Musician Nicky Jam relists Palm Island home at a loss

Rapper paid $3.4M for 3,600 sf home in 2018

Nicky Jam and his Miami Beach home (Getty, Prestige Realty Group)
Nicky Jam and his Miami Beach home (Getty, Prestige Realty Group)

Nicky Jam is trying again to sell his Miami Beach home — and this time, he’s looking at taking a loss.

Jam paid $3.4 million for the 3,600-square-foot home in Palm Island two years ago, but is now asking just $3.3 million for the property, according to Variety.

He first tried selling the home last year with an asking price of $3.65 million. The ask was eventually dropped to $3.5 million. Eventually, it was taken off the market, then re-listed at its current price. Tony Rodriguez Tellaheche with Prestige Realty Group has the listing.

The home at 240 Palm Avenue was developed by Sabal Development, which paid $950,000 for the development site in 2016. The property was completed in 2016.

The five-bedrooms, five-bathroom home is modern both inside and out, with an open-concept living room and kitchen. Floor-to-ceiling glass windows lead to the backyard and patio, which has a pool. The second floor has a balcony running the length of the house.

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The exteriors are mostly right angles with a mix of wood cladding and black-and-white painted stucco.

The lot is about a fifth of an acre and packs in an infinity pool and two-car garage. Residents of the gated community have access to shared tennis and basketball courts.

Businessman Joel Meyerson recently bought a home on Palm Island for $11 million.


[Variety] — Dennis Lynch