Former Heat center Shaquille O’Neal finally unloaded his Star Island home on Wednesday, a day before he was traded from Phoenix to the Cleveland Cavaliers.

Philip Freedman, a broker with Flagstone Realty, said the deal to sell the 2.5 acre property at 26 Star Island Drive closed Wednesday. The home sold for $16 million, far below the $18.8 million O’Neal paid for the mansion in 2004 and the $32 million he was seeking for the home in 2005. He was reportedly asking $22.5 million, but couldn’t get nearly that much in this economic climate.

The home has been on and off the market for years, including when O’Neal threatened to move to Broward County when his family grew tired of the gawking boaters who stopped by to look at the house.

The 19,440-square-foot, two-story home has eight bedrooms, eight bathrooms, a dock, gym, tennis court, indoor racquetball court and a separate guest house. Other Star Island residents include Gloria and Emilio Estefan and Rosie O'Donnell.

The home was originally owned by original Heat center Rony Seikaly.

O'Neal has had contracts out on the home that have fallen through, including one with New York Yankees third baseman Alex Rodriguez in 2007.

Freedman would not identify the buyer, but the Daily Business Review speculates it could be Peter Fine, a co-producer of the Tony Award-winning Broadway musical In the Heights. Fine, the publication reported, had a contract to buy the property for about $19 million and the deal was supposed to close in January.