Property Blog - Merry Christmas

This is our last post for 2009. The team at Property Buzz is taking Christmas off and will be back with more of your property related news bigger and better is 2010.

Property Buzz wishes you all a fantastic Christmas and a very Happ New Year!!

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property blog - property acquisition

SURFERS Paradise bar, restaurant and nightclub complex Melbas on the Park has been sold to Queensland-based entities controlled by Michael McFie of the McFie Group for about $16.5 million.

McFie Group bought Tasmania’s Cradle Mountain Lodge earlier this year from GPT Group and owns a raft of hospitality and entertainment assets.

CB Richard Ellis agents Craig Harley, Mark Witheriff and Joel Fisher negotiated the sale of the Cavill Avenue property and nightclub business on behalf of receivers Jamie Harris and John Cronin from McGrathNicol.

Melbas on the Park has been a Gold Coast institution for nearly three decades.

It recently underwent a multi-million dollar expansion to create a new restaurant, cocktail bar and lounge with 40 gaming machines.

The complex also incorporates a night club on the first floor.

Rynah, the Paul Allen-controlled company that operated the business, was placed in receivership last year owing creditors almost $31m.

Mr Harley said the sale campaign had attracted close to 100 enquiries and 13 expressions of interest from local, national and international parties.

“There was unbelievable interest both nationally and internationally,” Mr Harley said.

Melbas is a 2696sq m strata property that occupies areas on three levels in the prominent Gold Coast tower Cavill Park.

Source: www.theaustralian.com.au

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property blog - celebrity property

Generations of privileged guests have been enchanted by this astonishing property, from its exquisite craftsmanship and astonishing views to its rare private beach. Charmed since it first took shape on the high cliffs of Laguna Beach nearly a century ago, the incomparable Villa Rockledge was the vision of Frank A. Miller and Arthur Benton, the developer and architect of Southern California’s famous Mission Inn resort in Riverside.

Built on a spectacular site Miller had owned since 1887, the property was created as a gift to his wife, Marion. He called it Mariona.

 In late 1918, under the watchful eyes of Miller and Benton, the crews and artisans who built the Mission Inn began to craft this stunning residence by hand – from the thick cement foundations and retaining walls to the rustic stone towers, large open oceanside porches and ornamental chimneys. Each leaded glass casement window, heavy beam, hand-sanded mahogany floor, wrought iron railing and masterpiece timework was handmade. The process took 4 years.

As the movie industry emerged, the growing coastal resort and art colony of Laguna Beach became a getaway playground. An invitation to Villa Rockledge was a highly coveted prize. Hollywood luminaries like Clifton Webb, Robert Mitchum and Errol Flynn basked on its private beach. Bette Davis met her future husband, William Grant Sherry, on the mystical property.

 In the same hands for 35 years, lovingly restored to its original grandeur, Villa Rockledge is on the National Registry of Historic Places. “Rarely do events of history so conspire to create a private place, privately owned, with a record that traces the life and times of a public place known and revered by countless thousands. Such a place is Villa Rockledge of Laguna Beach, California.” Built in 1918 by builder Frank Miller builder of the Mission Inn or Riverside, this three bedroom three and a half bathroom historical landmark, sits built into the cliffs of Laguna Beach.

This is a 5,500 square foot property with and office loft, huge great room with vaulted ceilings, two sitting rooms, two kitchens, and it’s own private beach. This property is one of a kind! Villa Rockledge is a rare jewel in one of the world’s most desirable real estate locations.

 Stunning in location, and steeped in the best of California’s early history, Villa Rockledge sits perfectly juxtaposed between beautiful coastline, world class climate, and Laguna Beach, one of California’s most natural, artistic and desirable towns. “The overall quality is complex, dynamic and with a very pleasant sense of mystery.

The property is in excellent, well-maintained condition. One must see it from the ocean side to really appreciate its beauty.” – State of California Historic Resources Inventory. In late 1918, under the watchful eyes of iconic historical developers Frank A. Miller and Arthur Benton, the same crews and artisans who built the famous Mission Inn, began to craft this stunning residence by hand – from the thick cement foundations and retaining walls to the rustic stone towers, large open ocean-side porches and ornamental chimneys.

Each leaded glass casement window, heavy beam, hand-sanded mahogany floor, wrought iron railing and masterpiece timework was handmade. The process took four years.

