Retired boxing champion turned real estate investor, Floyd Mayweather Jr., has sold his waterfront Miami Beach mansion for $22 million. The 10,853-square-foot property at 288 South Coconut Lane was sold through Mayweather’s Fojoso LLC to a company managed by Morris Betesh, a former senior managing director at Meridian Capital Group who is now pursuing his own venture. The sale appears to have been completed off-market.
The purchasing entity, 288 SC LLC, assumed Mayweather’s $13 million mortgage with Hankey Capital as the lender. The next payment of approximately $98,736 is due in December.
Mayweather, who purchased the property for $18 million in 2021, likely saw a profit on the deal. The nine-bedroom, 10.5-bathroom home, located on Palm Island, includes luxury features such as an indoor movie theater, gym, dock, pool, and ample space for cars. Built in 2011, it sits on a third of an acre.
This sale follows a record-breaking $40 million sale by Chilean developer Claudio Fischer earlier this year on Palm Avenue. Mayweather previously sold another Miami Beach waterfront property at a loss of $6.3 million in 2020.
A successful business venture, Mayweather has reportedly earned $1.1 billion throughout his boxing career and business investments, including an estimated $300 million from a 2015 fight. His most significant recent move involves a substantial investment in 601W Companies’ $10 billion portfolio, including office buildings in New York, Chicago, and Jersey City.
