The boxing gloves are off, and Floyd Mayweather Jr. is sparring with a formidable foe: New York real estate.
The boxing legend talked about his detour into real estate at The Real Deal’s annual NYC Forum. He’s executed hundreds of millions of dollars in deals through his firm, Vada Properties — named for his home state of Nevada.
“I’ve always been a risk taker,” Mayweather declared with the same confidence that defined his boxing career. “It’s paid off great thus far.”
His portfolio spans several corners of real estate: retail properties, luxury rentals, the former Versace mansion and a $400 million investment in affordable housing. Working alongside business partner Ayal Frist, Mayweather focuses on strategic investments where stable cash flow and a chance at generating “generational wealth” exist.
Mayweather’s real estate pivot originated with a courtside encounter at a New York Knicks game in the form of a chance meeting with real estate mogul Jeff Sutton and former SL Green president Andrew Matthias. One thing led to another and the pugilist started putting his money towards properties.
“It’s time for me to get my feet wet,” Mayweather decided, initially making seven-figure investments before graduating to eight and nine-figure deals while still actively fighting. “I was getting money from two different places.”
Mayweather didn’t detail how hands-on he is with Vada, but noted how he had a lot of input in the company while being sure to surround himself with smart people.
One of those associations is particularly controversial; Jona Rechnitz pleaded guilty to bribing NYPD officers and has faced other legal peril. Mayweather remained steadfast in his support.
“I’m not here to judge anyone,” he stated firmly, referring to Rechnitz as “one of the key pieces to the puzzle.”
When questioned about rumors concerning his financial status, Mayweather responded with characteristic swagger, noting how nice it must be to be bankrupt with two private jets and hundreds of millions invested.
Mayweather also demurred discussing recently-filed defamation lawsuit targeting reporting by Business Insider, besides pointing out that this was the first time he’s sued a media outlet.
“I’m not a liar,” Mayweather said. “I work hard to build my name and build my reputation.”
Now, with his son and two daughters — both studying real estate — Mayweather isn’t just building a portfolio; he’s creating a real estate legacy.
As his business partner Ayal observed, Mayweather “wrote his own playbook” in real estate, just as he did in boxing. That playbook could soon include investments in multifamily and hospitality properties in the Miami-Fort Lauderdale area this year, though Ayal cautioned against going into specifics.
His biggest lessons in real estate so far could easily be applied to his boxing career.
“Take your time, do your homework, be patient.”