Agent

Celebrity home sale: Sammy Sosa unloads $9.15 million beachfront property

An investment group in Detroit has gained home field advantage
  • Sosa purchased the property in 2013 for $7.6 million.
  • The Ocean Boulevard property was purchased privately by a Detroit-based investment group.
  • The buyer has plans for minor renovations to the property.

Sammy Sosa may have enjoyed a career of knocking it out of the park, but an investment group based in Detroit may have stolen home base. The group privately purchased Sosa’s beachfront home for $9.15 million, approximately $750,000 below the asking price of $9.9 million.

Stuart Drossner, founder of Drossner Realty, confirmed the off-market sale of the retired baseball player’s 7,273-square-foot home at 667 Ocean Boulevard on March 31.

Sammy Sosa's just-sold Miami pad.

Sammy Sosa’s just-sold Miami pad.

Drossner said the seller was looking for a quick sale. The deal closed within 45 days of going under contract for $9.15 million.

He compared the purchase price to the market value, noting that it sold for roughly 30 percent less.

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An oceanside view of Sammy Sosa's just-sold pad.

An oceanside view of Sammy Sosa’s just-sold pad.

Sosa purchased the home in 2013 for $7.6 million.

The seven-bedroom, 8.5-bathroom 1998-constructed home sits on a 24,900-square-foot piece of land and offers 75 feet of beach property.

His client has plans to do minor renovations to the property, said Drossner, who cited the 1998 property as being prime for renovation, which will only increase present and future value.

Author’s note: Selling the home for $9.15 million means that Sosa profited approximately $1,415 per day on his three-year investment. Over his 18-year professional baseball career, he averaged $18,884 per day based on his total baseball salary of $124,068,000 divided by 6,570 — 18 years — days under contract, so this is peanuts to ol’ Slammin’ Sammy.

Comparable Golden Beach oceanfront sales

263 Ocean Blvd.
75 feet Oceanfront
Sold for $11,000,000
Closed in June 2015
8,718 square feet
Renovated in 1980 from 1923 build — land value sale

469 Ocean Blvd.
50 feet Oceanfront
Sold for $10,500,000
Closed in 2015
6,885 square feet

219 Ocean Blvd.
100 feet Oceanfront
Sold for $12,000,000
Closed in October 2014
7,272 square feet
Land Value sale

317 Ocean Blvd.
150 feet Oceanfront
Sold for $22,500,000
Closed in late 2014
11,722 square feet

Email Britt Chester