BREATHTAKINGLY UNIQUE – A LEGACY FOR GENERATIONS Miller and Benton filled Villa Rockledge with a dazzling array of “new” Mediterranean and Mission influences that captured the idealized beauty of Early California. Encouraged by Miller, the style would soon sweep Southern California, winning generations of hearts. Soon after, some of Hollywood’s most famous movie celebrities came and stayed, an homage to the unique place and style that is still Villa Rockledge today.

A true legacy house for generations to come, the views from every window are exquisite. The private beach is both rare and divine, and one of the last available private beaches in California. An esteemed member of the USA’s National Registry of Historic Places, a coveted designation which does not prohibit architectural updates, but encourages preservation of historical significance. The soul of Villa Rockledge can only be experienced from standing in the grand foyer, or drinking in the awe-inspiring ocean-side vistas. Weir Properties welcomes your inquiries, and will professionally coordinate an opportunity to step inside this unique, once in a lifetime property. Villa Rockledge is waiting to welcome a new generation of VIP guests.

Source: www.movieproperties.com

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property blog - Property Technology

Paul and Lindsey Oxley knew they’d be getting a bonus room when they signed on with Orlando–based homebuilder Bob Sorenson of Sorenson Construction.

What they didn’t know is how much they’d actually use the space. Positioned over a four-car garage, the room was spacious enough to accommodate just about anything. From the get-go the Oxleys envisioned it as a super-size storage space.

After speaking with Sorenson’s home electronic subcontractors, though, the couple was convinced that the best way to utilize the space would be to turn it into a home theatre. Luckily, the room wasn’t quite finished when Ken White and his crew at MillenniumWaves were brought on.

“We put in a floor riser and ran heating and cooling ducts to the room,” White says. A wall and doors were added to shorten the 26-foot long room and to create a dedicated area for a ticket counter, concession stand and a built-in equipment rack. The remaining space would be just the right size for the six comfy theater seats requested by the Oxleys.

The only real obstacles in the room, says White, were the two dormer windows. During movies, the panes would have let in too much light, so black out shades were applied. Another set of drapes were hung a few feet in front of the windows to handle any stray light that seeped through the windows, and to provide a bistro-like sitting area. The Oxleys simply pull back the drapes whenever they’d like to offer guests an additional place to relax.

As for the angled walls? White says they were actually a blessing.

“I find that they’re great for room acoustics,” he says, but not without the addition of some custom-made wall treatments. He was also able to get wire to the projector, speakers and subwoofers even though no attic space existed. A small crawlspace on the other side of one wall provided a clear pathway for much of the theater’s cabling.

Source: www.electronichome.com

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property blog - property news

The centerpiece of an US$8.5-billion (A$9.4 billion) complex intended to redefine the Las Vegas resort experience, opens today with a lavish private party and fireworks.

Thousands of tourists and Las Vegans are expected to pour into the Aria Hotel-Casino after celebrities, moguls and other VIPs mark the official completion of the most expensive private construction project in US history.

Aria is the glass-sheathed Cesar Pelli-designed 4004-room hotel at the heart of CityCenter, a 67-acre complex of hotels, condominiums and retail on the Las Vegas Strip.

“I couldn’t be happier today,” said Pelli, the legendary 83-year-old architect best known for designing the Petronas Twin Towers in Malaysia. “This is the result of all our talents coming together to achieve a great goal.”

Pelli was on hand along with the all-star team of architects who designed five of the other projects at CityCenter including Rafael Vinoly, Daniel Libeskind, David Rockwell and Helmut Jahn.

CityCenter was the brainchild of MGM Mirage CEO Jim Murren, who conceived in 2004 the idea of using the company’s large plot of undeveloped land immediately south of the existing Bellagio casino to create a new urban center for sprawling Las Vegas.

Three of the buildings contain a total of 2,440 condominiums, an effort to create a dense, New York-inspired lifestyle option on the Strip.

The opening of Aria concludes a two-week launch that also featured bows for the 57-story hotel-condo Vdara tower, the 500,000-square-foot high-end retail center called The Crystals and the 47-story Mandarin Oriental hotel that also contains 225 private residences.

A pair of twin leaning yellow-checkered all-condo towers and one more hotel are due to open in 2010.

Aria is the central piece of the complex as the only building with the staples of Vegas, a casino, a lineup of star-chef eateries, a lavish spa, a large convention center and a show.

Viva Elvis, a new Cirque du Soleil production scored by Elvis Presley music, begins previews start this week. Presley’s widow, Priscilla, was on hand for the opening.

