I know some of you are into the higher-end REOs so thought I'd send this along.
A Bel-Air mansion owned by Nicolas Cage has found no takers in a foreclosure auction.
The opening bid for the actor's 12,000-square-foot home was $10.4 million, but there are $18 million worth of loans on the property.
The Tudor mansion boasts six bedrooms, a central tower, home theater and an Olympic-sized pool. The house reverted to the foreclosing lender at Wednesday's auction in Pomona.
Even though he's one of Hollywood's highest-paid stars, Cage has money troubles. He owes millions in unpaid taxes and in January his foreclosed home in Las Vegas sold for nearly $5 million.
Cage sued his former business manager in October for $20 million, claiming the man's advice led him toward financial ruin. The ex-manager says Cage is a spendthrift.
(Sorry, I couldn't resist - a light moment in REI. Well, maybe not for Nick Cage...). You think they might take $500K for it?
Life isn’t about waiting for the storm to pass…
It’s about learning to dance in the rain.
The most difficult thing is the decision to act, the rest is merely tenacity. The fears are paper tigers. You can do anything you decide to do. You can act to change and control your life; and the procedure, the process is its own reward. - Amelia Earhart
"The greatest mistake you can make in life is to continually be afraid you will make one." - Elbert Hubbard