Pat Riley Is A Real Estate Genius (Photos)
Miami Heat president Pat Riley is now the proud owner of a whopping eight NBA championship rings.
After winning six titles with the Los Angeles Lakers (one as a player, one as an assistant coach, four as a head coach), the basketball icon just captured his second championship as a member of the Heat organization (one as a head coach, one as an executive).
In addition to his legendary exploits on the hardwood, the Hall of Famer has become quite the savvy real estate profiteer. Despite the fact that much of the nation (including the states of Florida and California) has endured severe depreciation in the value of property, Riley has somehow managed to transform his living arrangements, while further adding to his already massive net worth of $80 million.
Earlier this year, Riley sold his 12,856-square-foot Coral Gables (FL) home for $16.75 million, 16 years after purchasing it for $6.3 million.
Nice work Pat!
Check out multiple photos of the spectacular bay front compound, located 11 miles south of the American Airlines Center.
Riley and his wife Chris now reside in a 5,325-square-foot condo at the exclusive APOGEE complex on South Beach. These high rise accommodations, located four miles east of the Heat's base of operation, was purchased for a cool $11.75 million in 2008.
Our guess is that the Kentucky alum somehow figures out a way to deal with his sudden “lack” of space.
Remarkably, the upstate New York native's real estate portfolio is not limited to just the picturesque vistas of the Sunshine State.
Nearly 3,000 miles to the West, the Riley family is the owner of a 1,386-square-foot Pacific Ocean front home, in the tony Los Angeles County enclave of Malibu. It is believed that the Riley's will retire to this residence, after Pat decides to call it a career in Miami.
Take a look at a few photos of the Pacific Coast Highway adjacent digs, which happen to be available for a 2012 summer rental, if one happens to have $35,000-per-month lying around between the couch cushions.
The more “modest” home (in comparison to the Florida pads) is currently valued at just under $2 million.
When considering the above South Florida and Southern California properties, is it me, or does Pat Riley appear to have life all figured out?
One thing is certain, the man with the famous slicked back hair has absolutely no need for a winter coat or snow shovel.