Terrible Herbst owner selling Newport Beach home

Jerry Herbst, the 71-year-old owner, chairman and president of Terrible Herbst, which runs gasoline stations, retail operations and casinos in Southern Nevada, is selling his Newport Beach, Calif., home for $31.75 million. Herbst bought the six-bedroom residence for $35 million in 2008 from Oscar-winning actor Nicolas Cage. The purchase price set a record for Orange County, Calif., at the time. Cage paid $25 million for the nearly 0.6-acre property in 2005.

The contemporary house on Newport Bay has a view of the harbor's main turning basin. It has a stone loggia with retractable glass doors, and a dock capable of accommodating 150-foot long boats. It also is next door to John Wayne's former home.

Cage moved his family to a walled and gated estate in Bel-Air, Calif., after encountering a naked intruder in the home. No one was hurt.

At its current price, the home, part of the private community of Bayshores, is Orange County's third-most expensive existing home listed for sale, according to residential brokerage data. The most expensive existing Orange County home is listed for sale is a $38 million estate in Corona del Mar.

Rob Giem of HOM Real Estate Group, a Christie's Great Estates affiliate, has the Herbst home listing.