Nicky Jam sells Miami Beach home to Rally Manufacturing CEO at a loss

Reggaeton artist sold it for $300K less than what he paid

Nicky Jam and 240 Palm Island Drive (Getty, Luxe Living Realty)
Nicky Jam and 240 Palm Island Drive (Getty, Luxe Living Realty)

Reggaeton singer and songwriter Nicky Jam sold his Miami Beach home at a loss.

Nicky Jam, whose real name is Nick Rivera Caminero, sold the five-bedroom, 3,617-square-foot home at 240 Palm Island Drive to Christian Iacovelli, president and CEO of Rally Manufacturing, according to the brokerages involved in the deal.

Caminero, known for hits like “Travesuras” and “Te Busco,” paid $3.4 million for the house in 2019. He just sold it for $3.1 million, a difference of about $300,000 plus commissions.

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Alexa Iacovelli from Luxe Living Realty represented the buyer, and Tony Rodriguez Tellaheche with Prestige Realty Group represented the seller.

The home was developed by Sabal Development, which paid $950,000 for the development site in 2016. The property was completed in 2016.

The non-waterfront Miami Beach house features an infinity pool, two-car garage, a chef’s kitchen with Miele appliances, hardwood floors, a master suite with its own terrace and walk-in closets.

In November, the CEO and president of a cosmetics and lotions manufacturer paid $10.7 million for a Palm Island mansion, and in August, a London investor sold his home for $20.5 million. Both are waterfront.