Even in real estate, "Money" Mayweather stayed undefeated. He booked a profit and left the loss to the next owner, who may have been smart to take the hit and move on.
Key Takeaways
- The Palm Island estate at 288 South Coconut Lane sold for $18.5 million in July 2026, about $3.5 million below what the seller paid in November 2024.
- Floyd Mayweather, the home's former owner, actually profited, buying at $18 million in 2021 and selling at $22 million in 2024.
- The loss belongs to the current seller, an LLC tied to Black Spruce Management's Josh Gotlib, who chose to cut it rather than keep holding.
A mansion once owned by boxing champion Floyd Mayweather just resold at a loss. According to The Real Deal, the waterfront estate at 288 South Coconut Lane on Palm Island in Miami Beach sold for $18.5 million in July 2026, roughly $3.5 million under the $22 million the seller paid in November 2024. To be clear, Mayweather is not the one who lost money.
He came out ahead. Mayweather bought the home for $18 million in 2021 and sold it for $22 million in 2024, a gain of about $4 million. The one taking the loss is an LLC tied to Josh Gotlib, co-founder of New York firm Black Spruce Management, who bought it from the boxer and just cut it loose. The story worth telling is not who lost money, but why selling at a loss may not have been that bad of a call. Celebrity homes trade like this all the time, as we saw when Lil Wayne's former Miami Beach mansion sold for $33 million.
So who actually lost money here?
Mayweather paid $18 million in 2021 and sold at $22 million in 2024, pocketing roughly $4 million. Gotlib's LLC paid that $22 million and just resold at $18.5 million, eating about a $3.5 million loss.
The house itself is what you would expect at this level, about 10,800 square feet with eight bedrooms and 9.5 baths, built in 2011 on a third of an acre. It comes with a private dock, pool, indoor movie theater, gym, parking for roughly 10 cars, and a 5,000-square-foot rooftop with 360-degree views. Douglas Elliman's Oliver Lloyd listed it, and the buyer, working through an LLC, was represented by Douglas Elliman's Dina Goldentayer. It had been asking just under $23 million.
This fits a pattern we keep seeing. As Larry Mastropieri put it on the Discover South Florida Podcast: "More and more what we're seeing here is people losing money on stuff, right?" The luxury market is not collapsing, though. The seller's own broker said demand for turnkey Miami mansions in the $20 million range remains strong, which makes this less of a market story and more of a decision story.
A footnote to a bigger fight
There is a subplot. Mayweather and Gotlib, the two former owners of 288 S Coconut Lane, are not strangers.
Around the time Mayweather sold Gotlib the house in late 2024, the boxer also invested in Gotlib's roughly 1,000-unit Manhattan affordable-housing portfolio. That investment now appears in a lawsuit Mayweather filed in May 2026 against his former adviser, Jona Rechnitz, alleging Rechnitz diverted about $175 million of his money and assets. Rechnitz denies the allegations and blames overspending rather than fraud. Gotlib and Black Spruce are not defendants and are not accused of any wrongdoing; their records simply appear in the evidence. End of the footnote.
Why cutting a loss can beat holding
This is the part where it gets useful for the rest of us. You might think, why didn't the seller hold out? Right? Well, that is certainly the instinct, since South Florida real estate has mostly gone up. But the pace has changed. As Larry explained: "I don't think we can expect appreciation similar to what we've experienced through the pandemic. Of course we can't." The pandemic-era run of 5-10% appreciation a year has cooled to something more like 1-3%, depending on the asset.
So run the math. If a property might gain 1-3% a year, and you could instead park that money in safe options paying in the threes or fours with little downside and full liquidity, holding for slow appreciation starts to look like the weaker bet. Cutting the loss and redeploying can be the rational move, even when it stings. The flip side is real too, since some homes have jumped hard, like the Palm Beach estate that gained 65 percent in three years, but that is the exception now, not the base case. And waiting rarely helps, since sellers who delay often take a worse number later, which has hit the condo market especially hard. This doesn't mean the market is weak, only that it is still expensive and still moving, just more slowly.
Trying to decide whether to hold or sell in this market? Talk to a Miami-area real estate agent who will run the real appreciation math with you before you commit. Reach out to The Mastropieri Group Realtors® or call (954) 833-1468.
What Palm Island prices say about the ceiling
Zoom out to the island, and you can see what money buys here. Earlier in 2026, a spec mansion at 40 Palm Avenue sold for $40 million, a record for Palm and Hibiscus islands, though its lot was nearly double the neighbors'. Other recent Palm Island sales include 135 Palm Avenue at $29.5 million and a nearby estate at $23 million. In comparison, a two-story waterfront listing sits at $43 million, and a triple-home compound is asking a record $150 million. Against all that, the Mayweather house at $18.5 million, roughly $2,000 a foot, looks like the value end of a very expensive street.
It also helps explain the resale. At $22 million, this home leaned on the address more than the view, which faces the port and the highway rather than open bay, and at this level buyers pay up for the view. Island scarcity is what holds these prices, the same force behind moves like the Hibiscus Island teardown that followed a $15 million sale. Land near the water tends to keep its value even when a specific house does not.
Watch More on This Topic: Watch this segment | Full Episode | Last week's recap
Frequently Asked Questions
Did Floyd Mayweather lose money on his Palm Island home?
No. Mayweather bought the home for $18 million in 2021 and sold it for $22 million in 2024, a gain of about $4 million. The roughly $3.5 million loss belongs to the next owner, an LLC tied to Josh Gotlib, who resold it for $18.5 million in July 2026.
How much did the Mayweather Palm Island home sell for?
It sold for $18.5 million in July 2026, about $3.5 million below the $22 million the seller paid in November 2024. It had been asking just under $23 million. The 10,800-square-foot estate is at 288 South Coconut Lane on Palm Island in Miami Beach.
Why would someone sell a home at a loss on purpose?
When expected appreciation is low, cutting a loss and moving the money into higher-returning, more liquid options can beat holding. With South Florida appreciation cooling from pandemic highs, the math often favors selling over waiting for slow gains.
Is the Miami luxury real estate market weakening?
Not really. The seller's broker said demand for turnkey Miami mansions around $20 million remains strong. This resale reflected a specific property and a seller's decision more than a broad market decline.
What is Mayweather's connection to the seller?
Mayweather sold the home to an LLC tied to Josh Gotlib in 2024 and separately invested in Gotlib's Manhattan housing portfolio. That investment features in Mayweather's 2026 lawsuit against his former adviser, Jona Rechnitz. Gotlib and Black Spruce are not accused of any wrongdoing.
Local help for buyers and investors across South Florida
Whether you are buying, selling, or holding in South Florida's luxury market, from Miami Beach to Palm Beach, it helps to work with a team that runs the numbers before the emotion. Reach out to The Mastropieri Group Realtors®. For hands-on guidance across the South Florida market, call (954) 833-1468. You can also browse current homes for sale in North Miami.
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