Not even the rich and famous are immune to the housing implosion in Sin City.
A firm called Luxury Homes of Las Vegas says it has sold the foreclosed, bank-owned home of Nicolas Cage for $4,950,000. Cage bought the 14,306-square-foot home with views of the Strip in September 2006 for $8.5 million, meaning its value has fallen 40 percent.
Luxury Homes of Las Vegas tells CNBC the buyer is a wealthy out of state businessman who bought the home for close to its asking price on its first day on the market. The firm will not reveal the buyer's identity until escrow closes, which could be as soon as tomorrow.
Cage has reportedly been in a long-running dispute with his former business manager, Samuel Levin, who is accused by Cage of duping the actor out of millions of dollars. The actor owes the IRS $6 million, according to the realty company, and he has already had three other homes foreclosed on, one in California and two in New Orleans.
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