Financially beleaguered actor Nicolas Cage lost his two New Orleans homes to foreclosure yesterday:
1140 Royal St, New Orleans, LA 7011:
2523 Prytania St, New Orleans LA 70130:
Regions Bank of Birmingham, AL, paid for $2.3 million for the Royal Street property (appraised at $3.5 million) and $2.2 million for the Prytania Street home (appraised at $3.3 million).
Quite a loss for Cage.
>> See other celebrity foreclosures
[Thanks, Stan]
It seems he’s getting popular on real estate news lately.
Just because you earn a high salary doesn’t mean you can affort high cost items. Everyone should consider their own math problem and how their salary can support their want to purchase something.
Let’s to the math.
10 million – after taxes – maybe 5 million dollars every two years (with a good movie career) which is really about 2.5 million/year.
Let’s see – that is about 208,000/month.
mortgage should be about 1/3 of your costs or about 69k/mo.
IF he bought one 10 million dollar home and put 1 million down – got a 30 year mortgage…that’s about 70k/month with taxes.
So one house seems reasonable. If I were his advisor, I would suggest that he not overspend his salary.
I think that if they couldn’t sell the properties as one single house they should think of making some changes. Those houses could be turn into a guest house, hotel, or even transforming it into mini studios or apts and sell them individually. There is always a way of making money. Some people just like get rich quick investments.
holy frikin’ morning. I don’t think I’ve ever read so much blathering!! lol
First, I live in the murder capital and it’s NOT NOLA. It’s St. Louis. We average 2-3 murders a week, sometimes 5-6. NOLA is far safer.Second, that’s the famous LaLaurie Mansion, built in 1832, and owned by a couple who “allegedly” beat and murdered their slaves (no REAL HARD evidence exists to back this up outside of an old sensationalist newspaper article from 1834 which incited their very envious neighbors to drive the LaLaurie’s out of the city. The bones found under the “floorboards” (actually in the courtyard), were left over from a cemetery that was there before the house was built. It was the custom in those days to simply toss the headstones away and build right over the graves. Madame LaLaurie DOES guard her prized house. She drove one fool out years ago who attempted to turn it into a bar/restaurant. Dauphine didn’t care for that idea one bit! Other than that, no one really gets bothered there. The house is worth about 750,000 in today’s market. It’s 10,000 square feet, not including the carriage house and courtyard. If I had such cash, I’d but it in a heartbeat. The house is gorgeous!!!
Not great news for Nick Cage, but he’s still making movies and will recover. Nobody wants to pay way more than a house is worth, even people with a lot of money.
Nicolas Cage should be able to pay the tax every year. He has a good source of income. He may be just that delinquent for not able to pay the tax and ended up for foreclosure. Maybe that house may not be important for him to keep it. He can still get another house anytime though.
Nicolas will be fine. He got into some bad deals with a rat partner and now he’s recovering and has learned from this. Like I said, he’ll be just fine.
Nice post! its interesting and very informative,and i agree; it seems the more money you have, the more you spend, and once it stops pouring in, they can’t seem to reel back their spending.thanks for sharing!
