After almost five years on the market, the Miami Beach property owned by Ricky Martin has finally sold for $10.6 million.

Designed in a Mediterranean style, the seven-bedroom property extends through 105 feet of Biscayne Bay beach in the La Gorce subdivision, one of the most exclusive areas in Miami Beach. A guesthouse, swimming pool and recording studio are just a few top tier amenities tucked inside the huge waterfront home.

The Puerto Rican singer is turning a small profit on the haute property; he acquired the home in 2005 for $10 million.