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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!

22 COMMENTS

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1.

roughdaddy    

from 7 million to 35? maybe the potential buyers are the savvy one here!!!!!!!

2452 days ago
2.

John    

How is this news? There's not even a story here. Come on Gillian Sheldon!!!

2452 days ago
3.

roughdaddy    

his comic book collection might be worth than that house!!!

2452 days ago
4.

roughdaddy    

wow what a clean up the tmz staff did!!!! great job!!!

2452 days ago
5.

Seriously    

I love Mr. Cage. Wish I had been the waitress that attracted his eye. Regarding the house, you can't blame a guy for tryin'.

2452 days ago
6.

Candy Barr    

From 7 million to 35 million is quite a leap, but here in Silicon Valley, the only houses selling are the ones over a million. The rich still have the money to spend. Not all of us average folks. I doubt his house was worth that, and I am sure he was convinced to do so by his realtor.

2452 days ago
7.

SUN    

he will never rid himself of this house. By California standards (good economy) it use to be every year could fetch up to an extra 100k. So if he has been there for 18 years, and lets include renovations, the most he should sell this house for is 13 million, unless its on tons of acerage. He must have put in some of his own personal bizarre items in this house, that cost him a fortune, but sad because he will never get that price.

2452 days ago
8.

Poetical    

Does anybody know if there has beenthat much renovation to the property or the area around. That is a big jump in property value.

2452 days ago
9.

skater    

I can't stand Nicolas Cage. Seriously, he can't act and thinks he's Elvis. The ONLY reason he ever got a start was that he's a Coppola.

2452 days ago
10.

Mirillie    

Slow news day: Nicolas Cage DOES NOT Sell House

2452 days ago
11.

Meghan    

Yeah I read this really crazy thing about his son on howinsane.com, has anyone ever seen his son?
Check it!

2452 days ago
12.

Seriously    

All celebrities are xxxked up mentally, and make way too much money for playing dress up and pretend.
Then they procreate and drag innocent kids into the mix when they can't even take care of themselves!
What a freaking joke!

2452 days ago
13.

Kelly    

myspace.com/whatsonpage47

2452 days ago
14.

Elenco Finanziarie    

Poor Nic... anycase a great financial moove indeed... he made what everyone of us would have done in this situation!!

2451 days ago
15.

What do you look like?    

He's starting to look like that guy who was married to Liza Minelli.

2451 days ago
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