Celebrities & Their Mansions: Busted Real Estate

 Celebrities & Their Mansions: Busted Real Estate

In celebrity real estate, certain names come to mind – Nicolas Cage run-ins with the law don’t have anything to do with his drug habit, but everything to do with his spending one. The washed up actor found a way to rack up $33 million in real estate investments, an obsession that led to a series of foreclosed homes and bankruptcy. Nicolas Cage’s debt was so appalling that several houses for sale are listed at less than half their market price, while his IRS trouble led to a bank buy at his New Orleans home. And who could forget that his $35 million Bel-Air mansion went into foreclosure and has been listed at a meager $10.5 million.

As often as Nicolas Cage has made headlines for his foreclosed homes, other celebrities have tried to work the real estate system to their advantage. It’s a real estate rule to never list the house for more than its asking price, but if you’re a celebrity sometimes that rule doesn’t apply. Unless, of course, you’re Lenny Kravitz. Lenny Kravitz’s 6000 square foot home in New York’s Soho was on the market for nearly a decade, originally priced at $17 million before he dropped it down to just under $15. Don’t worry, though, Alicia Keys and Swizz Beatz picked it up after serious renovations.

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Men want to be him and women want to date him, so it’s surprising that Burt Reynolds’ Florida home has been dropping in price since 2005. This real estate ‘bandit’ started listing his five bedroom dig six years ago for $15 million, and has since dropped the price down to $8.9 million. While Burt Reynolds isn’t hurting for the cash, for someone as sexy as this celebrity it’s surprising that someone wouldn’t actually want to live like him for a day – or a few years.


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