Tom Brady, gifted athlete and world champion, who dates the world's top supermodel, is now well on his way to becoming a Boston real estate mogul....yeah....you read that right. He's really leaving nothing for us regular guys to compete with!
With his latest dealing, he basically created a brand new luxurious condo for himself (and Gisele, presumably) overlooking the Charles River for a steep discount off what it would have cost to buy new. By buying an entire building on riverside Beacon Street and renovating it, then selling 3 of the 4 units as condos for more than he paid for the building, he essentially got himself the 4th unit (penthouse, of course) for "free"....or close to it.
See the article about it in the Boston Globe: Brady's big score
by Kim Blanton.
The article says "free", but the way I figure it, doing my own quick research based on public records and other available information, it wasn't quite that good a deal. He bought the building for $6.2M in 2006. The total acquisition plus renovation probably cost between $11-12M (based on the $11.5M mortgage he had on the property).
When he sold 3 of the units (a total of 6345 sq ft) for a combined $7.95M ($1250 per sq foot), he left himself a 5311 sq foot luxury condo, that is probably worth somewhere in the neighborhood of $9,000,000. Taking what he spent on the building less the sales of the other units, that leaves Brady with a $4-5M cost on his unit, so basically he has an over the top 3 bedroom, 3 1/2 bath luxury condo (with solarium, library, media room, roof deck, garage parking, spectacular river views, and who knows what else....) for 1/2 price.
Of course, these are all unconfirmed numbers, based on limited public information and my own guesswork, but I think it's probably closer to the truth than not.....not a bad day for Brady!Either way, I feel like John Madden breaking down Brady's moves on the telestrator! Like at the end of the 2001 Super Bowl..."Brady should just kneel on the ball and go to overtime". Yeah - we know how that turned out. Similarly, he's not afraid to pull off a stunning real estate project in the midst of a "downturn". And make good money on it. Impressive.