Olympic Alchemy: Michael Phelps Turning Gold Into Cash

As Mark Spitz will tell you, the bankability of being an Olympic swimmer won’t last long. Fortunately, Michael Phelps is cashing in now, before the world’s brief love affair with him and swimming fades.

The NY Daily News reports that Phelps has bought a swanky Baltimore condo for $1.7 million. (That’s a lot in Baltimore.)

Olympic golden boy Michael Phelps‘ life is going so swimmingly he just plunked down $1.69 million for a Baltimore condo with a Jacuzzi and – of course – a pool.

The winner of a record eight gold medals at the Beijing Olympics, Phelps, 23, will have plenty of room at his new luxury digs for his 6-foot-4, 195-pound frame.

Phelps’ pad on the rejuvenated Baltimore waterfront measures 4,080 square feet and has a great view, the celebrity Web site TMZ reported Thursday…

His new condo building comes with a rooftop terrace, a private screening room, a state-of-the-art gym and a clubhouse with pool tables.

Phelps also bought a local swim club and ice rink and plans to turn it into an Olympic training centre. And he has his sights set on a new car:

“I’ve been looking at some Aston Martins and some Maseratis. It would be pretty sweet to get an old-school Aston Martin, some of the old-school [James] Bond ones. That would be sick.”

Finally, he managed to sell his second memoir, getting the hoped-for $1 million.

Page Six: Simon & Schuster’s Free Press imprint has signed Phelps to write “Built To Succeed,” a behind-the-scenes look at the training regimen that led to his victorious performances. It’ll be out in December. Sources say Phelps got a $1 million advance in anticipation of its doing better than his 2005 tome, “Beneath the Surface,” which sold only 10,000 copies.

We bet “Beneath the Surface” will sell better when it’s republished as a paperback to cash in on the Olympic buzz

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