April 09, 2010 03:03:47 GMT
After failing to auction off his Bel Air mansion and two homes in Malibu, California, the 'Ghost Rider' actor has now had to hand his properties to U.S. bank.
Three of Nicolas Cage's California properties have allegedly been repossessed by a U.S. bank after they failed to sell at auction. The Hollywood actor is currently selling off his property empire in a bid to settle his ongoing financial problems, and his Bel Air mansion, as well as two homes in Malibu, California went under the hammer on Wednesday, April 7.
All three properties were put up for auction with a minimum bid of $10 million each, but they failed to attract any buyers and ownership of the houses has now been handed to Cage's bank, according to TMZ.
The "Con Air" star is facing a massive $14 million tax bill and is currently embroiled in a legal battle with his former business manager Samuel Levin, who he has blamed for causing his money woes.