The Real Deal Miami

Slugger A-Rod cuts mansion price by $5M

By Sally Apgar | July 13, 2009 12:08PM

New York Yankees slugger Alexander Rodriguez is opting for a major buzz cut on his ritzy ranch in Coral Gables.

A-Rod listed the waterfront estate for $14.9 million last October and just dropped the price to $9.9 million, a local broker said.

And if he can’t find a buyer, he’ll take a renter willing to pony up $25,000 a month.

In yet another sign of sunny Miami’s downwardly spiraling real estate fortunes, Rodriguez is hawking the Biscayne Bay mansion for less than the $12 million he and his estranged wife, Cynthia, paid in 2004.

Rodriguez’s price drop on July 8 comes on the heels of Shaquille O’Neal’s sale last month of his Star Island estate for $16 million, a stunning 54 percent drop from his 2005 asking price of $35 million.

Miami luxury real estate broker Alex Shay, who confirmed the price drop, described Rodriguez’s 8,310-square-foot home as “a private sanctuary” and “nothing short of paradise,” with six bedrooms and “breath-taking oceanfront views.”

According to Miami-Dade County property records, Rodriguez bought the house at 181 E. Sunrise Avenue in Coral Gables, just south of Miami, for $12 million in December 2004 with a mortgage of $5.5 million. In 2008, the county gave the property a market value of $11 million.

Rodriguez dropped the price to $12.3 million in December and $11 million in February.