Nicolas Cage loses big bucks on his RI Mansion

[n2doc]

Actor Nicolas Cage has finally found a buyer for his behemoth abode in Rhode Island, but the "Leaving Las Vegas" star isn't getting his asking price. Cage, who bought the mansion not far from Newport in 2007, originally put the place on the market for $15.9 million, but in the end accepted just $6.2 million. The buyers are Andrew and Pamela Constantine of Sandwich. "Our interest is solely in restorative work, in bringning it back to what it was," Andrew Constantine told us today. (His property management firm, City Suites Boston, is based in the North End.) Cage bought the estate known as Gray Craig for $15.7 million. The 24,000-square-foot stone house, located near Sachuest Beach in Middletown, has 12 bedrooms, 10 bathrooms, ocean views, a tennis court, gym, and a pool. "We'd seen it back in 1986, but missed out," said Constantine, who didn't meet Cage during negotiations, dealing instead with the actor's reps. "When it became available again, we decided to pursue it." Cage is unloading the house because he has to. The Internal Revenue Service has said the actor owes millions in back taxes, which Cage blames on bad business decisions and sketchy financial advice.

link with video

http://www.boston.com/ae/celebrity/more_names/blog/2011/04/massachusetts_couple_buys_nic.html

[Marblehead]

1. He must have a really big family

[Paper Roses]

2. And to think I cringed when I went to but cat food today.

No sympathy here.

[itsrobert]

6. I cring when I see Nick Cage acting

oops

[demigoddess]

17. cringe

[iemitsu]

3. a pretty fancy home.

clearly buying it was one of the bad business decisions made by cage.

[DJ13]

4. He's the worst speculator in recent memory

He also lost an English castle to foreclosure nearly two years back.

[Codeine]

14. He's almost as bad at real estate speculation as he is at acting. nt

[Fuzz]

5. Stunning home, but you gotta ask yourself, why?

Even if I had that kind of money I wouldn't want a place like that. I would like a house with a little more room and some more amenities, maybe someday, but it's not the end of the world if I don't.

But this? This would only be good if you had all your family and friends move in and have a nice farm on the land, grow grapes, make wine, grow coffee and have parties all the time.

[jberryhill]

7. Well, with ten bathrooms, you could go a long time without having to flush

Just imagine the convenience!

[iemitsu]

16. a cabin on the beach would be heaven for me.

and as long as i could walk down the beach i wouldn't even care if there were neighbors.

[Mimosa]

8. Cage was addicted to buying properties all over the globe.

Really dumb. Buying houses was an obsession for him. His decorating taste is strange too.

[Marblehead]

10. Maybe he was looking

for a treasure map in the walls.

[KatyMan]

9. Rich people have awful taste

whenever I see a big ass house like this, the decor just makes me ill--so gaudy!

[Shagbark Hickory]

11. only 6 mil? Place must have big probs.

[snooper2]

12. He owns part of an Island in the Bahamas, "Paradise Island"

If you ever stay at Atlantis you travel across the bridge from Nassau over to Paradise Island where the Atlantis resort is...

Take a ferry across back over to Nassau and on the little trip over you'll see where the original James Bond "boat-over-dock" explosion scene was shot. Right past that is a huge yacht. Nicolas Cage owns that along with a chunk of the Island and his private dock of course....

[Romulox]

13. We wouldn't even know who this clown is if he weren't related to the Coppolas...

:shrug:

[Codeine]

15. Truth. nt