Apr 18, 2024
Real estate mogul Grant Cardone is known for his skepticism of the value of homeownership. He once famously advised, “Don’t buy a home — unless you can afford to waste money.”
But perhaps Cardone meant it as advice for everyone else, considering he went on to purchase a significant waterfront property in South Florida from fashion icon Tommy Hilfiger in 2021 for a whopping $28 million.
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And now, he’s putting it on the market.
According to Realtor.com, the mansion at 605 Ocean Boulevard is listed for sale — at a cool price of $42 million.
In a post on X, Cardone shared his reasons for deciding to sell the property.
“Why am I selling 605 Ocean Blvd? I would rather own BTC or more multi-family than be invested in one single location. And we bought the house believing we had a vision for it that would improve the value for the next owner,” he wrote.
‘Like a Four Seasons’
According to the listing, Cardone's 13,000-square-foot estate features seven bedrooms, eight bathrooms, an infinity pool, and 100 feet of private beachfront access. The gourmet kitchen comes equipped with Subzero and Gaggenau appliances.
Cardone mentioned that he and his wife Elena have undertaken significant renovations on the exterior of the property.
“We expanded the exterior deck to ~ 5,000 square feet that feels more like a Four Seasons living environment with seating for 36, new pool, cabana, bar, beach house, and extended full deck to entertain hundreds easily, with a fixed table large enough to feed 20, and a one of a kind tropical private beach with 40 mature coconut trees to provide shade year round,” he elaborated.
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Cardone added that the house also features new doors and windows on the main level to maximize ocean views, an art gallery at the entrance, garage space for six vehicles, and parking for 12.
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‘Perfect time’
Cardone has made it clear what he intends to do with the proceeds from the house sale.
“I thought this would be the perfect time to take the proceeds to invest in BTC or buy some more multi-family,” he wrote.
Cardone is already familiar with Bitcoin.
In 2018, he told CNBC that he owned “some Bitcoin,” although he didn’t actually buy the cryptocurrency.
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“It’s funny how I got it. I was paid for a speaking gig in bitcoin,” he said. “That gig ended up being worth almost $2 million.”
Given the surge in Bitcoin's value since 2018, Cardone's holdings are likely worth considerably more today. Despite recent pullbacks, the cryptocurrency has still increased by well over 1,000% in the past five years.
Regarding multifamily real estate, Cardone has consistently advocated for it.
He has previously stated that investing in multifamily properties offers “the most stability and cash flow.”
Since people always need a place to live regardless of economic conditions, multifamily properties tend to be resilient.
“Multifamily real estate will always win during a recession as the best investment because of these properties’ cash flow, great locations, and high demand,” Cardone explained.
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Jing is an investment reporter for MoneyWise. He is an avid advocate of investing for passive income. Despite the ups and downs he’s been through with the markets, Jing believes that you can generate a steadily increasing income stream by investing in high quality companies.
