Politics · India Bureau
Nicolas Cage takes $9.5 million loss on Rhode Island mansion sale
Hollywood actor Nicolas Cage disposed of a sprawling Rhode Island estate at a significant financial loss, selling the luxury property for less than half its original purchase price. The 27-acre Gray Craig mansion changed hands in 2011 after a four-year ownership period.
LSN India ·
Nicolas Cage acquired the prestigious Gray Craig estate in Rhode Island for $15.7 million in 2007, initially listing the property for $15.9 million just a year later. The ambitious asking price proved unattainable in a challenging real estate market, as Cage eventually negotiated a sale price of $6.2 million in 2011—representing a loss of $9.5 million on the investment.
The expansive 27-acre waterfront property boasts a 24,000-square-foot stone mansion featuring 12 bedrooms and 10 bathrooms, along with premium amenities including ocean views, a tennis court, fitness facility and swimming pool. The estate epitomized luxury residential real estate at the height of the property boom in the mid-2000s.
The property was purchased by Andrew and Pamela Constantine, a Massachusetts-based couple who acquired the residence as market valuations stabilized following the 2008 financial crisis. The transaction exemplified the significant depreciation experienced by high-value properties during the real estate downturn that followed the global economic shock.