Cage selling British property at a loss

BATH, England, Oct. 18 (UPI) -- U.S. actor Nicolas Cage is selling a castle near Bath, England, at a significant loss due to mounting tax problems, property market sources say.

The unidentified sources told The Sunday Times of London Cage owes at least $6.5 million in back taxes in the United States and has agreed to sell Midford Castle for almost $4.9 million.

The price falls short of the $7.75 million Cage paid for the property in July 2007. In addition, the "Ghost Rider" star spent an unspecified amount of money on a restoration project intended to improve the property.

Cage sold an area townhouse in March at a loss of almost $490,000, the newspaper said. He still owns Tilham Barn, a home in the British village of Baltonsborough.

Frankie Lederman, who sold the home to the 45-year-old actor in June 2006, said Cage truly enjoys the Baltonsborough home.

"He has told me he loves it here," Lederman told the Sunday Times. "He values the peace, tranquility and privacy."