Yahoo Finance Vanilla Ice Proves He's Cooler Than Ever With $20 Million Real Estate Fortune
The rapper behind the iconic song "Ice Ice Baby" has defied expectations. Once dismissed as a one-hit wonder, Vanilla Ice, whose real name is Robert Van Winkle, has built a multimillion-dollar empire through shrewd real estate investments.
Divorce records from 2018 showed his net worth at $9 million. According to CelebrityNetWorth.com, his fortune has now grown to an estimated $20 million.
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"I made millions for doing nothing," Van Winkle told comedian Steve-O on a recent episode of the "Steve-O's Wild Ride!" podcast.
Van Winkle bought homes across the country that he never used. When he decided to sell them, he reaped the rewards.
"They sold really quick and ... I didn't even change the carpet ... and I go, holy sh#$, let's go buy a bunch more of them," he said.
After Hurricane Andrew destroyed one of his properties in 1992, he took on the renovation himself. This sparked a passion for real estate, and by 2018, he was earning $800,000 annually as a general contractor.
Van Winkle's strategy involves acquiring off-market properties not listed on the multiple listing service, as well as distressed properties with tax liens, which he flips for a profit.
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Although home flipping was once considered a lucrative investment strategy, it's viability has declined significantly. According to real estate data provider ATTOM's 2023 U.S. Home Flipping report, 208,922 single-family homes and condos were flipped in 2023, down 29.3% from 436,807 in 2022 — the largest annual decline since 2008. Gross profits in 2023 declined to $66,000 from $70,100 in 2022.
In addition to increasing the value of his properties, Van Winkle's renovations provide content for the reality TV show "The Vanilla Ice Project," which serves as another solid income stream.
Commenting on a New York Post story about Van Winkle, Frank Lucas mentioned that he was a cast member for the first three seasons of the TV show.
"He lived around the corner from the first-season house that was renovated," Frank Lucas posted on the New York Post site. "Rob is a good guy, very generous with his time but cheap as the day is long. He is staunchly clean and sober now, so not even a beer was allowed on set or at the wrap parties. Those were fun times, but there is no reality in reality TV. One hundred percent scripted (sort of). The best parts of filming wound up on the cutting room floor."
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