5 Biggest Celebrity Real Estate Blunders

Nicolas Cage
Instead of just taking every bad sci-fi and "action" script thrown at him, Nicolas Cage should just concede his money troubles and make a documentary called How To Take A Multimillion-Dollar Bath.

Cage has a $1.7 million home in Newport Beach, Calif., listed for less than $1 million and a $15.7 million Rhode Island estate on the market for $7.8 million. It seems crazy, but so does Cage's roughly three-year adventure in the real estate market.

In 2009, the IRS filed a put a lien on some of Cage's property in Louisiana and said he owed them roughly $6 million for purchases made in 2007. Cage wasn't undergoing quick sessions of shop therapy at the local mall, mind you, but picking up that Rhode Island mansion, the more than $8 million Milford Castle in Bath, England, and some car leases: a five-year, $7,700-a-month lease on a 1964 Rolls Royce SC III; and a $3,600-a-month lease on a 2002 Rolls Royce Corniche. As a result, his two $3.5 million homes in New Orleans were sold back to the bank for a combined $4.5 million, an $8.5 million home in Las Vegas went for $5 million, a $9.5 million Manhattan apartment for $7.5 million and -- most crushing -- a Bel-Air Tudor mansion he'd listed for $35 million hit the bargain bin at $10.5 million after it went into foreclosure.

Cage sued his business manager for $20 million over these losses in 2009, which which didn't do much good when that manager countersued and spilled the beans about other portions of his spree, including $33 million in homes, 22 cars, 47 pieces of artwork and a $276,000 skull of a Tarbosaurus dinosaur.

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