Lil Wayne has recently sold his Miami Beach mansion for $22.583 million, as reported by listing agent Cyril Matz of Douglas Elliman. The rapper originally bought the contemporary home in 2018 for $16.75 million. He listed the property for $29.5 million in September, later reducing the price to $28 million before selling.

The mansion, located on Allison Island in Biscayne Bay, boasts around 110 feet of beachfront and includes a dock. Built in 2017, the residence spans approximately 10,600 square feet and features seven bedrooms, a home theater with suede walls, and a mahogany-paneled entryway. Sliding glass doors open to a garden with a large pool.

Mr. Matz, who facilitated the sale, chose not to disclose the identity of the buyer. He also mentioned that despite a decrease in urgency among buyers compared to the previous year, the market remains strong for well-priced properties in desirable locations.

The property, sitting on about 0.5 acres, is one of the largest available on the island and offers views of La Gorce Island. According to Mr. Matz, it is a top contender for “the best lot” on Allison Island.

In general, the luxury real estate market in Miami Beach saw a 66.7% drop in sales of premium single-family homes in the fourth quarter compared to the pandemic-driven market of 2021. However, the median price of luxury homes increased by 6.7% year-over-year. Lil Wayne previously sold another Miami Beach home in 2017 for a $10 million profit, which featured a shark lagoon and rooftop skate park.