Los Angeles Times
January 6, 2009
Shaquille O'Neal Boxed In By Drop In Real Estate Values
[Story first published by Kevin's South Beach Condos Blog]
Even before Shaquille O'Neal was traded last year from the Miami Heat to the Phoenix Suns, he put up for sale his Star Island estate in Miami Beach.
The problem is that a deal to sell his home fell apart in November 2007, back when Shaq's asking price was $35 million. As everybody knows, the real estate market has tanked since then and Shaq just relisted his Miami home with a dramatically reduced price of $25 million.
Even so, if Shaq unloads the place for anything close to that amount, he'll turn a profit. He bought the home in 2004 for $18.8 million after the Lakers traded him to Miami.
-- Barry Stavro
Photo: Phoenix Suns center Shaquille O'Neal, left, is met by Milwaukee Bucks defenders Andrew Bogut, top right, and Luke Ridnour, bottom, in their game last month. Credit: Paul Connors / Associated Press