video: NEW: Nicolas Cage Sells Middletown Mansion at a $9.5M Loss
Tuesday, April 05, 2011
After nearly three years, actor Nicolas Cage has finally sold his Middletown mansion for $6.2 million. The 27-acre estate, called Gray Craig Manor House, was sold Friday to Pamela and Andrew Constantine of Forestdale, MA.
Because of financial difficulties, Cage decided to sell the expansive 87 year-old ocean-view home and give up life in the national treasure that is Little Rhody.
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The property had been listed by Cage’s Hancock Park Real Estate Trust for $7.75 million, which is quite a loss considering that is was bought in July 2007 for $15.7 million. But Lila Delman Real Estate, the agency that sold the home, still sees it as a good sign for the Rhode Island real estate market.
“This is a significant sale in the context of the realities of today’s market,” President Melanie Delman said. “Rhode Island is positively impacted in that, as a previously somewhat undiscovered treasure, our high-end properties present as a significant value relative to other Northeast destinations.”