“The buildings are done, the architecture’s around us, the art is in place, the chefs are prepared, the staff has been highly trained,” said Murren at a midday ceremony kicking off 12 hours of parties.

“The atmosphere inside is electric, it’s palpable. The anticipation has been building in the last several days into a crescendo, in fact an aria.”

Later, Murren rang the closing bell for the New York Stock Exchange via satellite from CityCenter, clanging a bell used for most of the major boxing matches in Las Vegas in recent decades.

President Barack Obama is tentatively scheduled to tour the complex on December 23 en route to his Christmas holiday in Hawaii.

The five-year construction project hit a major scare in March when joint venture partner Dubai World sued MGM Mirage to get out of having to continue to pay its portion. The row was resolved by marathon negotiations between MGM Mirage, Dubai World and its lenders throughout April.

Murren has said he is unconcerned about Dubai World’s more recent financial travails because CityCenter is now fully funded and completed. If Dubai World should face bankruptcy, MGM Mirage could even acquire its half of the ownership stake, he said.

Still, MGM Mirage faces other challenges with CityCenter, which adds about 6,000 new hotel rooms to a market that already has 141,000 and has seen occupancy reside in the low-80-per cent range for most of 2009.

The Las Vegas economy has suffered its worst downturn since gambling was legalized in the 1930s. Visitation is on track to slump to 35 million in 2009, down from a record 39.2 million in 2007 and the destination’s lowest count since 1999.

Room rates now average 92 dollars per night, 23 per cent lower than the 2008 average, according to data from the Las Vegas Convention and Visitors Authority. And 2008 was 10 per cent below 2007.

Murren predicted CityCenter would boost visitation to the city by seven per cent in 2010 and be the catalyst for the region’s economic recovery.

“We believe Las Vegas is a better place today because of CityCenter,” Murren told the crowd. “People will find anew a reason to come and travel. People want to be on the road, aspire to a better day.”

Source: www.smh.com.au

Property Blog by Property Buzz

property blog - property acquisition

LEND Lease said today it is part of a consortium which is the preferred bidder for the $1.4 billion ING retail property fund.

The fund owns 14 shopping centers in Australia and New Zealand, including Perth’s $450 million Joondalup Shopping City. In recent months the fund has sold three assets: Brisbane’s Wynnum Plaza and the Endeavour Hill and Geelong Homemaker centers.

Australia’s largest property developer has been on the lookout for distressed assets while property development financing and construction is constrained, and ING Groep NV has said previously that it plans to sell its insurance and investment management businesses to concentrate on banking.

Lend Lease, which had $1 billion in cash on its books at June 30, will contribute up to around 20 per cent of the capital needed for the deal, with the rest coming from its managed funds and capital partners, Investment Management chief Tarun Gupta said in an interview with Dow Jones Newswires.

“Some of the assets will come under the management of Lend Lease Retail, and the assets will go into the respective managed funds we have, and become part of our overall platform,” Mr Gupta said.

“The assets from our point of view are attractive to our platform. There are some really high quality assets and we believe we can manage them and add value over the long term.”

Gupta declined to name the other consortium partners.

The Australian reported earlier this month that the ING Retail fund’s investors were five pension funds including Singapore’s GIC Real Estate, one of that country’s sovereign wealth funds, and Prudential PLC.

The acquisition, which is subject to further discussions, may be completed in the next six weeks, Lend Lease said.

Lend Lease said earlier this month that it was in discussions with the fund.

Source: www.theaustralian.com.au

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property blog - stockland property news

Stockland Group, Australia’s second-largest property trust, has sold $300 million of February 2015 fixed rate bonds at 270 basis points over swap.

The new bond issue was part of a bond exchange involving the buyback of $175 million in June 2011 notes at 190 bps over swap.

A total of 20 investors, mostly existing bond holders, participated in the exchange, Stockland said. Commonwealth Bank of Australia and Westpac Institutional Bank arranged the offer.

The buyback allows Stockland to pay down debt at a discount and to extend its weighted average debt maturity to now around 6.3 years, it said.

Analysts expect more listed property trusts (LPTs) to follow suit as borrowing costs have significantly improved this year.

“It don’t see why it would be restricted to LPTs,” said Gus Medeiros, research analyst at Deutsche Bank.

“It just happens that the LPT sector is a major issuer and it’s not surprising that they may be leading this process.”

Stockland is not ruling out another bond exchange.

“It’s always something that we are reviewing and actively managing,” said a company spokeswoman.

source: www.businessspectator.com

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property Blog - celebrity Property - Goldie Hawn

The list below is in no particular order.

Oprah Winfrey: This property, located in Santa Barbara, California, belongs to Oprah Winfrey. The property covers approximately forty-two acres and the house is 23,000 square feet. It has six bedrooms, fourteen bathrooms, ten fireplaces and a home theater. Oprah added a man-made lake stocked with rare fish and she had local Montecito sandstone bricks hand-laid into a quarter-mile long driveway. Although this property is nicknamed, “Oprah’s Hearst Castle,” we like it because of the landscaping, which is meticulous. To Oprah’s credit, this property contains the largest amount of green space in Santa Barbara. Its balanced elegance reminds us somewhat of the famous historic Biltmore estates located in Ashland, North Carolina.

Kurt Russell and Goldie Hawn: Actors Goldie Hawn and Kurt Russell moved to Vancouver, Canada to support their son’s fledgling hockey career. This property, a Tudor-style creation located in the Shaughnessy area, is now on the market again and listed at $5.4 million Canadian. It contains five bedrooms and eleven fireplaces, a gym and a built-in theater room, and the property sports a grand oak paneled entrance hall with fireplace, two dens, new kitchen, private yard and a separate coach house. There is a formal living room and separate dining room, a conservatory, and the master suite contains a separate dressing area. The couple purchased the property in 2002 for $2,995,000, or $1,875,000 US dollars, and its charm and settings make the grade for this list.

Madonna: This pop-singer icon made a bid on Ashcombe, the former property of late photographer Cecil Beaton, in 2001. Friends including Rex Whistler, Salvador Dali and Augustus John returned Beaton’s hospitality by painting murals in the house. Located in Wiltshire, England, this 1,200-acre carried a guide price of £9 million. This was the first time that Ashcombe had been for sale on the open market since the First World War. It is an exceptionally private house, hidden in its own valleys which contain one of the country’s best shoots. The pop star learned how to fish, hunt and ride horses, so this property seemed to fit Madonna to a “T” in 2001. The couple also owns a mansion in London, and the Wiltshire property is within easy reach and close to the Wiltshire estate of Sting and his wife, Trudie Styler. They are close friends of the singer and first introduced her to her husband, Guy Ritchie. It appears recently, however, that Madonna has put Aschombe on the market again, this time to the tune of £12 million.

• George Clooney: This talented actor purchased this 25-room Italian villa in 2001. Known as Villa Oleandra, it is said to contain an outdoor theater, a large swimming pool and a garage for Clooney’s motorcycles. Italian journalists and tourists swarmed to the small town of Laglio, where this property is located, when they heard rumors that Brad Pitt and Angelina Jolie would wed at pal George Clooney’s lakeside estate. Clooney has some illustrious neighbors as well – designer Donatella Versace owns a home on Lake Como near the burial place of her late brother Gianni. Singer Avril Lavigne and husband Deryck Whimbey honeymooned in Lake Como a few years ago as well. Clooney really admires this property and says, “I go there whenever I can. It’s where I wrote Good Night And Good Luck and where I finished the script for Leatherheads. It’s a really peaceful place to go and write.” Catherine Zeta-Jones and Michael Douglas are regular guests at the mansion, where Clooney also shot scenes for the film, Ocean’s Twelve.
• Joel Horowitz: The co-founder for Tommy Hilfiger found his property – named Tranquility – in Lake Tahoe, Nevada. This home, conveniently located on the tax-free side of Lake Tahoe, contains a 20,000-square-foot main house that is modeled after a northern European mountain home. It also contains a 3,500-bottle wine cellar, an indoor swimming pool and an atrium as well as a 19-seat movie theater. It also boasts nine bedrooms, fourteen full and five half-baths, a private lake with docks and two par-three golf holes. While this home could be called “ostentatious,” it carries a glamor reminiscent of Europe. The living room features a double-height ceiling adorned with carved beams, large windows at one apse-like end and hand-carved antique fireplaces. The dining room’s floor dates back to the 17th century, and was salvaged from a French chateau. Its ceilings are hand-painted, not with Old World themes, but images of animals indigenous to Lake Tahoe. Want to purchase the property? It’s on the market again for a cool $100 million.

