Nicolas Cage Eats Loss on R.I. Mansion Sale

Nicolas Cage is no stranger to real estate woes, but his latest sale could place him in the realm of MC Hammer-level mismanagement. The Academy Award-winning actor has sold his 24,000-square-foot, 12-bedroom Middleton, R.I. estate for $6.2 million – less than half of what he paid for it in 2007.

Cage purchased the estate for $15.7 million in 2007, when prices were nearing their pre-bubble peak. But the housing crisis, coupled with Cage's continued financial problems, has forced the actor to sell far below market value. According to the Providence Journal, Cage owed approximately $128,000 in unpaid taxes on the property.

Built in 1924, the English-style manor sits on over 26 acres and offers views of the Atlantic Ocean. Other features include a library with barrel-vaulted ceilings, a "vintage conservatory," a gourmet kitchen and a new home gym. Click the slideshow below to see photos of the princely estate.