Father-of-twins Martin, 40, took a $3.5 million-dive in order to sell his 9,800-square-foot beachfronter.
It was on the market for two years!
At one point, the singer of Livin’ La Vida Loca wanted $19 million for it.
A yet to be identified buyer eventually plunked down $12.8 million for the mansion at 641 Ocean Boulevard, according to a spokesman for listing agent EWM Realty.
The two-story Mediterranean-style rock pile features five bedrooms, seven bathrooms, a posh theater, a brand new kitchen and sweeping views on the Atlantic.
Best of all: It’s got 108 feet of private beachfront!
Yet, realtors say Martin should be singing the blues when it comes to this sale. Martin wrote a $16.3 million-check for it in 2007. And he did put in a brand new kitchen!
“I’m surprised he is taking that kind of a loss,” said Leon Bell, who sells luxury properties in the area. “Golden Beach remains a sought-after area because it’s one of the few with oceanfront single family houses.
“Everyone knows you’re supposed to buy low and sell high. Ricky happens to have done the opposite.”
It was the second real estate sale by Martin this year. In April, he dumped his Miami Beach pad for $10.6 million. He only lost a few thousand there.
Martin, who stars in Evita on Broadway, says he hasn’t been spending enough time in South Florida to justify owning several homes here.