Jerry Seinfeld: Comedian Jerry Seinfeld purchased this lavish and luscious East Hampton, New York property from rocker Billy Joel for the then record-setting price of $32 million in 2000. According to the magazine, OK!, this home beat out properties own by Donald Trump, Sir Elton John, and even George Clooney’s Italian villa noted above for the number one celebrity palace in 2007. This home has been described as a “magnificent Tudor-style waterfront manor … sited on over 14 acres of rolling lawns and naturalized landscaping. There are three buildings total with a sum of twenty-four rooms, including eight full baths and five half-baths. There are thirteen fireplaces, a gym, indoor and outdoor pools, a gourmet kitchen, a tennis court, a bowling alley, a guest cottage, a music room, a smoking bar and a wine cellar. Annual taxes are $208,463.

• William Zysblat: William Zysblat recently purchased this modern beauty located in East Quogue, New York. Zysblat’s company, RZO Productions, has handled business and management affairs for rock icons U2, David Bowie, The Police and the Rolling Stones among others. The sale of the oceanfront post modern property on Dune Road closed in December for $6.2 million. The asking price for the 3,200 sq ft dwelling had been $6.7 million. The property includes 166 feet of ocean frontage on 2.5 acres. The home was designed by Quogue-based architect Jay Sears, and has a heated gunite pool, guest house, and tennis and bocce courts.
• Tony Hawk: Tony Hawk shoveled his profits from professional skateboarding and gaming into this modest 5,000 square-foot property with a 4,000 square-foot skate park in Carlsbad, California. He grew frustrated from begin hassled by fans at public parks, so he added this unique skateboarding feature to his home. It comes complete with a rail, a center pyramid and a ledge that serves as a bench. Other outdoor features include a basketball court and a pool. Inside you’d find about $150,000 worth of gaming electronics hooked to a 65-inch plasma HDTV. Sounds like Hawk lives his work – all skateboard and video games. And, although this property seems a bit on the stark side, Hawk has made it his home. That, in our book, is truly amazing for any celebrity.

Brad Pitt: We chose Brad Pitt and his home(s) for several reasons. First, although this cliffside property isn’t shabby (worth about $4.5 million), it is just one piece of the Pitt puzzle. When you compare this property to their modest 1830s New Orleans dwelling, the cliffside home takes on a new perspective. This house is unusual, just like the house in the New Orleans that was damaged by Hurricane Katrina. Not to say that the home in Louisiana was inexpensive – it’s located near the French Quarter, and Pitt paid $3.5 million in cash on January 2, 2007, for the right to live there. According to the news story, “A real estate listing for the property shows the house has a grand spiral staircase, elevator, gourmet kitchen, a large private courtyard and a separate two-story guest house. It also has private parking for two cars – a luxury in the French Quarter.” Of course, it was a matter of convenience as well, as Pitt was filming The Curious Case of Benjamin Button in Louisiana last year. And, in the process, he’s also overseer of the housing project in storm-ravaged lower Ninth Ward in New Orleans. This effort, in our opinion, is a mighty one indeed. In contrast to his isolated home in California, Brad and his consort, Angelina Jolie, appear to be good southern neighbors in a busy and famous neighborhood.

• Sandra Bullock: This property is the quintessential Tybee Island, Georgia beauty. Actress Sandra Bullock spent more than one million dollars to purchase this modest three-story home on the north end of the island in 2001. She also purchased empty lots on either side of the home to protect her privacy. She reportedly owns property in Southern California, Jackson Hole, Wyoming and in Austin, Texas as well. Bullock bought the home after filming Forces of Nature. The island faces the Savannah river inlet east of Savannah where portions of the movie where filmed.

Source: www.intlistings.com

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property blog - property technology

Control4, a leader in IP-based home and hospitality control systems, today announced that Control4® Suite Systems is being used to enhance the experience in over 4,300 guest rooms in the ARIA Resort & Casino and Mandarin Oriental, Las Vegas at CityCenter, Las Vegas. Control4 Suite Systems delivers the ultimate experience for guests, enabling them to control every aspect of the room environment and interact with entertainment and hotel services, while enabling CityCenter with unparalleled control of energy usage. CityCenter is the largest Control4 Suite Systems deployment to date. “Today’s consumers are just as conscious of being green when they travel as they are when they’re home. But that doesn’t change the desire to be pampered.

Control4 Suite Systems offers CityCenter guests the reassurance that they are staying in the most energy efficient establishment in Las Vegas. We can control energy consumption in rooms when they are not in use and guests can enjoy the luxury of controlling all aspects of the room with a single remote control,” said Scot Campbell, Senior Vice President and Chief Information Officer, MGM MIRAGE Information Technology. Control4 Suite Systems offers guests an unprecedented level of personalized automation, a luxury previously only available in high-end custom homes and select resort suites.

