NBA Exec Pat Riley Makes Big Real Estate Moves
He’s come a long way from Schenectady, NY, where as a high school basketball star, Pat Riley rolled a pack of cigarettes up in his white T-shirt sleeve, slicked back his hair and willed himself to greatness.
Now the former coach of the “Showtime” L.A. Lakers and mastermind of the surging Eastern Conference favorite Miami Heat continues his large living — if his recent real estate moves are any indication.
While NBA observers and Miami Heat fans are calling for Riley to leave his administrative post and return to the hardwood to help LeBron James & Co. win a title, Riley has been busy with matters other than NBA glory.
Most recently, Riley has put up for rent the Malibu beach house he owns. That means anyone with $35,000-a-month to spare can hang for the summer in Riley’s Malibu rental, which is decked out in furnishings as white as Riley’s teeth.
The 3-bedroom, 2-bathroom house is just under 1,400 square feet and has been owned by Riley since 1989, when he purchased the place for $1,600,016.
Just Sold: Riley’s Coral Gables Estate
The rental does not trump Riley’s biggest real estate move this year, which was the sale of his super-luxurious spread in Miami. In April, Riley divested himself of his stunning 2-acre Coral Gables estate at 180 Arvida Pkwy.
With 900 feet of frontage on Biscayne Bay, Riley’s European-style villa sold for $16,750,000. That was a pretty big hit off the original list price of $23 million. Riley had been trying to sell the property since October 2010, but finally let the place go for a $6.25 million price drop.
The 5-bedroom, 8-bathroom house features a state-of-the-art media room, 800-bottle wine cellar, expansive outdoor entertaining areas with a magnificent pool featuring an aqua bar.
See photos of Pat Riley’s just-sold Coral Gables home (below):
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