Actor's REO Snapped Up

LAS VEGAS-Kenneth Lowman, broker and owner of Luxury Homes here, sold actor Nicolas Cage's foreclosed, now bank-owned Las Vegas home the first day it was on the market for close to the asking price of $4.95 million.

The 14,306-square foot luxury property, located at 5100 Spanish Heights Dr., boasts a 16-car subterranean garage, an elevator, theatre room, six bedrooms, seven-and-a-half bathrooms and a view of the Las Vegas Strip.

The actor bought the home in September 2006 for $8.5 million. The recession has reduced luxury home prices up to half off, Mr. Lowman said.

"I've been preaching to all of my potential buyers who are waiting in the wings the same message over and over. If you have the wherewithal, now is the time. Conventional homes move in relation to unemployment," he said.

"The luxury home segment moves in relation to the stock market. The market is back, and it's not only a trend. These are dollars. Luxury properties are being closed on today for up to 50% off the original asking price."

Mr. Cage owes the IRS around $6 million in back taxes and has also foreclosed on homes in New Orleans and California. A rumor is that actor Johnny Depp has offered to assist Mr. Cage with his financial problems.

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