Nic is selling his R.I home

scorpiolady · Superstar

RE: Nic is selling his R.I home

Corelli · 12:33 PM, 10/23/08

Could be!

I can only imagine the council tax he has to pay on his English houses! cry

scorpiolady · Superstar

You're welcome Hun biggrin

, yeah agree with you there, couldn't imagine it effecting him too much, but then again with properties hard to shift, you never know, biggrin

think of all those taxes he has to pay on all those properties, so I'm wondering if he is downsizeing them a bit to keep in pocket biggrin

Corelli · 8:35 PM, 10/22/08

Intersting articles...thanx for posting them Kim! biggrin

I can't imagine the credit crunch effecting Nic very much! biggrin

scorpiolady · Superstar

Just found this little bit of interesting news in my google alerts, it seems Nic is trying to avoid the credit crunch by selling some of his properties biggrin

Nicolas Cage Getting Rid Of R.I. Digs

Actor Nicolas Cage is reportedly selling a Rhode Island estate that he purchased just a little over a year ago.

Lila Delman Real Estate is listing the Gray Craig estate in Middletown for $15.9 million, which is about $200,000 more than Cage purchased it for in August 2007.

The president of the real estate firm, Melanie Delman, told the Newport Daily News that the actor enjoyed his brief stay but his schedule did not allow him to spend as much time in the area as he had hoped.

Cage had been spotted at some local eateries but did not appear at any public events.

The 24,000-square-foot home near Sachuset Beach includes 12 bedrooms and 10 full bathrooms. It sits on 26 acres next to a wildlife sanctuary.

Here is some more news regarding the property for sale aww

Update: Actor Nicolas Cage selling Middletown estate

2:05 PM Wed, Oct 22, 2008 | Permalink
By Kate Bramson

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MIDDLETOWN -- The real estate firm listing Academy Award-winning actor Nicolas Cage's sprawling Gray Craig estate in Middletown, which he bought a little more than a year ago for $15.7 million, says there has been interest in the property.

Lila Delman Real Estate has listed the mansion at $15.9 million and describes it this way on its Web site: "Nestled in the privacy of Paradise Valley, an inspiration for generations of American artists including William Trost Richards and a sanctuary of wild life and natural beauty, Gray Craig is an estate of unparalleled refinement."

Melanie Delman, president and owner of the firm and broker, said Cage's work has prevented him from spending the time he wanted to in Newport.

"He loves the area," she said. "Initially, he spent quite a bit of time [at the property], but business engagements have kept him away."

Delman declined to say how many potential buyers have looked at the Gray Craig estate, which has been on the market since the end of September.

The 24,664-square foot, brick-and-stone country manor has 12 bedrooms and 10 full bathrooms. Lila Delman reports that the mansion at 75 Gray Craig Road has recently been restored "to the highest standards," including a state-of-the-art heating and air conditioning system, a new gym and "wiring for today's technology."

Cage's purchase of the property last year ranked the home among Rhode Island's most expensive residential purchases. Newport's Miramar mansion on Bellevue Avenue sold for $17.15 million in December 2006.

Delman sales associate Robin Nicholson said the firm is still showing high-end properties despite the current economic downturn. They get "a lot of interest from New York," she said.

"It's interesting to note that the people that we are showing the highest-end properties to are from the financial world," Nicholson said. "They're a very good bellwether, showing us what a good time it is to buy."

Delman said those smart buyers know the market won't be down forever and smart buyers are "bucking the trend" and buying now.

"Timing the bottom [of the market] is what they do," Delman said.

By the time experts start predicting that it's a great time to buy again, Delman said, "it's too late."

"Prices start moving up and you're not going to be able to negotiate anymore," she said. "[The market] doesn't stay bad forever, and it doesn't stay good forever. We all know that."

When Cage bought the Rhode Island estate, he reportedly owned homes in five countries, including an island in the Bahamas, a mansion in Germany and multiple homes in the United States.

"He has an eye, obviously, for beautiful real estate all over the world, and it's a compliment to Rhode Island that he bought something here -- knowing that he's a fine connoisseur of property," Delman said. "This property stands alone and competes well with any property around the world."

The Gray Craig estate was built between 1924 and 1926. Mary and Michael van Beuren engaged New York architect Harrie T. Lindeburg to design them a home in Portsmouth, according to the real estate listing of the property. Seeking a more dramatic setting, Lindeburg encouraged the van Beurens to purchase the Gray Craig property instead. The grand English country estate he then constructed for them remained in the van Beuren family for 60 years.

The property also includes a pool, a tennis court, a fish pond with fountain, a stone terrace with outdoor fireplace, heated garages, an enclosed courtyard and terraced lawns.

The highest selling price for a house this year in Rhode Island is $7.75 million for the

-- Edited by scorpiolady at 20:07, 2008-10-22