Vincent Gallo Flips Nicolas Cage’s Old Downtown L.A. Penthouse for $2.599 Million
The actor's sprawling pad with Hollywood cachet and industrial-era roots hits the market, priced down from nearly $3 million a year ago.
Actor-director Vincent Gallo is selling a penthouse in downtown Los Angeles that he bought for $2.34 million in cash in 2009. The 4,300-square-foot apartment was rented by actor Nicolas Cage in 2008 (the same year he starred in the Lionsgate release, Bangkok Dangerous). Cage is said to have been the only resident to live there, according to Curbed LA.
The unit sits inside the Biscuit Company Lofts in Los Angeles, the renovated 1925 building that was home to the National Biscuit Company -- better known as Nabisco -- for much of the 20th century. In 2007, developer Linear City LLC completed restoration of the property, part of the larger downtown L.A. gentrification effort that saw the repurposing of the area’s mostly-abandoned industrial structures into live/work lofts.
L.A.’s Office of Historic Resources declared the building an historic cultural monument in 2007.
With two bedrooms and 2.5-baths, the space features brick and steel construction. It has a stainless steel kitchen and soaring ceilings, one-inch-thick maple floors and 360-degree views from its private rooftop terrace. Total outdoor living space measures 3,100 square feet and thanks to a private in-unit elevator, you won’t have to ascend all of its four stories by stairs.
The penthouse showcases original structural detail, most notably in broad exposed brick walls and oversized industrial windows. As a designated historical monument, the Biscuit Company Lofts qualifies for the Mills Act Program, a provision that offers homeowners an allowance on their annual property taxes.
Curbed LA reports Cage inquired about leasing the unit again, but Gallo chose to list instead. Frank Bruno of Keller Williams has the listing, which is on offer for $2.599 million.
Known for doing well when it comes to turning property, Gallo’s penthouse would be an underperforming flip for the actor, because the potential profit margin would be comparatively small.
A 2011 THR article noted that Gallo has “turned over a couple of West Hollywood properties, including the John Lautner-designed Wolff house for $5.5 million. He also sold a roughly 2,000-square-foot duplex condo in Sierra Towers to Cher for $3 million in 2006; he had bought it a year earlier for $2 million.”