Our property of the week was recently sold by actor and real estate investor [tag-tec]Nicolas Cage[/tag-tec] and set a record for Orange County, California at $35 million.
Not bad considering Cage paid $25 million for it only two years ago.
So is the real estate market really going south, or do the rich keep getting richer for some reason? (Maybe it’s because they are investing in real estate.)
According to the Wall Street Journal, Cage is selling because he encountered an intruder inside the home a few months ago. Security issues are valid reasons why many people often sell out and frankly, that has nothing do to with the market going up or down.