Former boxing champion Floyd Mayweather Jr. paid $18 million for a stunning new waterfront property in Miami Beach. The contemporary three-story residence is located on Palm Island, a gated, wealthy neighborhood of the city. In July, the average asking price for a home in the area was $21 million, up 200% from the same time in 2020, according to realtor.com data.

In 2019, Forbes named Floyd Mayweather, 44, the highest-paid athlete of the past decade, earning $915 million over 10 years. According to property records, he purchased the home last week through a Nevada limited liability corporation of which he serves as the manager.

His lavish new home is 10,853 square feet in size and has unimpeded views of the city skyline, passing cruise ships, and the coveted city sunset, according to the listing with Douglas Elliman’s Dina Goldentayer and Ana Viyella, who declined to comment on the sale.

The nine-bedroom estate was designed for both inside and outdoor recreation, according to the description. It features an indoor movie theater, a gym, a game room, a big entertainment space, smart home technologies, and an elevator, as well as modern, minimalist decor.

There is also a roof deck, a pool, a four-car garage, and a private dock for vessels up to 100 feet. Tanasha Pettigrew from Galleria International Realty represented Mr. Mayweather in the transaction.

Mr. Mayweather’s real estate portfolio includes a magnificent Las Vegas house purchased in 2018 for $10 million, as well as a French Modern-style estate in Beverly Hills purchased in 2017 for $26 million.