Air Ball: Heat Star Mike Miller Loses $2 M in Auction

Posted by Jose Lambiet , January 4, 2013 Print

NBA finals hero Mike Miller, whose three-point shooting won the Miami Heat its championship banner, has lost a ton of money in the South Florida real estate game, Gossip Extra has learned exclusively.

Miller, 32, sold his Pompano Beach oceanfront digs at auction in late July. But the deal finally was consummated and made public in mid-December after a bureaucratic snafu, according to Broward County records.

The damage?

Miller lost $2 million-plus on a crazy beautiful crib he owned for barely two years!

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Records show Miller, who returned to the Heat this season after contemplating early retirement, bought the 10,000-square-foot house in October 2010 for $5.4 million.

By any standard, the place was well worth it: It’s one of a few dozens of oceanfront single-family homes in Broward; and it has direct view on the Hillsboro Inlet lighthouse, and its own private, sandy beach.

But when 43-year-old Coral Springs investor Sergio Selcer won the house in the auction, his bid was just $3.35 million!

At least, according to records, Miller was able to pay off his $3.24 million-mortgage!

The auctioneer didn’t return a call for comment, but Lighthouse Point waterfront realtor Stephanie Heyman said there are risks to putting up a house for auction.

“An auction can generate excitement and competitiveness,” she said. “But buyers pre-qualified for a house of that caliber aren’t a dime a dozen.

“Miller’s property was unique, but buyers have become very savvy.”

Miller couldn’t be contacted and buyer Selcer didn’t return calls.

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