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Michael Phelps

DUMPS Baltimore Condo

At $400,000 Loss

8/2/2012 12:50 AM PDT BY TMZ STAFF
EXCLUSIVE

0801_michael_phelps_condo_sold_launch
Michael Phelps didn't just take a beating in the 200m butterfly recently ... he also got his ASS kicked by the real estate market -- letting go of his swank Baltimore condo for $400,000 less than what he bought it for.

Phelps purchased the 4,080 sq. ft. home in Fells Point back in 2007 for $1.69 million -- but then the housing market crashed ... and so did the value of his home.

The 19-medal-winning swimmer listed the 3-bedroom pad earlier this year for $1.42 million -- but even that was asking too much ... because when he finally sold the place last week ... he could only get $1.25 mill.

For the mathematically challenged, that's a loss in value of $440,000 -- but it's just a drop in the bucket ... the guy's agent once predicted Phelps would earn roughly $100 million during his lifetime from endorsements.

Oh yeah, He's also THE GREATEST OLYMPIAN OF ALL TIME!

For more sports stories, check out tmzsports.com!
30 COMMENTS

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1.

ferta    

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811 days ago
2.

Who the Hell is Khloe    

So much spam ugh! But after the games he is going to make bank...hard! Hopefully he won't follow what many dumb rappers do, buy 10 may backs and don't pay taxes....

811 days ago
3.

eicarr     

Baltimore?!? Hopefully he's trading up cities!

811 days ago
4.

PatinNJ    

I have two words for him: Bruce Jenner.

811 days ago
5.

jay    

Haha that's a total f*** pad.

811 days ago
6.

CJ    

That is such an overpriced bachelor pad! No style whatsoever! If I see one more kitchen with Cherry wood granite and stainless steel I will barf. Can't he afford a good gay decorator!?

811 days ago
7.

Barkingboy    

Buys a lot of blow!

811 days ago
8.

Janet    

For the mathematically challenged TMZ staff writers, that's a loss in value of $170,000, not $440,000! Come on guys, you can use a calculator, can't you?

811 days ago
9.

Wayne Merry    

Looks like he can now stop shopping at furniture barn and also get a plant!

811 days ago
10.

Kid Chronic    

Only the Tards at TMZ would say getting silver is getting your ass kicked... Especially for the most decorated olympian ever. If you want to laugh just read TMZs thoughts on sports. Stay behind the computer nerds...

811 days ago
11.

Tee    

nice place, lots of stairs.
wish there was a floor plan to look at.

811 days ago
12.

b.mclane    

He did not "get his ass kicked." 1/100 of a second is faster than lightning strikes. He made a technical error and should have made one more stroke. A problem he remedied in his next race. He was only after 3 or more medals anyway and wishes to spread the medals around. His friends have worked hard too. TMZ with its LIberal Girlie man nerds is so lame.

811 days ago
13.

Snowdude    

The GREATEST!! How many are individually earned metals, you know the ones not earned thru team effort.

811 days ago
14.

LDB    

Can't lie. That's a nice ass house.

811 days ago
15.

RobtheWrecker    

He''ll be broke as a joke in 5 years. He loses way too much in Las Vegas...

811 days ago
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