Cage sold the estate amid millions of dollars in back taxes.
Actor Nicolas Cage sold his large Rhode Island estate for $6.2 million in 2011, four years after buying it for $15.7 million. Cage had originally put the property on the market for $15.9 million in 2008, but eventually accepted less than half of that asking price. The property covers 27 acres and includes a 24,000-square-foot stone mansion with 12 bedrooms and 10 bathrooms, according to Boston.com. Cage bought the estate in 2007, but later decided to sell it as he faced financial problems involving millions of dollars in back taxes. The property was brought in 2011 by Andrew and Pamela Constantine of Sandwich, Massachusetts. Cage purchased Gray Craig in 2007 for $15.7 million. The property stood out for its size, with 27 acres surrounding the 24,000-square-foot stone house. The mansion has 12 bedrooms and 10 bathrooms. In 2008, the actor placed the property on the market for $15.9 million. Three years later, Cage agreed to sell it for $6.2 million. The property covers 27 acres and includes a 24,000-square-foot stone mansion with 12 bedrooms and 10 bathrooms. (Photo: Instagram) The new owners, Andrew and Pamela Constantine, were from Sandwich, Massachusetts. The 27-acre property included a substantial stone mansion covering 24,000 square feet. Inside, the house had 12 bedrooms and 10 bathrooms. Cage’s ownership of Gray Craig lasted from his purchase in 2007 until the sale in 2011. During that period, the property went from a $15.9 million listing to a final sale price of $6.2 million. The transaction meant Cage sold the estate for $9.5 million less than the price he had originally paid for it. It was also $9.7 million below the asking price set when the property was first put on the market.
Andrew Constantine said the couple had a specific reason for purchasing the property. “Our interest is solely in restorative work, in bringning it back to what it was,” he told Boston.com. Andrew Constantine said he had known about the property for many years. “We’d seen it back in 1986, but missed out,” Constantine said. “When it became available again, we decided to pursue it,” he said.
The estate, known as Gray Craig, is located near Sachuest Beach in Middletown, Rhode Island, not far from Newport. The mansion also has ocean views, a tennis court, a gym and a swimming pool. It also offeres ocean views and comprises several facilities, including a tennis court, gym and pool. However, the property did not sell for that amount. The couple became interested when the property became available again. Constantine did not meet Cage personally during the negotiations. Instead, he dealt with representatives of the actor while working towards the purchase. Gray Craig was more than a large house. Outside and around the property were additional features, including a tennis court and swimming pool. A gym was also part of the estate. For the buyers, the purchase was connected to restoring the property. Constantine made clear that restoration was the main reason for their interest in the estate. The Constantines ultimately became the new owners of the Rhode Island mansion, with plans focused on restoring the property and bringing it back to what it had been. Catch the latest World News and Live updates. Download the TOI app.
The asking price was only slightly higher than what he had paid for the estate a year earlier. Its location near Sachuest Beach gave the property ocean views, while its proximity to Newport placed it in the area that had attracted the Constantines’ interest years earlier.
