Nicolas Cage Bel Air Mansion - To be sold by Auction

In July of this year I blogged about the massive price reduction on Nicolas Cage's Bel Air mansion at 363 Copa De Oro Road in Bel Air (Los Angeles).

After being on and off the market for almost three years, the List Price for the property was reduced from $35 Million all the way down to $17.5 Million.

Well, even at 50% off there were no takers for the property.

Today on the MLS there has been a whopping change in price .... The property is now listed at $9,950,000.

The property will be subject to a "sealed bid sale" with the minimum bid of $9,950,000.

In my previous blog I said that whatever the property eventually sells for will still yield Cage a substantial profit since he paid $6.5 Million in 1998. That may not now be the case with this new greatly discounted price. Moreover, loans secured against the property are huge. So after commissions and other closing costs the net proceeds might be minimal, if any at all. (Listed by Westside Estate Agency)