Nicolas Cage Eats Loss on R.I. Mansion Sale

Nicolas Cage sells Rhode Island mansionNicolas 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.
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