Nicolas Cage's foreclosed home is sold for $10.5 million

cage.jpgThe Bel-Air property had been listed at one point for $35 million. Formerly the home of Dean Martin and Tom Jones, the 11,817-square-foot Tudor-style house has a custom wine cellar, 35-seat home theater, six bedrooms, nine bathrooms and a pool. Cage has been plagued with all kinds of financial and tax problems. From the LAT:

Last year Cage sued his former business manager, Samuel J. Levin. The complaint, filed in Los Angeles County Superior Court, accused Levin of having "lined his pockets with several million dollars in business management fees while leading Cage down a path toward financial ruin." Levin filed a countersuit, describing Cage as setting off "on a spending binge of epic proportions" and stating that by July 2008 Cage owned "15 palatial homes around the world," four yachts, an island in the Bahamas, a private Gulfstream jet and millions of dollars' worth of art and jewelry.

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Mark Lacter
Mark Lacter created the LA Biz Observed blog in 2006. He posted until the day before his death on Nov. 13, 2013.
Mark Lacter, business writer and editor was 59
The multi-talented Mark Lacter
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