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Alex Rodriguez -- who signed a $275 million contract with the Yankees in 2007 -- is now pinching pennies by downsizing in a spectacular way.

A-Rod -- who dumped his $30 million oceanfront Miami palace -- just bought a nearby condo for $2.1 million -- around 15 times cheaper than his previous digs.

And when we say it's modest, we mean it. The "luxury" condo, purchased last month, is 1,725 sq. ft with 3 bedrooms and 3 bathrooms -- a broom closet in ARod's world.

The Miami mansion was a comfortable 19,861 sq. ft., with 9 bedrooms, 11 full bathrooms (plus 2 half bathrooms), a 4-car garage, a state of the art security system with 16 cameras, and a Zen garden.

A-Rod appears to be gearing up for a long winter in an uncertain future.

Jennifer Lopez -- who knows a thing or 2 about bombs -- looked as pained as someone who sat through more than 10 minutes of "Gigli" when some random dude photobombed her Tuesday on the streets of Bev Hills.

JLo was hoofing it with boy-friend Casper Smart when Mr. Jazzy Hands auditioned for a back-up role.

Pretty sneaky maneuver -- the kind of sneakiness that would even impress Mr. Deeds' right hand man.

Floyd Mayweather has issued a full apology for a photo on his Instagram page that mocked Oscar De La Hoya's struggle with substance abuse ... though Floyd insists he never approved the photo to go up.

Mayweather came under fire yesterday ... because after he beat up Canelo Alvarez (who's signed to Oscar's boxing promotion company), a pic was posted on his Instagram page showing a crying De La Hoya along with the caption, "Meanwhile Back In Rehab."

Another caption on the picture read, "Oscar: I gave Canelo the wrong blueprint I was high."

Now, Floyd's speaking out ... with another Instagram post ... which reads, "It's unfortunate that a stupid picture was posted to my Instagram account earlier today that was not posted by me or authorized by me to post."

He adds, "I completely support Oscar De La Hoya and his family during this difficult time in his life. I stand by him unconditionally and would never personally disrespect him or anyone else who struggles with addiction."

"I also apologize to all of my followers for this ridiculous post. I have no ill-will towards anyone."

David Tutera should NOT split up his twin babies -- so says one identical celebrity sibling who tells TMZ if the reality star doesn't come up with a better plan, both of the infants' lives will be ruined.

TMZ spoke with Carlos Ramirez -- the twin brother of Efren Ramirez, who played Pedro in "Napoleon Dynamite." CR tells us if David and his ex Ryan Jurica separate the kids, he believes it could cause a major "identity crisis" later in life.

"Splitting twins is a death in itself," he adds. "Twins grow together emotionally and to not let them connect like that will be damaging."

Then again, Carlos' relationship with his twin hasn't exactly been perfect either -- in fact, Efren threatened him with a $10 million lawsuit back in '08 for impersonating him ... and they haven't spoken in years.

Call him Dennis Rodman, 'cause Liam Hemsworth was rebounding like a CHAMP in Vegas last night ... spittin' some serious game to a smokin' hot chick -- and from the looks of things, it worked.

Just one day before reps "officially" announced the demise of his engagement to Miley Cyrus, Liam and 5 of his friends hit up XS Nightclub ... where he ran into 23-year-old Eiza González.

FYI -- Eiza happens to be a singer/actress (seems like someone's got a type).

They drank ... he smoked ... they flirted ... they were thisclose ... and people in the club said they never left each other's side before leaving the joint together at 2 am.

Muy bien.

Before the NFL season began, NY Giants wide receiver Victor Cruz promised ... if he got a new contract, he would get a new Ferrari.

It appears Victor is a man of his word.

Cruz was spotted pulling into MetLife Stadium in Jersey yesterday in what appears to be a Ferrari California convertible ... which reportedly starts around $200k.

Of course, Cruz signed a HUGE contract over the summer -- 5-year extension worth up to $43 MILLION. Before that, he was making close to the league minimum.

