Today, Nicolas Cage’s Bel Air mansion will be auctioned off, according to Stewart Penn of Penn Properties. The minimum bid is $11,000,000 for a home that Cage bought from singer Tom Jones in 1998 for nearly $6.5 million. And to add to the home’s pedigree, it was also once owned by actor Dean Martin.
Cage has listed this home several times — once, for as much as $35 million, then $29,999,000, then $17.5 million. More than $17 million is owed on the property.
The actor’s financial woes are no secret. The actor Cage foreclosed on his two beloved New Orleans homes last November and his former Vegas home sold for half of his purchase price in January.
Cage is suing his former business manager, Samuel Levin, for mismanaging his fortune, but Levin claims he warned Cage about his lavish spending, which included the purchase of two castles, 15 mansions, several yachts and Rolls Royces.
> See more celebrity foreclosures.