It's a steal -- mansion reduced to $16M

MIAMI BEACH, Fla., June 13 (UPI) -- A Miami Beach, Fla., mansion, listed for $25 million when it was finished in 2009, has sold for $16 million, a real estate agent said.

The mansion was sold to a German businessman, The Miami Herald reported, but the agent, Nelson Gonzalez of Esslinger Wooten Maxwel, declined to identify him. The German will not move to Miami Beach to live in the mansion, Gonzalez told the newspaper. "It's a vacation home."

The Herald said the 17,200-square-foot home has two docks, a staff house, a five-car garage, a marble staircase and an elevator.

Despite the reduced price, the Herald said it was the most expensive residential housing deal in Miami-Dade since Shaquille O'Neal's home was sold for $16 million last year.