Tuesday, November 29, 2011

The Real Estate Tale of Amar'e Stoudemire: Part II

Yesterday Your Mama started our lengthy two-part odyssey on the many recent real estate activities of professional basketball player Amar'e Stoudemire that included a spin 'round the decidedly meretricious single-story mansion in Southwest Ranches, FL he recently scooped up for a hefty $3,700,000. Today we continue our delve into the depths of Mister Stoudemire's real estate matters with a more complete looks see at his once prodigious property portfolio and the recent sell off a number of his luxury residences that have resulted in a multi-million dollar gut punch to his pocketbook.

As a lavishly compensated Knick, Amar'e Stoudemire makes his home base in downtown New York City where he's reported to lease a multi-terraced full-floor penthouse atop a full-service mid-rise building on the trés-sheek and dernier cri border of the West Village and Meatpacking District neighborhoods. At least one report posits the power forward ponies up a mouth-drying $37,500 each month to occupy the downtown penthouse owned, as per property records, by a Rebecca and Bruce Bent II.

Missus Bent, iffin anyone might be curious, is an entrepreneurial gourmet condiment queen and Mister Bent is an (in)famous money market fund financier who has long been entangled in an ugly legal imbroglio with the SEC over gruesome financial matters far too vexing for Your Mama to properly parse or even, frankly, understand.

Property records show the penthouse, actually a combination of two separate but essentially equal penthouses, was purchased by Mister and Missus Bent in two transactions, the first portion in November 2000 for $2,100,000 and the second half in February 2005 for $5,300,000. A few quick flicks of Your Mama's bejeweled abacus shows the Bents spent a total of $7,400,000 for two apartments not counting the high costs of combination and customization nor the monthly common charges and taxes that run, as per StreetEasy, just shy of $7,000 per month.

Your Mama can not confirm Mister Stoudemire actually pays $37,500 per month to occupy the sprawling penthouse pad but we can confirm, based on our research on the internets, that from March until August 2009 the natty nest was available at a listed rate of $29,000 per month. Our admittedly haphazard investigation also turned up a number of (no longer active) online listings that show Mister and Missus Bent put their contemporary aerie up for sale in December 2008 with a $16,500,000 price tag, a figure that was later lowered to $14,500,000 before it was taken off the market in August 2009.

floor plan: Brown Harris Stevens via StreetEasy

The floor plan for the Bent penthouse included with several of the (now inactive) online listings accessible via Streeteasy indicates the apartment spans approximately 4,365 square feet and contains 4-5 bedrooms, 4.5 bathrooms, 4 exposures, 3 terraces that total more than 3,500 square feet with sensational Hudson River and city views, 2 fireplaces, 2 living rooms, and a completely kitted-out open-plan kitchen plus a recreation room and a bi-winged library. Now inactive online listings also reveal monthly common charges and taxes for the combined penthouse–paid by the lessor and not the lessee, natch–run just shy of $7,000 per month.

Mister Stoudemire reportedly also leases a house in the Hollywood Hills area of Los Angeles (CA) we know nil about but assume ain't cheap and, until recently, he leased a modestly-sized apartment at the not-exactly-inexpensive Trump Tower at City Center in White Plains, NY. The 20th floor apartment in White Plains, located in Westchester Country just north of New York City and near where the Knicks practice their dribbles, passes and swish shots, is reportedly owned by Golden State Warrior David Lee, whoever that is.

The freshly procured (and, as far as we're concerned, beastly) mansion in Southwest Ranches, FL is not the first piece of Florida real estate owned by Mister Stoudemire. In addition to an itty-bitty and unequivocally humble abode in his hometown of Lake Wales purchased in August 2003, Mister Tall, Dark and Handsome also briefly owned a sexed-up penthouse in Miami Beach at The Residences at W South Beach. Property records reveal he sold the South Beach penthouse in August of this year (2011) for $5,200,000.

 photos: Sotheby's International Realty

Mister Stoudemire acquired the airy and very contemporary penthouse (shown above), as per records, in July 2009 for $5,575,000. Anyone with eyeballs and a third grade mathematics education can plainly see the property-mad ball player took a $375,000 loss on not counting carrying costs or the $3,300 per month he paid in maintenance fees for the libidinal penthouse.

Listing information we persuaded out of the interweb shows the glassy penthouse has 2 bedrooms, 2.5 bathrooms and was all done down with a crisp but cliché black, white and gray palette. In addition to the 2,428 square feet of interior space that includes an open plan living/dining/kitchen area with ocean view, the posh pad has more than 2,700 square feet of city and ocean view balconies and terraces that offer spacious lounging area(s) with at least one outdoor television, a partially shaded dining area with summer kitchen/barbecue center, and a private plunge pool where Mister Stoudemire and his lady-guests could skinny dip with a clear view of the aquamarine Atlantic Ocean.

