We're rapidly approaching a point where we cease writing about actor Nicolas Cage's endless real-estate transactions. They generally follow the same arc: he pays a high price for a trophy home either in Los Angeles, San Francisco, Las Vegas, New Orleans, Rhode Island, or somewhere else, and then he turns around and places it back on the market a year or so later.

The latest Cage-owned property to fall victim to his fickleness is the 24,664-square-foot Gray Craig mansion on 26.77 acres in Middletown, R.I., which the Oscar-winning actor purchased last year for $15,700,000 and which he now has back on the market for $15,900,000. Many of our respected peers have already written about this quick flip, but we wanted to write about it before too much time elapses.


We wrote about Cage's purchase of this 12-bedroom brick and stone country manor-style mansion back on August 2, 2007, when we wrote of his having purchased it for $15,700,000. Last month, word got out that Cage had turned around and listed the house, with useful reports on the listing by the Real Estalker, the Boston Globe, and the Providence Journal blog of our journalism school pal Kate Bramson. of our journalism school pal Kate Bramson.

Built between 1924 and 1926, the mansion, at 75 Gray Craig Road in Middletown, has 10 full baths, three half baths, a library with a soaring barrel-vaulted ceiling, a billiard room, a grand hallway with a sweeping staircase, a formal living room, a gym, and a conservatory, according to public records and listing information. Outdoor features on the property include a pool, a tennis court, a fish pond with a fountain, a stone terrace with an outdoor fireplace, heated garages, an enclosed courtyard, and terraced lawns, according to listing information.

Records show that Cage (shown here with his wife, Alice) purchased the house through his trust last year, with the deed being recorded on July 31, 2007.

Check out an online listing sheet for the house -- complete with photos.