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Nic Cage: Treasure Buried in Bel-Air

12/30/2007 12:30 PM PST BY TMZ STAFF

Nicolas CageNicolas Cage may be too preoccupied with box-office receipts to worry about a little ol' housing slump! The L.A. Times is hailing the nepostar as a "savvy investor." But that statement is a little premature, and not quite the case.

The reality is: Cage purchased his Bel-Air mansion in 1998 for $7 million and in 2006 decided to put the hideaway on the market for a whopping $35 mil. The move would have given Nic a sweet profit -- if only the place had actually sold! After a year on the market (without lowering the price), the mansion remained without a buyer. Cage finally decided to take the house off the market. That move was the only savvy part about this situation!

Movie stars may not have been affected by the slump, but the rest of the nation has! Reality check, please!

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