Floyd Mayweather Jr. once said, “Money doesn’t make me. I make money.”
The retired boxer, nicknamed “Money,” is using that cash to invest in commercial real estate. In New York and elsewhere, he invested in a $10 billion office portfolio, funneled more than $100 million into another office landlord, and went into contract on a $400 million multifamily portfolio.
Mayweather, who has reportedly earned more than $1 billion throughout his career, may be following in the footsteps of other former pro athletes, like former Yankees player Alex Rodriguez, who has a very sizable real estate portfolio.
Mayweather is now acquiring a stake in one of Miami Beach’s most iconic properties, the former Versace Mansion, where Italian fashion designer Gianni Versace was shot dead climbing the steps in the summer of 1997. The property was later converted into a luxury boutique hotel with a restaurant, spa, pool, lounge and event space.
The Nakash family of the Jordache Jeans empire paid $41.5 million for the building at an auction in 2013. Mayweather is acquiring most of Eli Gindi’s interest for an undisclosed sum.
The latest deal, which is set to close next year, could be a sign of more to come for Mayweather, who is very familiar with Miami. Last week, we reported that he also sold his waterfront mansion on Palm Island in Miami Beach for $22 million.
The ex-Versace Mansion, now called Villa Casa Casuarina, is one of the most photographed mansions in the country. I remember, as a kid, going with my family to take a photo in front of the Ocean Drive estate, which was built in 1930.
He plans to open the estate to the public. More to come on that, I’m sure.
What we’re thinking about: Condo owners at 1060 Brickell are on the hook for a $21 million special assessment tied to repairs of their 16-year-old, two-tower complex. That seems like a lot for a relatively new development. Have you heard of any others? Send me a note at kk@therealdeal.com.
CLOSING TIME
Residential: Louise Riggio, the widow of Barnes & Noble founder Leonard Riggio, sold her oceanfront compound at 1446 North Ocean Boulevard in Palm Beach for $81 million. A Delaware LLC bought the home.
Financing: Related Group, Rockpoint and Two Roads Development secured a $424 million construction loan from Adi Chugh’s Tyko Capital for Rivage Residences, a planned luxury oceanfront condo project in Bal Harbour. The developers plan a 24-story, 56-unit building at 10245 Collins Avenue.
NEW TO THE MARKET
An oil trader listed his waterfront mansion at 284 Bal Bay Drive in Bal Harbour for $78 million. Mark and Eloah Fisher own the 22,000-square-foot, nine-bedroom estate, which was built in 2017 on a nearly 1-acre lot. Jill and Danny Hertzberg of the Jills Zeder Group at Coldwell Banker are listing the property, which includes a basketball court, rooftop putting green and and two pools.
A thing we’ve learned (or a reminder)
While serving as Florida’s first female attorney general, Pam Bondi, Donald Trump’s new pick for U.S. attorney general, challenged the Affordable Care Act and Environmental Protection Agency’s limits on air pollutants. She also opposed same-sex marriage, according to the Miami Herald’s roundup of things to know about Bondi.
Elsewhere in Florida
- Former Florida Rep. Matt Gaetz will not return to the House of Representatives next year, according to Newsweek. Gaetz, who resigned from Congress earlier this month, recently withdrew from consideration as Trump’s pick for attorney general.
- The Florida Legislature will not take up condo reforms before the end of the year, and instead plans to address the condo safety law when the legislative session begins in March, the Miami Herald reports. Condo associations are required by the end of the year to have completed a reserve study so they can budget for future repairs.
- Florida’s Surgeon General, Dr. Joseph Ladapo, recommended against water fluoridation, echoing Robert F. Kennedy Jr.’s controversial claims over neuropsychiatric risks, according to Newsweek. RFK, Trump’s nominee for Secretary of Health and Human Services, said he will advise “all U.S. water systems to remove fluoride from public water.”