Michael Phelps Wins Gold at the Olympics, But Not in Real Estate

Summer Olympics Michael Phelps Relay 19th Medal - P 2012
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Summer Olympics Michael Phelps Relay 19th Medal - P 2012

The Olympic champion suffers a big real estate loss after making a sale on his Baltimore condo the day after he takes another gold at the London Games.

Michael Phelps may be the most decorated Olympic champion in history, but that doesn’t mean he’s striking gold in real estate. In 2007, a year before his historic gold medal run in Beijing, Phelps bought a three-bedroom and three-bathroom townhouse in the quiet Baltimore harbor area of Fells Point. Phelps paid $1.699 million. But this past March, Phelps quietly listed the townhouse for far less. And, on Krauss Real Property Brokerage's newly updated listing, the property sold for even less than that.

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As of this morning, the property has been listed as sold for $1.25 million, more than $400,000 less – or 27 percent – than what Phelps paid for it five years ago. It's also more than $150,000 off its asking price of $1.42 million. That's a drop in the bucket though for Phelps, who "could make more than $100 million in his lifetime," as Phelps' agent Peter Carlisle recently told Tripp Mickle of Sportsbusiness Journal.

The 4,000 square-foot condo is located on Baltimore’s Inner Harbor and boasts panoramic windows in the living room that offer views of the marina. The townhouse also features dramatically high ceilings, an upper-floor balcony, open living spaces, master suite with spa, two-car garage, hardwood floors and a roof-top lounge. The townhouse is four floors with simple interior designs featuring red brick, steel and glass.

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The condo is part of the Townhomes at the Crescent. Community features include a heated indoor pool, a fitness center and a private screening room with stadium seating.

Phelps made history on the fourth day of the London Olympics, winning his 19th overall medal and 15th gold. Thursday, he beat Ryan Lochte in the 200 IM to get his 20th medal and become the first male swimmer in history to win the same event at three consecutive Olympics, his previous wins coming in 2004 and 2008 in Athens and Beijing, respectively.