Two years after a waterfront home in Newport Bay was sold by actor Nicolas Cage for an Orange County record price, the mansion’s new owner has but the property back on the market — for $3.25 million less than he paid for it.
Jerry Herbst, owner of the Las Vegas-based Terrible Herbst chain of gas stations and casinos, paid $35 million for Cage’s home on Bayshore Drive in January 2008.
That’s the highest price ever recorded for an Orange County home. Although numerous homes are on the market with higher asking prices, they either never sold or sold for less. (See 15 of the priciest homes ever sold in O.C.)
Last week, the bayfront house went back on the market for $31.75 million.
Herbst bought the home from Cage, who paid $25 million for it in July 2005.
The six-bedroom, nine-bathroom home sits at the intersection of Lido Channel and the Main Channel, with views clear across the harbor to the Balboa Pavillion. At night, rooms in the upper floor have views down the coast all the way to Dana Point, said listing agent Rob Giem of Hom Real Estate Services. It sits on a 30,492-square-foot lot.
The large boat dock that Nicolas Cage built has been enlarged to accommodate boats up to 156 feet long, plus several smaller craft, making it the harbor’s “largest single boat dock,” he said. (For more photos, CLICK HERE!)