Cage Home Sold At A Bargain $10.5 Million

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November 12, 2010 | 6:20pm EST

The Hollywood mansion Nicolas Cage lost to foreclosure earlier this year has been sold for less than three times its value.
The Bel-Air estate has been picked up by a limited liability company for $10.5 million after the 70-year-old home failed to sell at auction in April and was put on the market for $11.8 million by bosses at Citibank to recoup three loans on the property.

Cage had to give up the home after he was hit with hefty tax charges and financial problems.

The home has quite a celebrity history – former owners have included Dean Martin and Tom Jones.