Apparently not. At an auction held Wednesday in Los Angeles, no one was willing to throw down the minimum bid of $10.4 million.
Debt-ridden movie star Nicolas Cage lost his Bel Air mansion to foreclosure on Wednesday. The courthouse auction was a flop, as no one was willing to make the minimum $10.4 million bid. Stephen Shapiro, realtor and owner of Westside Estate Agency, said this clears out speculators and most lenders with stakes in the property, leaving Citibank as the sole owner.
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