Ricky Martin Still Can't Flip Florida Estate

Ricky Martin may be a chart-topping pop star who shakes his bon-bon for millions, but when it comes to his real estate portfolio, the millions disappear as he fails to turn a profit as a house flipper. The Latin crooner recently re-listed his nearly 10,000-square-foot oceanfront estate in Golden Beach, Fla. for $18.9 million. That's just under $3 million more than he originally paid back in 2007.

Three years ago, after dropping that $16.25 million on his 641 Ocean Blvd. five-bedroom, seven-bathroom Spanish/Mediterranean pad, he attempted to make a juicy 38 percent profit by listing the two-story mansion for $22.5 million a mere six months later. The Sotheby's listing reveals a five-car-plus garage, gardens, a media room/home theater and terrace space. If Martin gets his asking price, he stands to make 16 percent, which is more than most sellers currently are getting.

Unfortunately for Martin, he's likely livin' la vida loca if he thinks he can turn a sizable profit in this market.