Wednesday, December 5, 2007

Ricky Martin Is Flipping Out in Florida

SELLER: Ricky Martin
LOCATION: Ocean Boulevard, Golden Beach, FL
PRICE: $22,500,000
SIZE: 9,882 square feet, 5 bedrooms, 7 bathrooms
DESCRIPTION: 2 Story Mediterranean estate in one of Florida's most exclusive private oceanfront communities, 24 hour security patrol in community and beach!!! Making it a desirable location for celebrities and int'l homeowners. Your own private 108 FT beach modern comfort throughout. New gourmet kitchen with morning room, Top of the line finishes. Formal dining plus open living area. Master suite with his and her bath, walk-in closets, terrace and stunning open views.

YOUR MAMAS NOTES: Hot-cha-cha singer Ricky Martin has really been on a real estate roll the last couple of years. In the Spring of 2006 Mister Hard and Smooth Body unloaded a fully renovated 9,202 square foot casa high in the Hills of Beverly that sits right next door to one of media magnate Rupert Murdoch's many mansions. That $15,000,000 sale was quickly followed by the shedding of his 65th floor unit at the Time Warner Center in New York City for $9,750,000.

Then the Puerto Rican pop star with the perky nipples listed his Miami mansion on N. Bay Road for $16,900,000 which he had bought only two years earlier for $10,000,000. Property records still show the house in Mister Martin's name so it seems the house never sold and try as we might, we were not able to find an active listing for the property.

Next, in the Spring of 2007, the swivel hipped singer with a thing for bikini bathing suits dropped around $7,000,000 for a swanky and sexy 2,637 square foot loft in the Herzog de Meuron designed 40 Bond building in New York City and in April of 2007 he plunked down another $16,250,000 for an orante ocean front mansion in pricey, but sedate Golden Beach, FL.

There was much speculation about whether the glizty entertainer would actually move to the new house in Golden Beach or if it was simply another high end real estate investment. Now, thanks to the ever faithful and delicious Mugsy Fairweather, we know. The bon bon shaking performer is indeed attempting to flip the 9,288 square foot Ocean Boulevard mansion, and in true celebrity house flipper style, Mister Big and Beautiful Booty has listed the place for $22,500,000. Yes children, Señor Ricky Martin is hoping to pocket more than six million clams on the sale of the residence he purchased just 8 months ago. It takes some nerve to attempt this kind of high priced flip amid all the hoopla about a declining market and all that crap.

Due to the flailing Florida real estate market, we didn't think the soon to be dee-vorced Mister Hulk Hogan and his krazy handlebar mustache could flip his N. Bay Road property for a massive profit earlier this year, but lo and behold he did to the sweet tune of a nearly $7,000,000 profit. So we make no predictions on whether Mister Martin will bank boo-coo bucks or if he'll be eating his itty bitty tight fitting shorts on this deal. Only time will tell.

Listing information for the two-third acre property indicates that in addition to all the standard rooms, the Mediterranean-ish manse features 5 bedrooms, 7 bathrooms, an ocean front swimming pool, garage parking for at least 4 cars, and a 1 bedroom and 1 bathroom guest house perfect for a well built live in pool boy.

With all this buying and selling it's tough to know where RRRicky Marrr-tan, who reportedly also owns a place down in Puerto Rico, parties with his posse of tan, tattooed and well built friends or where he beds down at night in the arms of, uhm, who? Who does he bed down with? It ain't none of Your Mama's bizness and this blog is NOT about Ricky Martin's love life, but how come we never read about Mister Martin squiring big chested gurls around to all the international hot spots?

Okay then. Back to earth. Winter's here. Stay warm puppies.


Anonymous said...

Ricky can shake his bon bon for me anytime

Anonymous said...

more pictures please

Anonymous said...

Yeah Ricky, flip or pack it. You go boy!!!

Anonymous said...

9800sqft of closet space

so_chic_darling said...

Who's in the closet?

Anonymous said...


Tom Cruise. But now we want him to stay there.


Anonymous said...

i really hope he loses money on this one.

Anonymous said...

I honestly do not know where the market is going, esp with the goverment bailout on the subprime loans, freezing the rates for 5 years.

Yes it is only for a 5 year period but that may be enough time for inflation to catch up and then the 200k house will be worth 1MM and the 5MM mansion, estate will be worth 60MM and trillions in virtual losses will have evaporated into thin air.

