The sale of Nicolas Cage's onetime Bel-Air estate, which the actor lost to foreclosure this year, has all the makings of a Hollywood blockbuster. There was hubris, bad taste and a dizzying fall from financial grace.
The closing scene played out this week when a new owner picked up the sprawling mansion for $10.5 million, a relative bargain for a trophy home that had been listed several years ago at more than three times that amount. The buyer was identified only as a limited liability company, a common cloaking device in high-profile real estate transactions.
The 1940 Tudor had failed to generate any bids in April when it was offered at the county courthouse steps in Pomona. Six loans totaling $18 million encumbered the house, which the actor had decorated in a style one local real estate agent dubbed "frat-house bordello." Among personalized touches were garish room colors, three dozen bronze wall sconce holders made from a cast of the Oscar winner's arm and hundreds of elaborately framed comic-book covers lining the walls.