The Giants lost to the Broncos in the Manning Bowl yesterday ... but we're guessing Victor wasn't too bummed out on the drive home.

Guitar legend Carlos Santana slammed into a parked car in a fancy Las Vegas neighborhood Friday night ... but cops say he wasn't driving drunk.

The 66-year-old was in Vegas for a couple of shows -- but he didn't have a performance on Friday night.

A spokesman for the Las Vegas Metro Police Department says no one was injured in the wreck -- noting there was no one inside the parked car at the time of the collision.

As for the make and model of Santana's ride -- so far, that's unclear ... but we're workin' on it.

A police rep told the Las Vegas Review Journal ... "He hit a parked car, it was a minor accident, is all" ... adding the incident wasn't even "log worthy."

Kiefer Sutherland has nothing but respect for his "Young Guns" co-star Charlie Sheen ... who finally got his high school diploma this week ... because it's something Kiefer doesn't have.

Kiefer -- dapperly dressed in a suit and fedora -- was outside Madeo in LA last night ... and may have been reliving his own high school memories when he told us it was "fantastic" that Charlie got his diploma -- 30 years after the rest of his class.

Compared to Kiefer, Charlie's something of an overachiever. Kiefer himself attended several different high schools as a kid ... but revealed in interviews, he never got his diploma.

Selma Blair has called in the legal hounds ... threatening Charlie Sheen and Lionsgate Entertainment with a retaliation lawsuit after getting the ax on "Anger Management."

Sources connected with the show tell TMZ ... Selma believes she had a big fat target on her forehead after daring to criticize Charlie for being a slacker. She repeatedly complained to the crew that everyone had to sit around and wait while Charlie sat in his trailer and learned his lines.

Charlie got wind of Selma's beef and she believes that's when the die was cast. Our sources say Selma's now demanding the $1.2 mil she would have made if she would have continued working ... and if she doesn't get it she's filing a lawsuit.

Sources tell TMZ ... of the 12 scenes per show, Selma was only in 3 or 4. Charlie was in all 12 and required to memorize 44 to 48 pages of dialogue per show. One source said candidly, "When you work 12 hours a day and have 3 girlfriends at home, it's hard to memorize all the lines for tomorrow."

As for the claim of wrongful termination based on retaliation ... our sources acknowledge, when Charlie heard Selma was trashing him he was pissed, but the decision had already been made to write her off the show, because "America didn't want to see Charlie with just one girlfriend."

But here's the thing ... One very well placed source tells TMZ ... the plan was to phase Selma out over 8 episodes. After Charlie heard Selma was bitching about him, "That process was accelerated."

We're told lawyers for Lionsgate and Selma are currently talking ... trying to reach a settlement.

Charlie Sheen ... GOES TO COLLEGE??

Now, that the Warlock has finally obtained his diploma from Santa Monica High School (30 years behind schedule) ... Charlie tells TMZ college would be "HELLA FUN."

The 48-year-old graduate just called "TMZ Live" to talk about his accomplishment -- and explained how he managed to finally complete HS, even though he only showed up for class 33% of the time.

Charlie also explains why he was so passionate about getting his diploma -- and what he plans to do next.

Check out the clip.

Luis Miguel is good at making kids ... but paying for them -- we're told not so much.

Here's the backstory ... L.M. hooked up with Aracely Arambula, a very hot Telenovela star. They sacked up in Bev Hills for 5 years and produced 2 kids -- Miguel, who is now 6, and Daniel, who's 4.

Things happened, and the couple split 3 years ago. Aracely moved back to Mexico with the kids.

Now here's the problem. We're told Luis Miguel has been absent in multiple ways -- he hasn't seen the kids in 6 months, and he's not paying regular child support, although we're told he does give Aracely some money here and there. But we're told Aracely is upset because she has no financial support she can rely on.

It's not like Luis Miguel is on the rocks professionally. He performs all the time, and apparently has plenty of dinero.

