Snaptar
11-14-2009, 01:26 PM
Even Academy Award winners are suffering from financial woes this recession. Actor Nicolas Cage lost two homes in New Orleans worth a total of $6.8 million in a foreclosure auction Thursday.
Birmingham, Ala.-based Regions Bank purchased Cage's 1140 Royal Street property in the French Quarter appraised at $3.5 million for $2.3 million. The bank, which has about 1,900 branches throughout the South, Midwest and Texas, paid $2.2 million for Cage's 2523 Pataniya Street property appraised at $3.3 million in the Garden District.
New Orleans's civil Sheriff Paul Valteau said no other bids were made on the houses.
Cage owed $5.5 million in mortgage payments and $151,730 to the City of New Orleans in real estate taxes, according to Valteau.
Hancock Park Real Estate Co., a corporation through which Cage purchased both homes, is listed as the official property owner. Valteau said attorneys representing Samuel Levin, Cage's former business manager, set up the corporation so that Cage's name would not appear on the mortgage documents -- a common strategy among celebrities.
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Birmingham, Ala.-based Regions Bank purchased Cage's 1140 Royal Street property in the French Quarter appraised at $3.5 million for $2.3 million. The bank, which has about 1,900 branches throughout the South, Midwest and Texas, paid $2.2 million for Cage's 2523 Pataniya Street property appraised at $3.3 million in the Garden District.
New Orleans's civil Sheriff Paul Valteau said no other bids were made on the houses.
Cage owed $5.5 million in mortgage payments and $151,730 to the City of New Orleans in real estate taxes, according to Valteau.
Hancock Park Real Estate Co., a corporation through which Cage purchased both homes, is listed as the official property owner. Valteau said attorneys representing Samuel Levin, Cage's former business manager, set up the corporation so that Cage's name would not appear on the mortgage documents -- a common strategy among celebrities.
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