Sep. 27, 2013 at 2:47 PM ET
This week in celebrity real estate, the biggest news was that Alex Rodriguez’s new hideout in Miami Beach was discovered to be just a $2.1 million condo he bought in late August. Additionally, musician Kid Rock listed his Malibu home, and the childhood home of rapper Eminem is up for auction in Detroit.
Alex Rodriguez just sold his custom home in May 2013 for a whopping $30 million and decided to really downgrade, buying a Miami Beach condo for $2.1 million. Spending $2.1 million on a new home may seem like a lot for the average American and even for Miami Beach — the median home value is currently $310,400 — but for someone slated to earn $28 million in 2013, it’s a drop in the bucket, and slightly surprising.
Or perhaps it’s not that surprising at all. Facing a 211-game ban, and perhaps a permanent ban from baseball, Rodriguez may be feeling the need to be a bit more conservative in his spending.
He purchased the home in late June under a vaguely named trust held by his real estate company, Newport Property Ventures, which owns about 15 apartment complexes.
Just because Rodriguez’s new condo is nowhere near the price of his former beachfront home doesn’t mean it isn’t luxe. The condominium complex sits on Millionaire’s Row in Miami Beach and comes with a host of high-end amenities such as an enormous fitness center, spa, infinity pool, 24-hour concierge and valet parking. The units themselves have modern kitchens with high-end appliances, and the bathrooms feature limestone, marble and river rock. Rodriguez’s new home came fully furnished.
Kid Rock is known for shock lyrics and hillbilly-rock style. It’s expected his home would reflect that — perhaps be decked out in hard-core rocker aesthetic.
However, Rock’s home is done up in a modern Balinese style, complete with white walls and exotic woods—giving off a soothing vibe.
“I wanted a place that was comfortable and fun, where I could kick back, write music and hang out with friends. But it also had to be a house that was well-built — something with quality,” Kid Rock — born Robert Ritchie — told the LA Times Magazine in 2008.
He hired designer Martyn Lawrence Bullard to outfit the home.
Bullard reiterated to the magazine that despite the entertainer’s rocker image, he has good taste.
“Yes, he’s a crazy, mad rock star, but he’s also very mellow, and he loves to entertain in style,” Bullard said. “His taste is surprisingly sophisticated. We weren’t going with red velvet sofas and Gothic chandeliers.”
Kid Rock bought the property at 28830 Bison Ct, Malibu, CA 90265 in 2006 for $11.6 million. The 5-bedroom, 5-bath home measures 8,305 square feet on just over an acre lot on Point Dume. Typical of most Malibu homes, the house has an open floor plan, incorporating indoor and outdoor living areas. The property includes a “chef’s kitchen,” guesthouse and pool with outdoor shower.
The price tag on the home marks a 15.9 percent price increase over the 2006 purchase price, and that translates into a $52,493 monthly payment, calculated with Zillow’s mortgage calculator and assuming a 20 percent down payment on a 30-year mortgage.
The front cover of Eminem’s 2000 album, “The Marshall Mathers LP,” features an image of a small home. The rapper, aka Marshall Mathers, recently tweeted a cover image from the upcoming “Marshall Mathers LP 2,” which also shows a photo of the home.
The residence is his actual childhood home, a small, 2-bedroom, 1.5-bath house at 19946 Dresden St, Detroit MI, 48205, just a few blocks from 8 Mile Road. His mother, Deborah Mathers, bought the home in 1989 and lived there until 2003, well after Eminem’s rise to stardom.
Like many properties in Detroit, Eminem’s childhood home has been affected by the city’s declining economy and has been foreclosed on several times, including in 2004 for $32,500, and in 2007 for $24,650. The most recent foreclosure was in late 2011, when the Michigan Land Bank took over the property. Zillow currently values the home at $32,948.
As part of the effort to temper the problem of foreclosures and abandoned properties in Detroit, the state of Michigan began the Land Bank program to “promote economic growth in this state through the acquisition, assembly and disposal of public property.”
Although Eminem is still active in his hometown, currently producing a Web show, “Detroit Rubber,” about a local shoe company, the rapper won’t likely be buying his old house. He currently lives in a sprawling 20,055-square-foot home in Rochester Hills, MI.