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Going swimmingly: Olympic hero nabs property

Catherine Deshayes

Michael Phelps may be ahead of the game in the swimming pool, and now he is making another smart move, by investing his new found wealth in residential and commercial property, taking advantage of the low property prices in the US.

The Beijing Olympics made one man a star. Swimmer Michael Phelps, whose total gold medal tally now stands at a mindblowing 11, is the proud owner of the most number of gold medals won in a single Olympics, picking up eight at this year's games.

Companies are clamouring to sponsor him, and he is expected to pick up around £50 million in endorsements. Much of this will be sunk into a property portfolio, to take advantage of tumbling property prices in America.

Phelps has already snapped up a £600,000 apartment in his home town of Baltimore, Maryland, which overlooks the city's waterfront, and, needless to say, it has its own swimming pool.

On the commercial side, the Olympic champion has also bought Meadowbrook Swim Club and Northwest Ice Rink in Baltimore, which he and his coach, Bow Bowman, want to turn into a future Olympic training centre.  

Phelps' new investments are being seen as a possible injection of hope to help revive Baltimore's flagging property market, which has seen prices fall by five per cent since the peak buying time back in 2005.

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