The Real Deal Miami

Divorce could ensnare A-Rod’s real estate

By Jovana Rizzo | July 08, 2008 05:26PM

 
As Cynthia Rodriguez, wife of New York Yankees star Alex Rodriguez, filed for divorce from the baseball player in Miami today, the couple’s prime real estate has entered the limelight.

The couple bought a $12 million, six-bedroom and nine-bathroom house in Coral Gables in 2005. In the same year, they also bought a $7.4 million apartment at Trump Park Avenue in New York.

A-Rod’s wife claimed he was having extramarital affairs, including one with Madonna. The Associated Press reported that Cynthia and Alex Rodriguez signed a prenuptial agreement, and that Florida is a no-fault divorce state. That means A-Rod’s alleged affairs won’t factor into how the assets will be divided, unless the issue was addressed in the prenup.

“A-Rod, though unlucky in love, has the wealth factor on his side,” said Brian Carter, managing broker at Douglas Elliman Florida. “Luxury homes, though not producing stellar returns of late, have at least held their value if they are not sellers under duress.”

Madeleine Romanello, an associate broker at Douglas Elliman Florida, said A-Rod’s Miami home probably retails its $12 million value, and could have increased if he added amenities or made any grand renovations to the home.

“I do not see any appreciation since 2005 but do not know if he added a helicopter pad or something else spectacular to add value,” Romanello said.

Rodriguez is in the first season of a $275 million, 10-year contract with the Yankees. The deal could allow him to earn up to $305 million.

The couple tied the knot in 2002, and have two daughters, three-year-old Natasha and two-month-old Ella.

A-Rod is no minor leaguer when it comes to real estate. He wrote the foreword to Real Estate Riches, a book on getting rich in real estate.

As chief executive of Newport Property Ventures, Alex Rodriguez owns and operates at least 16 apartment complexes around the country, including six in the Tampa area. He has been derided as “Tight-Rod” by critics who say he is profiting too much from his low-income tenants.

Last summer, the Post reported that A-Rod was looking at buying new $25 million estate in Greenwich, Conn. And last fall, he was reportedly interested in buying the Star Island mansion outside of Miami from NBA star Shaquille O’Neal for at least $25 million.