Nicolas Cage’s former Tudor home was sold for $10.5 million, which is three times less its previous price listing a few years back. The 1940 Tudor home was foreclosed earlier this year, and is considered as a bargain for a trophy home. Nicolas Cage bought the property from Tom Jones for $6.469 million in 1998, and Dean Martin also owned the property.
Cage’s Tudor home was listed for several years for approximately $35 million, but was lost to foreclosure earlier this year.
The property was then put into listing for an auction in a courthouse in Pomona but failed to generate funds and bidders. The Tudor home was then put back in the listing for a lesser $12.75 million price on April 2010.
The buyer was said to be a limited liability company, and not another celebrity owner. It entered escrow on July but did not close until Tuesday, November 9 this week.
The 11,817-square-foot mansion was put back in the market by Citibank for a much lesser price—$11.8 million, which attracted numerous offers from a steady stream of potential buyers.
The Colcord-designed Tudor home has six bedrooms, a 35-seat home theatre, central tower, swimming pool, 9 bathrooms, and a wine cellar.
The sale mirrors the continuous price drop in the luxury market today. According to public records, a newer and slightly smaller luxury home was sold on the same street last year for $22 million.
According to Westside Estate Agency’s listing agent Stephen Shapiro, the reason behind why the Tudor home took so long to “get-sold” is IRS’s so-called right of redemption.