We reached out to Luis Miguel's rep. So far, no word back.

New footage has surfaced appearing to show the moment George Zimmerman "smashed" an iPad that may contain proof he punched his father-in-law during an alleged altercation last week.

The footage was captured on a home security system moments after the alleged altercation at the Florida rental home where George and Shellie Zimmerman had been living.

Shellie told a 911 operator George took a pocket knife to the iPad and then smashed it ... and the video appears to back up the story.

While you can't actually make out a pocket knife in the footage, it's obvious George is finagling with the device ... before he tosses it on the ground.

Shellie recovers the iPad moments later.

After the incident, Shellie turned the iPad over to cops -- and they're confident they can recover any footage that was stored in the device, but acknowledge it was pretty badly damaged.

Oscar De La Hoya has just checked himself back into a rehab facility ... two years after completing a stint in treatment for cocaine and alcohol.

De La Hoya revealed the news in a statement to the media, explaining why he won't be ringside during the Mayweather vs. Canelo fight this weekend, one of the biggest fights ever put on by his Golden Boy Promotions company.

"I will not be at the fight this Saturday to cheer Canelo to victory since I have voluntarily admitted myself into a treatment facility," De La Hoya said.

"I explained this to Canelo and he understood that my health and longterm recovery from my disease must come first."

"Thank you for your understanding. I ask for your support and privacy during this difficult time for me and my family."

Oscar checked into rehab back in 2011 -- and in a previous interview said, "My drug of choice was cocaine and alcohol."

Aaron Hernandez wasn't watching when Tom Brady and his former Patriots teammates mounted a comeback against the Buffalo Bills this past weekend ... 'cause he's NOT allowed to watch football on TV during his stint behind bars, TMZ has learned.

Sheriff Hodgson of the Bristol County Jail tells us, "While Mr. Hernandez and many other inmates would like to watch football, it is just not part of our policy here ... so that will not be happening. “

Hernandez does have an hour of free time per day ... so, in theory, someone could call him on the phone and play the TV really loud so he can follow along with the action -- but what's the fun in that?

George Zimmerman allegedly punched his estranged wife's father during a childish dispute over who had the right to be in the house -- the renter or the owner, aka George or his daddy-in-law ... TMZ has learned.

Sources close to Zimmerman tell us, George and his estranged wife Shellie Zimmerman have been renting a home from her parents, but ever since she filed for divorce they've been avoiding each other like the plague -- scheduling house visits ahead of time to keep the peace.

Must've been a snafu in scheduling -- because we're told George showed up Monday AM to remove some things, and ran into Shellie and her dad.

We're told the argument erupted when Pops declared it was his house, and George replied that he was paying rent ... and had every right to be there. The spat ended when Zimmerman allegedly punched Shellie's dad in the face.

Complicating matters was the fact George brought his new girlfriend with him. We're told she was waiting in his car while he went inside, and didn't get out until police arrived.

At the end of Shellie's 911 call you can hear her say, "There's a woman in there. Oh my god."

As for the identity of George's gf -- we're told she appears to be someone new ... NOT George's ex-fiancée, despite what reports are saying.

One person is on record that George Zimmerman is not the guy you want as your next door neighbor ... the Chief of Police of Lake Mary, Florida.

Police Chief Steve Bracknell tells TMZ, he's frustrated Shellie Zimmerman changed her story. She now says George did not have his hand on a gun in a threatening manner while arguing with her father.

Chief Bracknell says of Zimmerman, "The guy just can't stay out of the news" -- referring to the Trayvon Martin killing, speeding tickets and now this. Bracknell says, "You'd think he'd get the heck out of Dodge."

We're told Shellie recanted her story after talking to her lawyer. The Chief said because of her flip-flopping, "There was not enough to affect an arrest, unfortunately."

Bracknell seems concerned that Zimmerman is bent on causing trouble, saying, "It's smoke, smoke smoke. Is there a fire somewhere? Lord knows."