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Nicolas Cage’s Foreclosed Estate – $10,400,000

Nicolas Cage’s Foreclosed Estate – $10,400,000

May 02
23:05 2010

Bel Air is known for Clean Streets, Nice Cars and it’s large Estates, most of which are not visible from the street due to large hedges or gates.  Pride of ownership and care are evident in neighborhoods like this, until they are foreclosed upon.  Built in 1940 this Incredible English Tudor was once owned and enjoyed by world wide known figures like Dean Martin, Tom Jones and most recently Nicolas Cage.  The home now sits vacant, empty and dirty with a pile of money owing on it.  The house has been on the market since early 2007 as high as $35,000,000 while Cage bought the house in 1998 from Tom Jones for a mere $6,469,000.  Cage ended up getting into severe money troubles, and the Estate currently has $18,000,000 owing on it.  That $18M is far off from the Bank Sale price of $10,400,000.  At a recent Bank Auction, nobody showed any interest in purchasing the well known property.  Cage lost more than just the Bel Air house on Wednesday.  He also owned two adjacent properties in the hills of Malibu which represented hundreds of acres total.  Both of those properties were being auctioned for a minimum of $10 million but with no takers they were also surrendered to the lenders.

The home itself is over 11,500 Sq. Ft., was built in the 1940’s by Gerald Colcord and is located in the finest area of Bel Air on a large 1 Acre lot.  Surrounded by homes worth multiples of the price – it’s clear this is an amazing deal.  There are 6 Bedrooms and 9 Bathrooms as well as superb details like beautiful Hardwood Flooring, Custom Moldings & Panelling, Stained & Leaded Glass Windows, Huge Motor Court with Separate Gate, Pool and Outdoor Kitchen.  The Home would need little work to get it back to it’s original charm.  Offered already at a steal, I’m sure there is room to negotiate it even lower.

Price: $10,400,000
Size: 11,817 Sq. Ft.+
Bedrooms: 6
Bathrooms: 7 Full
Speciality Items: Built in 1940, 1 Acre, Formerly Owned by Dean Martin & Tome Jones, Huge Motor Court, Pool, Outdoor Kitchen, Custom Moldings, Paneling, Finest Area of Bel Air.
Address: 363 Copa De Oro Road, Los Angeles, California, United States 90077

MCal’s Thoughts: Sure looks like Nicolas Cage left his former Bel Air Estate in pretty…rough shape.  It’s extremely dirty in the pictures, walls are dirty, chandeliers are missing – just not overall great condition.  I can look past that though.  Given the size, age and history of the home, I think it would be AMAZING to live there.  The detail is incredible, the grounds are amazing and I love the secondary entrance with the Garage.  It would definitely need a bit of work, but in the end this is a place you would be proud of.  I’m actually surprised that it couldn’t sell, the home was foreclosed on and the opening bid was $10.4 M….nobody showed any interest.

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Link to the listing: Zillow

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