The lost homes of down-on-their-luck celebrities
Where: Bel Air, Calif.
Bought for: $6.5 million in 1998
Sold in foreclosure for: $10.5 million
What happened: Used home as a piggy bank
Like millions of Americans, this Oscar-winning movie star took advantage of rising property values to take cash out of his home. And that can be a lot of cash when you’re talking about an 11,817-square-foot Tudor mansion with six bedrooms, nine baths, an Olympic-size pool, wine cellar and 35-seat home theater. According to the L.A. Times, Cage took out a first mortgage of $425,000 in 2005, second and third mortgages for $15.85 million in 2007, and three more loans totaling $2.1 million in 2008. Then the real estate market crashed, and Cage had no hope of selling the house for the $35 million he wanted -- or even the $18 million he needed to cover all of that debt. The home, which had previously been owned by Dean Martin and Tom Jones, was seized by lenders in early 2010.