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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

No Avatar
16.

Drivel Lady    

I knew some one in charge of marketing those condos. The views were really nothing. Just a couple of boat slips on the harbor. They were so over priced to begin with. I was surprised he bought one. I think they only sold them for such a high price by claiming Will Smith had bought one.

778 days ago
17.

EastCoastChopper    

the place reeked of pot smoke, cat piss and dirty laundry...then, it was sitting in Balitmore...Not exactly a winner!

778 days ago
18.

appaulo    

Nice to see he's maintaining him Olympic "non-pro" status. Only an american olympic athlete could afford millions for housing while working as an amateur.

778 days ago
19.

delightfullydelusional    

What kind of moron pays that much to live in Baltimore?

778 days ago
20.

richard de bellis    

my cousin purchased his townhouse an he loves it.when i look at it great value.

777 days ago
21.

bob    

Bet he peed in the pool

774 days ago
Previous 15 Comments | 1 | 2

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