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, Calif. 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.
But the 11,817-square-foot manse drew a steady stream of potential buyers and multiple offers after Citibank put it back on the market and reduced the price to $11.8 million.cheap true religion jeans manufacturers directory.
The property entered escrow at the end of July and closed Tuesday.
"The reason it took so long is the IRS has what is called a right of redemption," said listing agent Stephen Shapiro of Westside Estate Agency, who shared the listing with his son, Max Shapiro. "They had 120 days to decide if they wanted to buy it. You can’t close or get title insurance until that time is up."
The all-cash buyer had been prepared to complete the transaction in five days.
"It was a fatigue-inducing deal," Max Shapiro said. "I was showing it multiple times a day every single day for months. Who knew there were so many $10 million-plus buyers out there?"
In addition to showings,Designer Leather handbags and handbags for ladies. the agents had to check on the house regularly to make sure it was being properly maintained.
"Max was virtually living at that house," Stephen Shapiro said. Jonas Heller of their office represented the buyer.
The sale reflects the continued price drop in the luxury market. A newer,inflatable life jackets can inflate automatically when the life jacket hits the water. slightly smaller house sold last year on the same street for $22 million, according to public records.We also offer bounce house and inflatable bouncers rentals for your birthday party.
Although there had been speculation among local real estate agents that the house might be torn down, the new owner has hired a restoration architect to bring it back to flawless condition, according to Prudential California real estate agent Bret Parsons, the author of "Colcord Home,inflatable mattress bed is a private company categorized under Inflatable Beds and located in Brookhaven, PA." a loving examination of the extensive work of architect Gerard R. Colcord.
"Over the summer I met with the successful buyer’s architect and it appears that the grand English Tudor will have a very happy ending," Parsons said.
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, Calif. 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.
But the 11,817-square-foot manse drew a steady stream of potential buyers and multiple offers after Citibank put it back on the market and reduced the price to $11.8 million.cheap true religion jeans manufacturers directory.
The property entered escrow at the end of July and closed Tuesday.
"The reason it took so long is the IRS has what is called a right of redemption," said listing agent Stephen Shapiro of Westside Estate Agency, who shared the listing with his son, Max Shapiro. "They had 120 days to decide if they wanted to buy it. You can’t close or get title insurance until that time is up."
The all-cash buyer had been prepared to complete the transaction in five days.
"It was a fatigue-inducing deal," Max Shapiro said. "I was showing it multiple times a day every single day for months. Who knew there were so many $10 million-plus buyers out there?"
In addition to showings,Designer Leather handbags and handbags for ladies. the agents had to check on the house regularly to make sure it was being properly maintained.
"Max was virtually living at that house," Stephen Shapiro said. Jonas Heller of their office represented the buyer.
The sale reflects the continued price drop in the luxury market. A newer,inflatable life jackets can inflate automatically when the life jacket hits the water. slightly smaller house sold last year on the same street for $22 million, according to public records.We also offer bounce house and inflatable bouncers rentals for your birthday party.
Although there had been speculation among local real estate agents that the house might be torn down, the new owner has hired a restoration architect to bring it back to flawless condition, according to Prudential California real estate agent Bret Parsons, the author of "Colcord Home,inflatable mattress bed is a private company categorized under Inflatable Beds and located in Brookhaven, PA." a loving examination of the extensive work of architect Gerard R. Colcord.
"Over the summer I met with the successful buyer’s architect and it appears that the grand English Tudor will have a very happy ending," Parsons said.
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