Prior to working his stuff for the New York Knicks, Mister Stoudemire did his basketball thing for the Phoenix Suns for 7 or 8 seasons so it's really not very surprising the man's property portfolio has included a fair number of high-cost and high-maintenance properties in the southwestern desert city, most of which have been sold off in the last 10 or 12 months at significant losses.

photo: Realty Executives via Home Finder

As best as Your Mama can tell Mister Stoudemire purchased his first property in Phoenix in March 2004 when he scooped up a 3,542 square foot condominium situated on the 8th floor of the 14-story Esplanade Place complex for which he paid $1,675,000. In June 2006 the budding property mogul splashed out another $1,775,000 to snatch up the 2,928 square foot condo next door. The full-service building includes a roof-top swimming pool, a clubroom with catering kitchen for larger parties, conference room and 24-7 security.

Redfin shows the first unit was first heaved on to the market (at an unknown price) in mid-February 2008. The 2 bedroom and 3 bathroom condo crib was on and off the market until late September 2011 when, at long last, the white elephant was unloaded for $1,300,000. Once again it doesn't take many if any flicks of Your Mama's bejeweled abacus to see that, like with his Miami Beach penthouse, Mister Stoudemire took a hefty $375,000 loss on the property.

The second condo (shown above) was also first listed in mid-February 2008 and has also been taken off and put back on the market a number of times over the succeeding years. In June of this year (2011), the 2 bedroom and 2.5 bathroom condominium was re-listed (and is currently listed) with an asking price of $1,375,000. The asking price as it stands means that even if Mister Stoudemire manages to pull a real estate rabbit out of a hat and coax a buyer to pay full price for the unit he still stands to lose another $400,000.

In October 2005, between the purchases of the two above mentioned adjacent condos at Esplanade Place, Mister Stoudemire dropped another $4,750,000 to secure a 2-plus acre pond-front estate in the swanky Biltmore Estates enclave that girdles the Arizona Biltmore Country Club. More on this property in a moment.

photo: Google

Property records show in October 2006, just a year after buying the big estate at the Biltmore Estates, Mister Stoudemire paid $1,325,000 for a 3,954 square foot single-level residence (shown above) with a clover-shaped swimming pool in an affluent but perfectly ordinary neighborhood in central Phoenix. As far as Your Mama can tell, the property is not currently on the market and remains in Mister Stoudemire's slimmed down portfolio.

photo: Google

Although he needed another house in Phoenix like a person needs a damn hole in their head, in November 2007 Mister Stoudemire coughed up $1,900,000 to purchase a 5,570 square foot mini-mansion in south Phoenix with 6 bedrooms and 6.5 bathrooms (shown above). Redfin show the two-story southwestern-style quasi-contemporary was pushed on to the market in mid-September 2011 with an asking price of $1,499,000 and quickly sold for the substantially lower price of $1,300,000, a sale price that represents an astonishing $600,000 loss for Mister Stoudemire.

listing photos: Realty Executives via Sawbuck

Now then, let's get back to that multi-parcel property at the Biltmore Estates in Phoenix that Mister Stoudemire picked up back in 2005 for $4,750,000 and first listed at a million dollar loss on the open market in January 2011 with an asking price of $3,800,000.

Listing information we managed to cajole out of the interweb shows the architecturally vague and stylistically undefinable (mc)mansion measures 7,500 square feet–the Maricopa County Tax Man shows it as 6,523 square feet–and includes 5 bedrooms and 5.5 bathrooms.

The all-beige, -tan and -taupe interior spaces encompass a double-height foyer with some truly mortifying glass and iron front doors, a marble-floored step-down formal living room with too small black marble fireplace mantel, a formal dining room with built in china/stemware cabinet, an eat-in kitchen with white cabinetry and black granite counter tops, and a 400-square foot family room/den with full-sized built in bar-pub, built-in entertainment cabinet and a long bank of French doors that open to outdoor entertainment areas and expansive grounds.

The acre-plus landscaped backyard, which listing information calls "resort style," offers an over-sized swimming pool with nearby ramada for escaping the punishing summertime desert sunshine, a separate elevated circular spa surrounded by towering palm trees, a lighted and walled tennis court, and rolling lawns criss-crossed and ringed by a concrete walking/jogging/golf cart path.

