Miami mansion finally sold after 5 long years

Residential real estate prices are beginning to recover across Miami and sales are beginning to build in this sector of the USA real estate market unlike many other regions across the country.

One luxury Miami Beach mansion that has been up for grabs for five years has finally changed hands at a massively discounted price. The property in question was bought by singer Ricky Martin seven years ago for 10 million dollars.

The seven bedroom property is described as a ‘Mediterranean masterpiece’ that is luxury personified throughout the 10,000 sqft residence and includes pool and Jacuzzi and features breathtaking views from every room.

The Latino singer first listed the property for sale in 2008 with an asking price of 19.8million dollars but as the USA real estate market crashed the price has been slashed a few times over the years . Several celebrities have viewed the property during this time and according to real estate records the new buyer (as yet unnamed) has paid 10.6million dollars.