No one buys Nicolas Cage's mansion at auction

[April 20, 2010]  LOS ANGELES (AP) -- 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.

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Information from: Los Angeles Times, http://www.latimes.com

[Associated Press]

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