According to MLS real estate records, the sale — for $10.6 million – closed yesterday.
The name of the buyer has yet to be published in Miami-Dade County records. However, news reports in December claimed that musical power couple Jay-Z and R&B star Beyonce were house-shopping in Miami Beach and took a long look at Martin’s mansion.
The 10,000-square-foot seven-bedroomer faces the bay from North Bay Road, just a long three-pointer from the homes of Miami Heat stars Dwyane Wade and Chris Bosh and up the road from Bee Gees frontman Barry Gibb.
Martin, who now stars in Evita on Broadway, wanted $12.5 million. But the house, built in 2004, was sitting on the market on and off for nearly five years!
The Puerto Rican singer bought it in May 2005 for $10 million, according to records. He paid $106,000 in property taxes last year.
The property was listed for $19.5 million in 2008, but Martin steadily decreased his price as the economy went south.
Martin, 40, has been a visible, well-liked presence in South Florida for almost 20 years. But the North Bay Road house is his second was not Martin’s only property on the market. His beachfront mansion in Golden Beach is up for sale for $17.9 million.
Check below for more South Florida homes of celebrities, including Rush Limbaugh, Dwayne The Rock Johnson and Kid Rock: