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Nic Cage

Bye-Bye Malibu

4/8/2010 6:00 AM PDT BY TMZ STAFF

Nicolas Cage had a bad day Wednesday: Not only did his Bel Air house go on the auction block, his Malibu properties were auctioned to the highest bidder. Problem is, no one was interested.


Nic owned two adjacent properties in the hills of Malibu ... hundreds of acres total. We've learned Nic lost the Malibu properties to the bank Wednesday. They went on the auction block for a minimum bid of $10 million, but there were no takers. The bank now owns both properties outright and will try to unload them through a real estate broker. 

Nic owed a total of $8,878,886.82 on the Malibu properties.

As we already reported, Nic lost his Bel Air home Wednesday as well. The minimum bid at the auction was just over $11 million, but there were no takers there either. Nic owed more than $17 mil on the Bel Air property.

Nic is suing his former business manager, whom he claims drove him down a road to financial ruin.

55 COMMENTS

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46.

HaHa!!!    

His wife was an waitress. Looks like she will be tying on an apron soon.

1555 days ago
47.

soyouthinkyourecool.com    

He's blaming his financial manager? Take some responsibility for buying all these homes! He's not cool at all

1555 days ago
48.

Thunder Thighs    

How can he honestly blame his finacial woes on his financial manager? All this stuff was in cages name... 20-zillion homes and rare pricey cars/artwork and he owes the IRS, did he think his money was unlimited?? I sure dont trust anyone else with my money, but I wouldnt be stupid enough to spend like this, and not ask for documents showing items were paid off, and my bank statements.

1555 days ago
49.

Politico Pablo    

It's really lame to blame your business manager. He bought all of this stuff on credit, and was way over leverage when real estate prices nose dived.

1555 days ago
50.

sh    

Infinity 314...it said "$17 mil". Read much?

1555 days ago
51.

michaelgermany    

Cage bought a 16th century castle in 2006 in germany (Schloss Neidstein) for 2M Euro and sold it due to the financial crisis three years later. It was more of a ruin than a castle were expensive renovations were necessary. He sold it 3 years later. The whole process was kind of bizarre.

1555 days ago
52.

aron    

i pray that the lord jesus will see you throuh this horible time nic.god bless.

1555 days ago
53.

willy    

He'd rather go broke and be a bum on a street corner than look at a good script.

1554 days ago
54.

Crystal    

You guys are mean.. i love this actor...it's sad I think..beautiful home..

1552 days ago
55.

Christine    

Especially since if was a self made actor, not wanting to fly on the coat tails of his relatives. So sad. I would have hired a reputable company to handle my finances and then if there were problems I would sue the company. I'm sure he didn't have time or energy to follow ever expense so I give him that but if you are stupid enough to allow 1 man to have control over your money (millions) I don't feel sorry for him at all. The last movies I have seen him in where way below, I believe, moral standards. They have been disgusting.



My gosh, there are NO REAL STARS ANYMORE!

1546 days ago
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