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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 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

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