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Burned on Condo Sale

... LOSES $250k

8/19/2012 5:00 AM PDT BY TMZ STAFF

It's a good thing Ice-T knows how to act, rap, and carry a reality TV show ... because dude just took it in the shorts -- selling off his Miami condo for almost a quarter million LESS than he paid for it, TMZ has learned. 

Ice-T -- real name Tracy Marrow -- bought the 1,956-square-foot beachfront Miami pad back in 2007 for a whopping $1.53 million.

But Ice just sold the 3-bedroom, 3-bath, stark white crib for a measly $1.29 million ... which our sharp math mind calculates to be a $240,000 hit.

The condo's got ocean views, marble floors and other awesome amenities ... like concierge service, pool, spa, gym ... and of course a sauna AND steam room.

Coco tells TMZ, "We don’t go to Florida as much as we used to anymore. We have a lot of other properties that we love, so we just made the decision to get rid of this one."


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wow ew    

Isn't he getting a custom house built somewhere in north jersey? Yea boo ****ing hoo.

795 days ago


Why didn't you mention coco? That was her house too?

795 days ago


TMZ is mad because they can't afford his condo

795 days ago

Latch Johnson    

I bet, back when he was in NWA, this is exactly how he imagined living. He went from f the police to some sort of couch in a box.

795 days ago



795 days ago


That's because he and/or his wife have absolutely no taste. Whoever bought that place is going to have to gut it.

795 days ago

Joan K    

What is that to Ice T, he is a smart guy so he knows what he is doing. I am sure the new house they are building will take their minds off of the little bit of money they lost on that condo.

794 days ago


Why is this a big deal? Everyone I know is underwater on their mortgages, sitting on property that is worth half what originally bought it for.

I like Ice-T, but I hope he's socking some money away and not spending it as fast as he makes it. That gig on L&O isn't going to last forever, and Coco has expensive tastes.

Coco has been talking about a bigger place to live for a while now. She wants a whole room just for her shoes....AND she's been saying she wants to get pregnant for a while. Ice-T is no kid; he's in his mid-fifties with a daughter older than his current wife. I wonder how he really feels about being a new father again.

People talk about what a great couple they are; how their marraige, by Hollweird standards, is a really long one, but nothing can ruin a relationship faster than money troubles. Coco's only claim to faim is her looks...and if she gets herself knocked up, I don't think she'll be able to handle the changes to her body (unless they use a surrogate, which I think is very possible.) She has a gorgeous face, but lets fact it, take away the tiny waist, and she is going to look very chubby. But now i"m digressing...sorry for the rant folks..

794 days ago


Not at all what I expected his home to look like. I suppose I thought it would be more of "Ode to Ice-T" decor - but I guess he has been out of the rap game long enough that he's grown past that nonsense.

It's obvious his wife was not the decorator. She would opt for the "Ode to ME!" decor scheme.

794 days ago

South Beach    

A 16% loss on a condo in Miami in this market? He got a great deal! Real estate has fallen more then 40% in Florida, more in the condo market. Must be a very desirable building.

794 days ago


What a shintty looking place. Super tacky looking, but perfect for Coco.

794 days ago


Looks like a home as seen through A Smurf's eyes...a Smurf on a VERY bad trip.

Of course he get some extra cash selling the furniture with letters of authenticity stating "This is where I banged Coco in the a&& as she bent over to grab a magazine."

794 days ago

Poor Leno    

Those bright colors are not so this century, and i am sure he could afford lose the money!

794 days ago


I like Ice and Coco's style, lot of white color, makes a house seem bigger and open, dark colors make houses seem dark and cold and claustrophobic, and the way Ice and Coco have bright "outside" colors splashed around the house on the white background, nice touch

794 days ago


You are selling the condo because you don't visit Florida as much....come on tell the truth you need the money.

794 days ago
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