Michael Phelps Sells Condo At $400,000 Loss
Michael Phelps sold his condo this week and while he may be a gold medal winner at the 2012 London Olympics he doesn’t even finish on the podium when it comes to mastering the real estate market.
The uber-champion ditched his Baltimore pad for a loss of $400,000 this week.
Phelps purchased the $1.699 million home at the worst time possible, in 2007. Shortly after buying the home the housing market crashed, devaluing the three bedroom, three full bath, two half-bath home almost immediately.
The condo features 4,000 square feet of living space outfitted in a modern interior with brick, steel and glass. The home also features hardwood floors throughout.
AOL Real Estate contacted Phelps’ realtor who refused to confirm the short sale.
The millionaire’s home is located in Baltimore’s Inner Harber and features city and water views, the building where the condo resides also has a heated indoor pool and a fitness center, both requirements for a Michael Phelps home.
Phelps originally listed the condo on the market in March, at that time the asking price was just $1.42 million, already a $279,000 loss from his original buy price. According to TMZ the home ultimately sold for $1.25 million.
The all-time Olympic medal count champion won’t have to try over spilled milk for too long, rumor has it NBC or ABC will snap up Phelp’s with a lucrative contract that will have him reporting swimming events around the world leading up to the 2016 summer olympics.
On a positive note, Phelps should be able to purchase a new home at rock bottom prices with a much better current loan rate.