Puerto Rican singer Ricky Martin sold his seven-bedroom Miami Beach mansion for $10.6 million, but the name of the buyer is not yet known, The Miami Herald reported.

The house faces Biscayne Bay on North Bay Road and is close to the homes of Miami Heat stars Dwyane Wade and Chris Bosh, and the mansion of Bee Gees frontman Barry Gibb.

Martin, who had a huge hit with "Livin' La Vida Loca" and is currently starring on Broadway in the musical "Evita," had been asking for "$12.5 million. But the house, built in 2004, was sitting on the market on and off for nearly five years."

The singer bought the mansion in 2005 for $10 million, The Herald said, citing MLS real estate records.

"The property was listed for $19.5 million in 2008, but Martin steadily decreased his price as the economy went south," The Herald said.

The 40-year-old Martin "has been a visible, well-liked presence in South Florida for almost 20 years. But the North Bay Road sale is Martin's second in the area in six months. He also sold his beach front digs in Golden Beach for $6.3 million in the fall," The Herald said.

Martin has found the perfect place to live in New York, while taking part in the Broadway revival of "Evita," in which he will play the role of Argentine-born Cuban revolutionary Che Guevara.

The singer and actor, who previously owned two condominiums in the Big Apple, has decided to rent a $32,500-a-month condo with five bedrooms and 5 1/2 bathrooms in the Lucida building on the Upper East Side, the New York Post reported.

The 3,478-square-foot unit includes a nearly 800-square-foot corner living/dining room and floor-to-ceiling windows, the paper said, adding that Martin's real-estate brokers, Dennis Mangone and Pablo Alfaro of Prudential Douglas Elliman, declined to comment.

"Evita," directed by Michael Grandage and with Argentina's Elena Roger as Eva Peron, begins previews on March 12, 2012, and will open less than a month later on April 5 at the Marquis Theatre on Broadway.

Follow us on twitter.com/foxnewslatino
Like us at facebook.com/foxnewslatino