Nicholas Cage makes a $10 million profit on Newport Beach home
I know that there have been daily headlines about the collapse of the housing markets and Americans struggling to avoid foreclosure, but look on the bright side: Nicholas Cage just sold his Newport Beach, CA home for $35 million, $10 million more than he paid for it in 2005.
According (subscription required) to the Wall Street Journal, he didn't even have to put it on the market in order to set a record for an Orange County home sale.
This is evidence, however anecdotal, that the housing crisis may be limited to the lower- and middle-end where funny money loans were driving prices higher than they should have gone.
But the rich are still rich, and they still have plenty of money to spend on housing.