Nicolas Cage bought Rhode Island estate for $15.7m, later sold it for $6.2m

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.