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Beyoncé Loses $335,000 on Condo Investment; Ricky Martin's Realtor Hangs Up on Crossfade

Nestled on 500 feet of prime, ocean-front real estate, the Blue and Green Diamond Condominiums are two of the most exclusive residential towers in Miami Beach. And back when the market was stable, only the über-rich -- like Beyoncé Knowles -- could afford to shit and sleep in one of these high-priced condos.

In December 2002, Knowles dropped $465,000 on CA-A3 at the Green Diamond, a 190-square-foot cabana with little more than a half-bath and dressing room. Last month, though, Knowles unloaded the tiny property for $110,000, 75 percent less than the original purchase price, TMZ reports.

With an estimated net worth of $300 million, Knowles is one of the wealthiest entertainers in the business. So losing $335,000 is no big deal. However, when you're in the market for a $12.5 million mansion, every penny counts.

Earlier this month, Knowles and husband Jay-Z were caught house hunting in Miami Beach. Hoping to join two-thirds of Miami's Big Three in the North Bay Road neighborhood, the couple toured a seven-bedroom mansion owned by Ricky Martin.

Crossfade contacted Martin's listing agent, Pablo Alfaro (Esslinger-Wooten-Maxwell, Inc), and asked him point-blank whether or not Jay-Z and Beyonce had made an offer on the Mediterranean-style home. He immediately hung up.

Guess who won't be using Alfaro next time we're in the market...

If you were Pablo Alfaro, would you talk to Crossfade?

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Victor Gonzalez
Contact: Victor Gonzalez