November 15, 2013 1:09 PM
Nicholas Cage's former ranch home in Malibu has sold for $6.3 million after being on the market for nearly a year.
Cage bought the home in 2000 for $10.3 million, and we're not entirely sure when he unloaded it, but Apparel Limited CEO Masud Sarshar is named as the most recent seller. Sarshar listed the pad in January for just under $10 million, and when Cage was initially trying to sell the home, he put it on the market for $23 million. We're guessing Cage sold it somewhere in the 7-10 range, so either way it looks like both of the gentlemen may have taken a loss on the 320-acre property. The acreage makes this estate one of the largest land-holdings available in Malibu, according to listing info.
The property boasts "numerous panoramic viewpoints," miles of horse trails, oak trees, and it's close to four waterfalls in the Santa Monica Mountains. Existing structures on the land include an indoor garden, a small guest residence, a horse pasture, and two-bedroom/two-bathroom home.
In 2009 the IRS went after Cage for nearly $13 million in unpaid taxes, and he frantically began selling off handful of properties he has collected over the years. Cage's purchases and sales since 2000 have included a private island in the Bahamas, three different Malibu properties, a Medieval castle in Germany, a country manor in Rhode Island, a castle in England, two homes in New Orleans, two San Francisco residences, a home in Nevada, another pad in Newport Beach and five other residences in Los Angeles. Whew!
Shortly after Cage's financial issues made headlines, the actor sued his business manager, Samuel Levin, alleging negligence and fraud. Levin counter-sued, stating that he warned Cage that he was living beyond his means and advised him to spend less. Levin’s filing states that “instead of listening to Levin, Cage spent most of his free time shopping for high ticket purchases, and wound up with 15 personal residences."
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