DJ Khaled Finally Sells Miami Mansion for $4.8 Million After Major Price Cut - See Inside!

When it comes to real estate, DJ Khaled is finally handing over some major keys.

The larger-than-life musical talent and record label exec, 44, has sold his massive Florida mansion for $4.8 million after more than a year on the market and a potential sale that fell through earlier this year.

The house was first listed in December 2018 for $7.99 million, PEOPLE originally reported, and had nearly for $5.99 million in April 2020. "Sadly, the initial buyer had an unforeseen family emergency and was unable to proceed with the sale," the broker, Janet Ben Zvi of ONE Sotheby's International Realty, tells PEOPLE. So the home went back on the market.

"The price was reduced down to $4.8 million as it did not include the furniture, which was part of the original $5.9 million asking price," Zvi explains. The final number was therefore $3.19 million less than the original asking price.

When Khaled lived in the five-bedroom, six-bathroom estate, it included decorations fit for a king, including 14k gold chandeliers with Swarovski crystals, a gourmet kitchen, floor-to-ceiling windows and a veranda with waterfront views. Over the years, Khaled spent over $2.5 million remodeling the property.

In addition to featuring a custom room where Khaled stored his considerable sneaker collection, the four-story Mediterranean-influenced estate is also where he had his famous Hot Tub pep talks — as well as many of his other Snapchat shenanigans.

Additionally, the property includes a tropical-inspired pool overlooking Miami Bay, where Khaled is rumored to have thrown many a wild pool party for his famous pals.

In 2016, Khaled gave PEOPLE an exclusive tour of the property — and had a full-on Belle moment showing off the soaring space he designed for his sneakers from a rolling library ladder.

"I love my sneaker room," he explained. "Every sneaker in here has a certain moment for me in my career. There's so many vibes."

Among his favorites are an array of Air Jordans, "classic Yeezys," Reeboks signed by JAY-Z, and slides from Khaled's We the Best store, featuring his oft-recited slogans "Bless Up" and "Another One."

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Proudly showing off the outdoor space, Khaled also highlighted his plants ("They're my angels.") and stone statuary ("The lion keeps me focused, and also he's a protector.")

"At night time, when the wind is blowing, the bamboo makes its own music," Khaled shared, referencing the grove in his backyard, where he has plenty of space to practice meditation — or enjoy a visit from his massage therapist.