London - Ricky Martin has finally sold his Miami Beach mansion for a cool 10.6 million dollars after five years of trying to get rid of the property.
The 40-year-old star had his Miami Beach mansion on and off the market after paying 10million dollars for the 10,000 sq ft home back in 2005.
According to the property records the singer sold the mansion for 10.6million-dollar, but the name of the buyer is yet to be released.
Superstar couple Beyonce and Jay Z had been looking for a property in Miami Beach and were known to have visited the mansion whose neighbours include Miami Heat star Dwayne Wade and Bee Gee Barry Gibb.
The home was on sale for 19.8million dollars in 2008 but with the collapse of the housing market in Florida, Martin was forced to reduce his asking price.
Then, two years later in 2010 it was on the market for 12.5million dollars.
But with Martin, who is appearing on Broadway in the musical Evita, looking for a quick sale he accepted an offer 600,000 dollars above his own purchase price.
Property taxes on the seven-bedroom home are 106,000 dollars a year.
The home was described as a âMediterranean masterpieceâ by the realtors trying to sell the home.
Their description read: âMediterranean masterpiece with breathtaking open bay views from every room. This private estate is the epitome of luxury living featuring the finest in detailed finishes including solid mahogany doors, ceiling treatments, fireplaces, travertine marble throughout, and crown moldings. Spacious gourmet kitchen, formal dining room, full bar. Jacuzzi and pool.
It is the second home Martin, who has adopted twin boys, has sold in Florida in recent months.
Back in October, he sold his beachfront mansion in Golden Beach for 6.3 million dollars.
But Martin, who is in a steady relationship with boyfriend Carlos Gonzalez, will still consider Miami his home, according to his spokesman.
âRicky Martin has such strong ties to Miami that he will always consider it his home alongside Puerto Rico,â the Daily Mail quoted spokesman John Reilly as telling The Miami Herald.
âAs much as Ricky loves [South Florida]... Ricky is currently performing eight shows a week at the Marquis Theatre in Times Square, and it would have proved to be a somewhat difficult daily commute,â he added.