Jennifer Lopez and Alex Rodriguez cannot get enough of houses. In June 2020, they searched for a luxury summer home in Malibu, reportedly to rent. They later put up their beachfront house in Malibu they had bought from Jeremy Piven for $6.6 for sale at an asking price of $7.99. It seems they had a plan to invest in Miami; thus, in August 2020, they spent millions of dollars on a house that sits on Star Island. Jennifer Lopez and Alex Rodriguez’s $40 million mansion in Miami, FL, has raised curiosity as people wonder if the couple plans on holding on to it as a family home, or sell it in a few years, as they usually do. Although the house was listed for $40 million, the lovebirds managed to buy it at a discounted price of $32.5 million. Let’s tell you more about the house and why Alex Rodriguez is passionate about real estate.
Features of The Mansion
One thing sources are conflicting on is the square footage on which the house sits. Some say it occupies 15,000 square feet, others 14,762 square feet and others exaggerated it to 40,000 square feet. Whatever the measurements are, the history remains the same. According to Variety, the house was built in 2003. Before this power couple called it their own, the last time it was in the market was in 2011 when it was listed for $25.5 million, making it one of the most expensive houses in Miami Beach at the time. To have an asking price of $40 million after nine years, the owner made it bigger and renovated it.
The 10-bedroom, 12-bathroom house is beautiful on the inside as it is outside; the owner must have known first impression counts, thus lined up the driveway with palm trees. The backyard has a pool whose blue and green light illumination at night adds to its beauty. There is also a cabana bath, a hot tub, and a bar area. Other features you can’t fail to notice are the wooden deck spanning over 100 feet, the stone terracing, and lush gardens meticulously maintained. A Juliet balcony and a wooden and glass door invite you into the main house where you find a grand living room whose fireplace is breathtaking. The living room opens up to the formal dining room.
You will also spot a wine room, a chef’s kitchen with an informal dining area, a wet bar, and a wood-paneled library on the first floor. The massive arched windows provide you with a spectacular view of the Palm Island and Miami skyline. An elevator is available to take you to the second floor, where the main suite has its own lounge, office, and a couple of bayfront terraces. The spacious walk-in-closet and luxurious bathroom complete with a bathtub, an onyx, and a steam shower comprise the master en-suite bath.
Why Alex Rodriguez Ventured into Real Estate
Alex Rodriguez, and his two siblings, was raised by a single mother after their father abandoned them in Miami to go back to New York when Alex had been born. When Alex was eight, the family lived in a small apartment, but every 18 months they would have to move because the landlord kept increasing rent, which his mother could not afford. Despite working hard, Alex’s mother could not also meet the expenses of baseball; thus, J.D. Arteaga chipped in and even helped Alex get admitted to Westminster by applying for grants. However, Alex did not forget his family’s humble beginnings, and every time they had to move, he wished he could be the landlord.
Consequently, in 2003, Alex bought his first duplex. The down payment was $48,000, which he did not have; thus, he had to sell two Rolex watches and autographs; the autographs helped him raise $12,000. After two years, the real estate mogul sold the duplex for double the price, which made him remark that real estate investing was much better than basketball. He founded A-Rod Corp in 2003, which according to the company’s website, is a fully integrated real estate investment and development firm that manages internal and external capital.
Alex also has other real estate companies, including Monument Capital Management, which he co-founded with Ramon Corona in 2012. Its real estate assets are worth over $700 million. Newport Property Construction was established in 2008, with Alex as one of the co-founders, and it boasts of developing and renovating property worth over $1.5 billion.
Should You Invest in Real Estate as A Couple?
Alex Rodriguez and Jennifer Lopez started dating in 2017 and got engaged in 2019, but they already have quite an impressive real estate portfolio after investing together. They are not married yet, but they foresee a bright future, which explains their decision to be partners in the real estate business. However, before you go enticing your significant other to build your portfolio together, Housing Man has a few dos and don’ts that you should consider. For instance, although we always hope for the best, we should prepare for the worst; therefore, agree on which property will be given to whom should there be a separation in the future. Also, note down what each partner contributed towards getting the common property.
Regardless of the caution needed, investing as a couple has its advantages because you will be pooling your money together. Consequently, with the more available resources, you can acquire much more luxurious properties, which will boost your rental income should you choose to rent out the houses. Besides, with a common goal, you are united in heart and mind, which, of course, also strengthens your bond. However, this will only work if you do not mix your relationship issues with the business, which can be difficult, especially if, at home, things are tense.