5 million, before combining them to create the one 3,550-square-foot home.

But wait, there's more. Cage's 12-bedroom Newport, Rhode Island home, listed for $12 million is still available. You can take a peek at it on this YouTube video. He also has a Paradise Island home and undeveloped land for sale in the Bahamas.

With all of these houses gone, we wonder, just what is Cage going to do now? Perhaps a "Time Share" with Will Smith will be the answer to his troubles.


Sheree R. Curry is an award-winning business journalist who resides in a Minneapolis suburb.

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