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 estate, known as Gray Craig, is located near Sachuest Beach in Middletown, Rhode Island, not far from Newport. According to Boston.com, the property covers 27 acres and includes a 24,000-square-foot stone mansion with 12 bedrooms and 10 bathrooms.The mansion also has ocean views, a tennis court, a gym and a swimming pool. 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. 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.
When Cage bought Gray Craig
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. It also offeres ocean views and comprises several facilities, including a tennis court, gym and pool.In 2008, the actor placed the property on the market for $15.9 million. The asking price was only slightly higher than what he had paid for the estate a year earlier. However, the property did not sell for that amount. 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)
When Constantines first saw Gray Craig
The new owners, Andrew and Pamela Constantine, were from Sandwich, Massachusetts. Andrew Constantine said he had known about the property for many years. “We’d seen it back in 1986, but missed out,” Constantine said.The couple became interested when the property became available again. “When it became available again, we decided to pursue it,” he said.Constantine did not meet Cage personally during the negotiations. Instead, he dealt with representatives of the actor while working towards the purchase.
Large estate with extensive facilities
Gray Craig was more than a large house. The 27-acre property included a substantial stone mansion covering 24,000 square feet.Inside, the house had 12 bedrooms and 10 bathrooms. Outside and around the property were additional features, including a tennis court and swimming pool. A gym was also part of the estate.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.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.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.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.
