Former world champion Floyd Mayweather is back in the spotlight with a huge acquisition. This time, the undefeated boxing legend splurged an eye-watering $402 million on his real estate portfolio. The five-division champion appears to have struck a deal with Josh Gotlib of Black Spruce Management, paying $402 million for a 1,000-unit affordable housing portfolio.
The complex consists of more than 60 buildings, according to people with knowledge of the deal. The properties are concentrated in New York’s Upper Manhattan, and the deal is said to be one of the city’s biggest deals of the year. More importantly, the transfer of assets is taking place in several stages, with the first stage to be completed on Wednesday.
The remainder of the deal is expected to be completed by the end of the fourth quarter ending in December or early 2025. Mayweather, who was born from scratch, expressed his thoughts on the investment: It’s emotionally important to me and my family. ”
advertisement
Article continues below this ad
Floyd Mayweather recently added another victory to his career by defeating John Gotti III in an exhibition match in Mexico City. Like previous exhibitions featuring social media stars, “Money” was a triumph, pocketing millions of dollars in the process. But outside of the ring, Mayweather’s latest real estate deal is just one of many smart investments contributing to his impressive portfolio.
Known for his business acumen, Mayweather has built a vast and diverse real estate empire, cementing his reputation not only as a boxing legend but also as an astute investor. In addition to the new purchases, Mayweather invested in nine skyscrapers alongside office giant SL Green’s bid for a casino in Times Square.
That said, real estate is Mayweather’s most reliable form of investment, in fact, it was his first.
Floyd Mayweather talks about his first investment
advertisement
Article continues below this ad
Most people know that Mayweather is the richest boxer in the game, but few know how the living legend got there. Behind his flashy and extravagant lifestyle, Mayweather has made great strides in the world of real estate. In a 2022 interview with Grant Cardone, the undefeated boxer revealed that his first investment was in commercial real estate.
Via Imago
Boxing: Benavidez vs. Plant March 25, 2023 Las Vegas, Nevada, USA Floyd Mayweather Jr. boxing David Benavidez (not pictured) and Caleb Plant (not pictured) at the MGM Grand Garden Arena Attend the match. Las Vegas MGM Grand Garden Arena Nevada USA, Editorial Use Only PUBLICATIONxINxGERxSUIxAUTxONLY Copyright: xJoexCamporrealex 20230325_jca_aa9_046
“My first investment was in real estate, commercial real estate. A huge, uh, skyscraper, actually,” he shared, indicating an early commitment to building intergenerational wealth. I did. “I looked at certain athletes’ careers and said, ‘I don’t want that to end up like that,'” he recalled, alluding to the financial pitfalls that often plague retired athletes.
advertisement
Article continues below this ad
So what’s his secret? Mayweather established himself as a master of the field and stayed in it for the long term simply by focusing on assets that generate large returns. “I believe in creating generational wealth,” he stressed, emphasizing his vision beyond the sport of boxing.
With each passing year, Floyd Mayweather seems to be expanding his business empire. His latest investment has revealed his determination to succeed beyond what he is best known for. Anyway, what do you think about this matter?