It's all a bit nouveau for our particular and snooty taste in residential real estate but apparently there are any number of wealthy folks who covet such cribs that lack any authentic architectural integrity. After Mister Stoudemire slashed the asking price of the property in June (2011) from $3,800,000 to $3,100,000 along came such a person in the form of a local tire tycoon named Gerald Fletcher who, according to the deeds and documents we peeped, paid $2,750,000 for the remodeled 1978 mansion. That purchase price represents a truly staggering $2,000,000 loss on the property for Mister Stoudemire.

A tall and stiff gin and tonic steeled Your Mama's jangled nerves before we dared to take on the task of tallying up the total amount Mister Stoudemire's ill-timed real estate purchases and sales have cost him; Not counting the four hundred grand he stands to lose when the second of his two condos in Phoenix finally sells, the fortunately well-paid and undeniably accomplished professional basketball player has lost a whopping $3,350,000 in just the last year.


Anonymous said...


*downs vodka*

mama, that was intense!!!

Anonymous said...

He will deduct it from his taxes so all is not lost for the wealthy fella. Smart move if you ask me as he's also getting rid of the carrying costs.

Anonymous said...

Can someone get this man a good money manager/ nice gay decorator??

Justin said...

It's a good thing you don't need a brain to play basketball...

Anonymous said...

Mama, any blogger who can use the word "meretricious" correctly wins my heart forever.

Anonymous said...

... swish shots, is reportedly owned by Golden State Warrior David Lee, whomever that is.

Mama, hate to nitpik your grammar, but it should be "whoever that is." Whoever must be in the nominative case, not the accusative.

Anonymous said...

One might say he is "dribbling" his money away, no? He bought all that crap in Phoenix at the height of the market and of course has suffered. I looked at Phoenix high rises around 2007/8 and found most buildings mostly empty, very few willing to pay over a million for an apartment in Phoenix. Whether the market has improved since I don't know. I doubt it.

Anonymous said...

I love how so many people think that the only stupid people in professional sports are NBA and NFL players.

I guess "other folks" know how to properly pretend that they still have money.

Anonymous said...

DAYUM! These nasty piles. Only the NYC Penthouse is divine!


angie said...

It seems like he's attempting to invest some of his money, although in a haphazardly random, beginner's kind of way. While I don't love any of these he's either selling or sold, they're far better than his newest Southwest Ranches, FL place.

Anonymous said...

to the common person, he is being stupid. The real estate market has taken a nose dived, so getting rid of this stuff is good and sometimes getting rid of stuff at a loss is great for "wealthy" people.

Anonymous said...

I would assume that some of these seemingly "extra" cribs are for his baby mamas.

Anonymous said...

very smart moves..his accountant will deal with the losses! would you rather he foreclose?

Anonymous said...

Anonymous 6:23 there is no deduction for losses on non rental residential real estate. He would have a hard time showing these as rentals, as they are/were surely occupied by family/hangers on who undoubtedly paid zero to live there.

Anonymous said...

And children keep in mind that a 3.3M loss is alot more than that..he had to pay taxes on that money orginally before it evaporated..think about it.

Anonymous said...

8:54 am, thank you, he cannot deduct these as losses on his taxes. People seem to think you can deduct any and everything and that is not true.

Some of the homes most likely were for family members like parents and siblings, but he is losing his butt on these properties. He has terrible taste in homes and decorating also, but that is to be expected.

Anonymous said...

Not that I have any love for Am'ar'e'e'' (added some extra hypons just to make sure I got at least one in the right place)- by my count he paid $15.675M for these residences- and took a total loss (per Momma) of $3.35M- so he lost 21% of his money.

Had he not been a dumb ball player and put his money in the stock market instead of buying these houses in 2008- he would have lost around 15% of his money.

Hurts to lose, but my guess is he's not the only one here who has lost 21% since 2008.

Anonymous said...

(meant that I added extra apostrophes- not hyphons- brain cramp.

Anonymous said...

11:06, I lost not a dime in the stock market. My money is in apartments and small fast food restaurants and liquor stores. They always make money.

He could have put that $3.5 million into 2 or 3 McDonalds restaurants or a bunch of Five Guys or something like that and have been making great positive income for life. He could have bought 15 Subways and been making over $1.3 million a year for life.

Anonymous said...

His losses are bad...but there are PLENTY of (allegedly) better educated people-some of them who play the real estate game full time- out there who are taking even LARGER losses than Mr. Stoudemire.It's cold comfort I suppose.

Anonymous said...

What's hilarious is that the condos and the at the house at Bilmore estates are no more than 1 mile or so apart. Why buy so much in the same area?