You may have heard that interest rates are soaring and the luxury real estate market has cooled significantly compared to just one year ago. But these challenges are not stopping rapper Lil Wayne from seeking a big price for his island mansion in Miami Beach.
Lil Wayne has listed his 10,600 square-foot waterfront home in Miami for $29.5 million.
He is the first owner, having bought the home after it was constructed on spec in 2017. The spec builder paid $4.4 million for the lot back in 2013, then spent untold millions on construction costs over roughly four years before the project was complete. Lil Wayne closed on the property in December 2018, paying $16.75 million. So if all goes to plan, Weezy would be looking at a nearly $13 million profit on just under four years of ownership.
The incredible mansion is situated on a 24,000 square-foot lot on Allison Island, smack dab in the middle of Biscayne Bay. In addition to seven bedrooms The home has all the amenities you would expect from a home in Miami owned by a major celebrity, all of which are on display in these two video tours:
Six months before buying the above mansion, Lil Wayne accepted a $10 million offer for a mansion on Miami's La Gorce island. Unfortunately that offer constituted a $1.6 million LOSS compared to the $11.6 million purchase price he paid in August 2011, and a significant reduction from the $18 million offer price he originally sought in October 2015.
That former house was infamous for a number of reasons. First off, it featured a roof-top skate park and a lagoon stocked with actual sharks. This is also where Lil Wayne was the subject of numerous swatting incidents that became so common, Miami PD began reaching out directly to Wayne before sending in the cavalry.
Unclear if Lil Wayne has already purchased or intends to purchase a new mansion in Miami. A little over a year ago he paid $14.5 million for a mansion in the extremely suburban California city of Hidden Hills. Perhaps he's done with Florida life and the Miami party scene?