Norman goes over par

Greg Norman might not be teeing off at this weekend’s PGA Championship in Minnesota, but the Great White Shark has managed to grab a few headlines with his latest property play.

Norman has set tongues wagging in Florida by raising the asking price on his nine-bedroom mansion from $US47.5 million ($57 million) to $US60 million ($72 million).

That’s a big price jump in any market, but it’s particularly surprising given the terrible state of the US property market. And it’s even more surprising when you consider that Norman has been trying to flog the house, which he shared with his former wife Laura Andrassy, since 2007.

Back then, Norman wanted $US65 million, but he was eventually forced to drop the price to $US47.5 million when he couldn’t find a buyer.

But now, according to US website Luxist, the price has been jacked up again after Norman completed a series of renovations. Given that the asking price would set a record for the area, those would want to be some very impressive improvements.

If Norman does achieve his asking price, he’s looking at an extremely impressive return, given he and Laura purchased the property for just $4.9 million back in 1991.

According to reports, Andrassy is entitled to $US17.5 million from the proceeds of the sale of the house as per the couple’s divorce settlement.

Norman’s price hike has also raised some questions about the luxury end of the property market. While this is obviously a pretty unique property, Norman and his advisors clearly believe that there are plenty of rich folks out there prepared to pay more than $US50 million for a place to live.

For some picture of Greg’s place, click here.