Nic Cage and his Blockbusting Bankruptcy
As one of the hottest acting properties in Hollywood, Nicolas Cage is reputedly assured of £10m a movie. He won the best actor Oscar in 1996 for his role in Leaving Las Vegas but now the star is set to be Leaving Somerset as unpaid tax claims in the US are in the millions of dollars. Cage has been working his way through his extensive property portfolio, selling off a number of homes in the US as well as in the UK. The latest to emerge on the market is Midford Castle, Nic’s ace of clubs shaped, mock-gothic folly in Somerset.
This announcement comes a matter of weeks after Cage sold off his townhouse in nearby Bath to fund the castle’s restoration. However, having paid a reported £5m for the property just two years ago, a potential buyer has put in an offer that is thought to be in line with the £3.5m guide price. The 18th-century home, situated in the picturesque village of Midford, comes with 35 acres of sprawling parkland and 12 acres of woodland.
Cage and his third wife, ex-waitress Alice Kim, supposedly bought the one of a kind pad due to its close proximity to Glastonbury and a ley line, a hypothetical alignment of sites of geographic or historical interest with alleged mythical qualities. Locals have suggested that Cage was growing increasingly attached to the area, having looked at schools for his young son and even promised to turn on Midford’s Christmas lights. He’d also been spotted enjoying the local produce down at the farmer’s market.
Midford Castle is not actually being sold in Nic Cage’s name, rather as part of a trust sale, suggesting that a trust has been set up to deal with his property portfolio. This is pretty smart. Selling off your properties is a good idea when facing bankruptcy. It allows you to settle your debt, avoid the stigma of bankruptcy proceedings and might even allow you to free some equity for you personally, instead of it all going straight to your creditors.
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