It is official: For a mere $11 million you could be the proud new owner of boricua pop star Ricky Martin’s lavish Miami mansion. The "Livin’ La Vida Loca" singer has recently placed his home on the market and is accepting offers.

Located in one of Miami’s most exclusive neighborhoods, the mansion—complete with manicured gardens, indoor gym, recording studio and pool—will probably not be a difficult sale even in these tough economic times. The pop rey bought the 7,500 square foot property in 2001, but since the birth of his twin sons Matteo and Valentino last August has been spending his time at his more family-friendly home in Puerto Rico and barely visits his Miami estate.

While Ricky has opted for some conscientious downsizing, he hasn't slowed down one bit. The singer has been hard at work on his next album (scheduled for release next year) and just finished producing the documentary Vivir en Libertad: Lucha Contra la Trata de Personas, which will be broadcast on Hispanic television network V-Me.