would hollywood end the love affair with RE flipping/hoarding? imho this crash will be just a hiatus, just a long one. --------------------------------- “Actually, Cage almost certainly isn’t laughing at the latest turn of events involving his real estate holdings, besieged and beset as they are by federal income-tax liens and bank takeovers. A buyer plans to close a deal this week to purchase the... [more]
would hollywood end the love affair with RE flipping/hoarding? imho this crash will be just a hiatus, just a long one.
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“Actually, Cage almost certainly isn’t laughing at the latest turn of events involving his real estate holdings, besieged and beset as they are by federal income-tax liens and bank takeovers. A buyer plans to close a deal this week to purchase the 14,306-square-foot Spanish Hills home that Nevada State Bank foreclosed on in December for $4.89 million.”
“In some ways, Cage is like so many other Las Vegans who bought homes with outsized loans at the market’s apex. He bought the Spanish Hills property in September 2006 for $8.5 million. Cage, whom Forbes ranked as the country’s fifth-highest paid actor in 2009 with earnings of $40 million, had amassed an estate that included 15 homes, four yachts, a Gulfstream jet and millions in jewelry and art.”
“Cage’s Spanish Hills home looked to be part of a plan to buy houses across the country and ‘profit from them,’ said Realtor Ken Lowman. ‘All of a sudden, that plan doesn’t look like it’s going to work out.’”
http://www.nydailynews.com/real_estate/2010/01/27/2010-01-27_foreclosedupon_las_vegas_pad_once_owned_by_cashstrapped_nicolas_cage_finally_sel.html[less]
