Millionaire Alex ‘A-Rod’ Rodriguez Reveals How $60 Million Disaster Sent Him “Underwater”

Alex Rodriguez, businessman extraordinaire, also makes mistakes sometimes. The 2009 World Series champion with the New York Yankees is an undoubted baseball talent. But as is common with any athlete, mistakes are a part of life. After hanging up his uniform for the last time in 2016, A-Rod turned his full focus toward business. Not all sports personalities can make a life in finance work but Rodriguez has proven his acumen time and time again.

After founding A-Rod Corp at the beginning of his career, the former shortstop has now amassed a net worth of millions. But since risk-taking is part of any and every business, they don’t always pay off. In its younger days, A-Rod Corp also suffered one such loss, which its CEO and founder recently shared.

Alex Rodriguez opens up about the worst deal he ever made

Much like any investor, A-Rod also went through a bad deal. It may not have been through any personal fault of his own; the beauty of the business world is that external circumstances can make or break a person’s career sometimes. Although it wasn’t a drastic change that affected A-Rod in the long run, it was still a significant happening.

Talking to Harry Stebbings about all things finance, Rodriguez said, “I think the worst deal came around the financial crisis in real estate, it was around ’08, we acquired a beautiful, beautiful portfolio of about a thousand apartment units. We paid around $60,000 per door. It was right around Yankee – George Steinbrenner Field in Tampa, where spring training – where they still play spring training. It was a beautiful portfolio, it was the right assets, it was the wrong timing.”

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He went on to say, “What happened was we woke up about two weeks later with a crash and the assets were probably $40,000 per door and we owed $42,000 per door. So we were underwater. That was probably the worst.” Must have been a learning lesson for A-Rod!

The business world can be described with many adjectives – brutal, unforgivable, and life-changing, among others. There’s a reason why not everyone who ventures there comes out successful on the other side. A-Rod, however, did.

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“Thankfully for us, we had enough capital to negotiate with the banks and we ended up selling that like five years later for about 75 a door,” he told Stebbings. Incidentally, 2008 was a good season for Rodriguez the ballplayer, even though the Yankees didn’t make the playoffs.