Ice-T Burned on Condo Sale ... LOSES $250k

8/19/2012 5:00 AM PDT

Ice-T -- Gets Burned on Condo Sale ... LOSES $250k


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."