Stigmatized Homes - Why Did Nicholas Cage Buy Haunted Houses

According to the Examiner.com in Chicago (full article)

"It is believed that Cage bought the homes specifically due to their spooky past. Apparently he thought it was a good idea at the time or else he would not have done it."

[Cage claims a poor financial advisor directed him to buy the property selections he did, but most people would not follow advice on buying a home that they would always feel uneasy setting foot in due to claims of haunting.]

"However, as now evidenced by the current market value, buying stigmatized properties is seldom a good idea if you ever plan to resell for profit."

Haunted House Rumors Stigmatize Properties in New Orleans

The Examiner.com article says:

"The low sale amounts do not accurately reflect the value of the property based on location, unique features, or amenities.  They do reflect the reduced value of stigmatized property, however.

Local folklore about the homes came up on the Zillow blog when one poster in the comments section asked why Cage didn't just sell the homes (implying he willingly let the homes foreclose). Another local reply came in from someone writing under the name Dr Bob, saying:

He [Nicholas Cage] didn’t sell the house on Royal because it is unsellable. The appraisal is based on a normal house not a severely haunted house in which over a hundred murders took place. The appraisal does not take into account that even though a similar house might sell for millions this house cannot be sold because of its history.

There is no word on why the second property did not sell, other than the homeowner tie."

Source: Examiner.com