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Michael Phelps' Fells Point condo sold

It's true: Michael Phelps' Fells Point condo has sold, and the most decorated Olympian of all time took a significant loss.

TMZ originally reported a sale last week without attribution. Now the property, 967 Fell Street, is listed under the "Sold" category on real estate agent Heidi Krauss' website. A source at the office confirmed that the property, listed for $1.42 million, sold for $1.25 million.

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Phelps purchased the home in October 2007 for $1.69 million.

Though Phelps declined to disclose where he'd be moving, he did tell The Sun that he always plans to have a home in Baltimore. Baltimore Magazine mentioned a "new place in Canton."

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Forbes has floated the idea that Phelps not return to Baltimore -- at least not full-time -- owing to high taxes he'd have to pay on future endorsement and business earnings.

Phelps has reportedly made $40 million already, and his agent, Peter Carlisle, was quoted saying the swimmer could earn $100 million during the course of his life. Speaking from London this week, Carlisle said Phelps' earning potential will be based on his level of engagement.

For now, that remains high. Carlisle expects to announce Phelps' new business ventures and partnerships following the conclusion of the London Olympics this weekend.

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