Former boxing champ, Floyd Mayweather, known for his quick moves in the ring, is now making major moves in real estate.
According to The Real Deal, the undefeated champ — known for the moniker “Money” — is set to drop $402 million for a 1,000-unit affordable housing portfolio, spread across more than 60 buildings.
It is reportedly Mayweather’s goal to provide affordable housing for families that are struggling financially. He offered the following statement to TMZ: “Growing up I used to dream about owning just one home by myself, when you work hard you can achieve anything.”
Mayweather’s newly acquired portfolio is concentrated in Upper Manhattan and is expected to stay affordable if he intends to take advantage of tax breaks. Several buildings within the portfolio benefit from Article XI tax exemptions, which can offer up to 40 years of tax relief for affordable housing projects. This investment aligns with Mayweather’s strategy to diversify his portfolio beyond boxing and sports-related ventures.
“This purchase holds deep emotional significance for me and my family”
The large investment also seemingly puts an end to rumors that Mayweather is ‘broke’. While he’s one of the biggest names of his generation in the sport of boxing, reports claimed that he has had ongoing money problems — which was considered a major factor in why he entertained a fight with Conor McGregor back in 2017.
For the Michigan-born Mayweather, the investment in affordable housing is a venture close to his heart
“This purchase holds deep emotional significance for me and my family,” the celebrity athlete said in a statement. Mayweather has previously said he lived “seven deep” in a one-bedroom in New Brunswick, New Jersey, as a child.
“When people see what I have now, they have no idea of where I came from and how I didn’t have anything growing up,” he told Mercury News in 2007.
The deal’s closure will occur in phases, with part of the portfolio already finalized and the remainder expected to conclude by late 2024 or early 2025.
Mayweather, who commenced his professional journey in 1996, has a perfect 50-0 record, 27 knockouts and 12 world championships in five weight classes.