After only owning the property for a little over four years, rapper Lil Wayne has sold his multi-million Miami Beach mansion.
According to the Wall Street Journal, Tunechi sold it for a nice little profit.
When he purchased the home in 2018, he spent $16.75 million on it. Listing agent Cyril Matz of Douglas Elliman said this waterfront home was sold in 2023 for $22.583 million, earning him almost a $6 million gain.
The house was almost new when he moved in. Matz says the house, located on Allison Island in Biscayne Bay, was built a year before he purchased it. It has a water frontage and dock that is about 110 feet and the seven-bedroom home itself is roughly 10,600 square feet.
Some of the amenities are a home theater with suede wall coverings, mahogany wood entranceways, and a huge swimming pool in the backyard.
The Young Money executive, whose real name is Dwayne Michael Carter Jr., was hoping to sell the property for more. When he originally placed the property on the market in September 2022, he listed it for $29.5 million. When he didn’t get any takers, he dropped it down to $28 million.
The rapper actually did well with the sale. According to the Miami Herald, home sales in South Florida are on the decline. According to a report released by the Miami Association of Realtors, home sales plummeted by 47% in January 2023.
That means there were only 1,402 transactions (homes being sold) which is a drop from the same time in 2022 when 2,645 properties were sold.
Just selling to break even is rare in this climate.
