Estate is back on the market for $15.9 million
Gray Craig for sale a year after reportedly being bought by Nicholas Cage
Newport This Week, October 22, 2008 by Tom Shelvin, Newport This Week Staff Writer
Middletown - Little more than a year after being purchased for a whopping $15.7 million, the Gray Craig Manor House in Middletown is back on the market.
The property was purchased in August 2007 by Hancock Park Real Estate Trust, a holding company for Academy Award-winning actor Nicolas Cage. It is being listed for $15.9 million by Lila Delman Real Estate.
Although quite taken by the house, "Mr. Cage's business schedule has not allowed him the time he would really like to spend in Middletown and Newport," said Melanie Delman, listing broker and president of Lila Delman Real Estate.
Located just off Paradise Road bordering the Norman Bird Sanctuary, the 24,000-square-foot manor house sits on 26 secluded acres, has 12 bedrooms, 10 full baths and sweeping views of the Atlantic Ocean. At the time of its sale last summer, it had ranked second among the state's most expensive residential purchases, eclipsed only by the $17.15 million sale of Miramar on Bellevue Avenue in December of 2006.
Mr. Cage, who has appeared in such Hollywood movies as "Leaving Las Vegas" and "National Treasure," has a prolific real estate portfolio, including properties in Germany, London, New Orleans, California, and an island in the Bahamas. His purchase of Gray Craig last summer set the area's rumor mill ablaze.
Real estate taxes on the property are estimated $144,932 per year. An adjacent property, the original 4,200-square-foot Gray Craig gatehouse, is also on the market for $6.95 million.
Newport This Week, October 22, 2008
by Tom Shelvin, Newport This Week Staff Writer
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