08/03/2012 04:48 pm ET Updated Aug 03, 2012

Michael Phelps Sells Baltimore Condo For Reported $400,000 Loss

Getty Images

WASHINGTON -- The D.C. real estate market may be crippling but there are still bargains to be had in Baltimore. Just ask Michael Phelps.

Phelps, aka the winningiest Olympian of all time, has sold his luxury Baltimore condo overlooking the Inner Harbor for a $400,000 loss, according to TMZ.

The big condo is in Baltimore's Fells Point neighborhood, known for its nightlife. Here's the Baltimore Sun's description of the swimmer's fancy living quarters:

The Phelps pad boasted floor-to-ceiling windows, spa bath, rooftop lounge, a fireplace and -- of course -- water views. It spreads over more than 4,000 square feet.

It also had two parking spaces and room for the athlete's famous high-altitude sleeping chamber.

Phelps bought the condo in 2007 for $1.7 million. He reportedly put it on the market this spring for $1.42 million -- it's still listed on agent Heidi Krauss' website as for sale for that amount (we've reached out to Krauss for clarification; meantime, you can see photos on Krauss' website).

TMZ reports that the property sold last week for $1.25 million -- which, if not as much as the swimmer hoped, is still $125,000 more than the state last assessed the property for, in July 2012.

Assuaging fears that the star athlete is leaving the area, WBAL-AM says that a source is saying Phelps has purchased a condo in Baltimore's Canton neighborhood, home to a branch of the Michael Phelps Swim School.

In other news, after the Olympics, Phelps is thinking of become a horse racer.

Michael Phelps Becomes Most Decorated Olympian