When guests open the door to their rooms, they are greeted with an automated welcome experience: the lights gradually come on, the drapes open to spectacular views of the city or mountains, and the TV turns on to display a list of automated controls. Using one simple remote and the intuitive Control4 on-screen view, guests can easily use the TV to set the systems in their rooms to their personal preferences, including lighting levels, room temperature, television/video systems, music, drapes and guest services. Having all guestroom devices incorporated into one platform makes it easy to provide “scenes” that modify all settings at once.

 For example, each room features a “good night” button on the touch screen next to the bed, which turns off the lights, TV and/or music; closes the drapes; and turns on the privacy notification for the room. Similarly, guests can select a “wake-up” scene where lights and music gradually come on, the temperature comes up, and the drapes open for a more soothing wake-up experience.

 After a guest has checked out, a room can quickly be put in “unoccupied” mode, which shuts off the lights, heating or cooling, entertainment systems, and any other electronic device in the room. “Users love the simplicity of Control4. With just one-touch they can control everything from lighting to room temperature to entertainment and truly personalize their hotel experience,” said Will West, Chief Executive Officer of Control4.

 “Not only has the bar on guest services been raised, but we’re also truly making an impact on cost savings and green initiatives – making this a win for both CityCenter and CityCenter guests.” Control4 Suite Systems integrates with property management systems to deliver concierge-type services, as well as automate the guestroom, based on check-in/check-out status. The product is also used to provision and manage guest rooms and alert technical systems to problems such as low batteries in remotes. It can be implemented on-site or from a remote monitoring location.

Along with CityCenter Las Vegas, Control4 Suite Systems automation technology has been implemented in leading hotel properties such as the Montage Beverly Hills. For more information on Control4, please visit www.control4.com.

Source: www.hometoys.com

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Property Blog - GPT group

LISTED property trust GPT Group has sold its loss-making British funds manager Halverton for just 2 ($3.20) after paying about $100 million for the business more than two years ago.

The deal will also involve GPT handing €7m to the buyer, London-based fund manager Internos Real Investors.

That represented working capital, reflecting Halverton loss-making position and funding requirements for the restructuring program, GPT said yesterday.

GPT bought a half-stake in Halverton in 2005 when it entered into a joint venture with the failed investment bank Babcock & Brown as part of its European expansion plans.

The remaining 50 per cent was acquired in June 2007 for about $100m, with Halverton managing the assets in the joint venture. But the business was valued at zero in June, and in August the group said that it was up for sale. At the time, executives indicated they did not expect to obtain anything for the asset. Halverton is expected to suffer a loss of €8.9m in 2009 and further losses are expected in 2010 and 2011 because of staffing costs and a restructuring program.

GPT said staff numbers at Halverton had recently been reduced from 180 to about 100 and the office and industrial portfolio that the business managed had also been downsized from about €3bn in June to about €2bn.

“GPT considered all options in relation to GPT Halverton, including liquidation,” GPT chief executive Michael Cameron said yesterday. A sale to Internos was in the best interests of GPT to ensure a cost-effective exit from the business.

GPT has been trying to exit the European market to focus on Australian assets. Halverton was the only remaining exposure to Europe.

GPT yesterday reaffirmed its guidance of $365m for realised operating income.

In a research note, Goldman Sachs JBWere said the Halverton sale would trigger some earnings upgrades for the 2010 calendar year. Securities closed slightly higher yesterday at 56c.

source: www.theaustralian.com.au

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property blog - celebrity property

Embattled actor Nicolas Cage — who is facing financial troubles the likes of which few others can relate, if for no other reason that so few people out there own as much real estate as Nic — has sold a 3,480-square-foot property in Los Angeles’ Hollywood Hills for $1,375,000.

We can report on Cage’s unremarked sale of the property at 6266 Mulholland Highway in Los Angeles. Records show that the actor’s Hancock Park Real Estate Trust sold the property on October 1 to a producer who is not a celebrity, with the deal being recorded on October 30. Cage’s trust purchased the house in 2005 for $1,800,000, according to public records..

For whatever reason, we have held off lately on reporting on most of the various changes to Cage’s real-estate portfolio (i.e., sales, listings) that clearly have been spurred by the actor’s well-chronicled financial troubles.

Cage (shown here with his wife Alice, his son, Weston, and his son’s girlfriend) long had expected to lose money on the Hollywood Hills property, which had been listed for $1,395,000.

Source: www.bergproperties.com

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