Luxury Homes of Las Vegas Sells Actor Nicolas Cage's Foreclosed On, Now Bank-Owned Las Vegas Home for $4,950,000

LAS VEGAS, Jan. 25 /PRNewswire/ -- Kenneth Lowman, Broker/Owner of Luxury Homes of Las Vegas sold Actor Nicolas Cage's foreclosed, now bank-owned Las Vegas home the first day it was on the market.  Cage's 14,306-square foot luxury property located at 5100 Spanish Heights Drive in Las Vegas is now in escrow and is expected to close on Wednesday.

Cage's former luxury home boasts a 16 car subterranean garage, an elevator, theatre room, six bedrooms, seven and a half bathrooms and a full and magnificent view of the Las Vegas Strip.  Cage bought the home in September, 2006 for $8,500,000.  Since the recession has reduced luxury home prices up to 50 percent off, Lowman sold Cage's former home for close to the asking price of $4,950,000.

Said Lowman, "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.  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 percent off the original asking price."

Cage owes the IRS around $6 million in back taxes and has now foreclosed on four homes, two in New Orleans, one in California and one in Las Vegas.  A rumor is out that Actor Johnny Depp has offered to assist Cage with his financial problems.

Of the 10 luxury home closings last month in Las Vegas, Lowman sold three of them for a market share of 30 percent.  Lowman also had the two highest in price: $2,900,000 for 2845 Red Arrow Dr. in the Red Rock Country Club and $2,750,000 for 35 Skybird Ct. in The Ridges.  Lowman's third luxury sale in December was a home that sold for $1,437,500 located at 1812 White Hawk in Eagle Hills.  Lowman sold three of the six non-bank-owned luxury homes sold in December, giving him 50% of the market share, an unbelievable achievement in the luxury home arena, especially in our challenging real estate environment.

Ken Lowman, Broker and Owner of Luxury Homes of Las Vegas, has over 20 years of experience in a star studded real estate career specializing in higher-priced, luxury homes.  Lowman was recently selected as "One of the Most Dependable Luxury Real Estate Professionals of The West" by Goldline Research, an independent research firm specializing in evaluating professional service firms.  This recognition was published in Forbes Magazine.  Luxury Homes of Las Vegas is located at 7854 W. Sahara Ave., Ste. 100 , Las Vegas, NV 89117.  For more information, call 702-216-HOME (4663) or 866-210-7620 or visit www.luxuryhomesoflasvegas.com.

SOURCE Luxury Homes of Las Vegas