With that said Ricky may win on this one again.

Anonymous said...

I don't like the way the comments box is popping up now,please change it Mama.It's not working for me.

Anonymous said...

its not an across the board bailout & it will likely effect very few & really sounds like a headache to sort through.

Anonymous said...

Hey,Ed from Westwood could you buy a girl a double while you seduce her with your big numbers?

Anonymous said...


Window dressing I tell ya!

Just look how well the gooberment took care of New Orleans.

Not to mention, if you look at the fine print, it's not gonna help many people, but it sure does sound good during an election year!

Will it bolster house prices?

Of course not! Now that people have to qualify at the fully amortized rate on new loans (and cant lie about their income anymore) the "false appreciation" will slowly fade away as people move away from the denial/anger stage into acceptance.

Anonymous said...

And to those that think that we can "inflate" our way out of it, think again. Without wage inflation the upside down homedebtors are screwed.

Anonymous said...

Anyone know who the listing agent is?

Anonymous said...

Mama, Seeing you mentioned 40 Bond I was just wondering about your opinions on it? It's obviously been one of the most talked about new Manhattan builds in a while & some love while others hate ... I personally love it, it's just refreshing compared to your typical glass towers ... what does mama think of the building?

Anonymous said...

ricky's bf, I mean trainer is soo cute!

Anonymous said...

Since everyone is piping up about the comments box, I thought I'd better vote before Mama decides to change anything.

I like it better as a popup. For example, I was able to view the photo of Ellen & Portia's place while reading the detailed description from a fellow poster. I would actually like it if the photos popped up too.

Wow, that was easier and more gratifying than voting for president in '08.

Anonymous said...

Call me a cab!

Anonymous said...

So economist realist:

What is the absolute bottom, percentage wise you see the prices dropping in

Manhattan ?
LA ?
SF ?
Chicago ?
Seattle ?

and in what time period ?

A conservative answer please.

Anonymous said...

Ed from Westwood.

Calling "bottom" is for people like David Learah and now Lawrence Yun.

How much do you trust them?

Or you could just ask a Realtor. I'm certain that you'd get a non biased opinion from them! Or would you?

I suspect the bottom will be a few years out yet IMO (2010-2012)

How Much? Hard to say. But I'd be willing to bet that we're still in the earliest stages of it all.

The sad thing is that I expect that there will be such a large tear in the social fabric of society that it really won't matter where prices end up.

You can thank option-arms, liars loans, and the fact that people only needed to qualify for a teaser rate on an I/O ARM rather than the fully amortized rate for the future fallout. It's pretty simple really but still rather sad.

Anonymous said...

econ realist:

Do you think it can go down worst case:

-150 percent ?

best case

80 percent ?

Anonymous said...

econ realist:

I did a typo

-80 percent

Anonymous said...

Girl at the Bar, you're a Cab!

Anonymous said...

I blew Ricky and his boyfriend in an airport restroom

Anonymous said...

Ricky isn't gay!! He has been 17 years together with Rebeca de Alba!

I love the house, although I wonder why he needs 7 bathrooms and 5 bedrooms for his own?

Anonymous said...

Ricky is living dangerously. The prices of homes have plummeted in florida and california. ReMax in florida went bankrupt. What Ricky is doing reminds me of my grandmother's uncle. She said he loved to go fishing during electrical storms and he had done it a couple of times and got lucky catching a boatload of fish. The third time he did it, he was struck by lightening and died. They wondered why he never came home. Ricky should have bought cheaper homes that would have been easier to unload. I hope Ricky doesn't wind up going bankrupt.

Anonymous said...

I would also like to say that besides my grandmother's uncle beeing so foolish that my father was a home builder in california years ago while I was growing up and he used to sell all of his homes through Winfield Title company. Years later, dad and I were driving down the freeway and he said "See that building, that's Winfield Title company, they went bankrupt. If they had gone bankrupt while I was selling one of my homes through them, I would have lost all my money. All of my money would have been GONE because title companies are NOT FDIC insured." I am writing this so everyone who reads it can know what can happen to them. It can be quite scarry. I don't know what the answer is. My father has been dead for years now but he was a very intelligent man and it's because of him that my mother is so well off financially. She invests in CWGBX an American Funds Capital growth stock and it pays better than flipping properties.