Jocks and real estate, apparently not a good combo
OK, what is it with sports stars and real estate?
Anyway, here’s another example of a big name jock losing millions in the real estate market.
Soon to be Cavs star Shaquille O’Neil just lost $3 million on the sale of his palatial Miami estate.
Shaq recently unloaded his nearly 20,000 square foot waterfront palace – complete with a pool emblazoned with the Superman logo – for $16 million.
Sounds like he made out, right? Wrong.
The NBA superstar had shelled out nearly $19 million for the estate in 2004, before putting it on the market the next year for a whopping $32 million.
That was the height of the boom, so there’s was some logic to that.
Of course, we all know what happened after that. As the market deflated, Shaq’s asking price came steadily down, first to $29 million, then to $22.5 million this spring.
Then down another $7.5 million to the final sale price. Ouch.
Certainly there’s a lesson here for Manny Ramirez, who put his own deluxe, downtown condo in Boston on the market this spring for a stunning $8.5 million.
Instead of lowering his price, Manny, clearly an astute observer of the real estate market, actually boosted the price. Not by a few thousand, but by another $1.6 million from when he last tried to sell it, back in the glory days of 2005.
Get ready for another trip to the cleaners.
