Former boxing champion Floyd Mayweather Jr. has made a lavish investment in a stunning waterfront property near Miami Beach, spending a staggering $18 million for its purchase. This contemporary three-story home is located in the prestigious Palm Island, a gated and upscale area of the city known for its exclusivity.

Interestingly, data from realtor.com indicates that the average asking price for a home in Palm Island in July was $21 million, representing a remarkable 200% increase compared to the same period in 2020. Mayweather’s acquisition showcases his discerning taste and highlights the escalating value and desirability of properties in this sought-after locale.

Mr. Mayweather, 44, was dubbed the highest-paid athlete of the ten years by Forbes in 2019 after earning $915 mιllιon over a ten-year period. He purchased the home last week using a Nevada limited liability company, of which he is the manager, according to property records.

His sumptuous new house is 10,853 square feet in size and boasts unobstructed views of the city skyline, passing cruise ships, and the coveted city sunset, according to the listing with Douglas Elliman’s Dina Goldentayer and Ana Viyella, who declined to comment on the transaction.

The nine-bedroom estate was created for both inside and outdoor recreation, according to the description. It includes an indoor movie theater, a gym, a game room, a large entertainment area, smart home technology, and an elevator in addition to having modern, minimalist decor.

There is also a roof deck, a pool, a four-car garage, and a private dock that can accommodate boats up to 100 feet. Tanasha Pettigrew of Galleria International Realty represented Mr. Mayweather in the deal.

This most recent addition to Mr. Mayweather’s real estate portfolio joins a palatial Las Vegas property he bought in 2018 for $10 mιllιon and a French Modern-style estate in Beverly Hills he bought in 2017 for $26 mιllιon.