Gilbert Arenas—once a top NBA star and now a name often surrounded by controversy—has long made headlines for his on-court skills and off-court antics. But there’s another side to the former Washington Wizards guard: his taste for extravagant real estate. Over the years, Arenas has bought and sold multiple luxury properties across the U.S., especially in California and Virginia. While some investments paid off, others became cautionary tales—one even tied to federal investigations.
A $2.8 Million Mansion in Virginia—With Shark Tanks
Back in 2003, Gilbert Arenas bought a massive mansion in Great Falls, Virginia for $2.875 million. The home spanned over 13,000 square feet and featured wild luxuries, including a grotto-style pool and shark tanks inside the house. Yes—actual live sharks. Arenas lived there during his prime NBA years, but when he listed the house in 2012 for $3.5 million, it sat on the market for a while. By the time it sold in 2014, he had to settle for just $2.5 million—taking a loss despite the home’s exotic features.
Encino Estate: Beauty Meets Trouble
In 2007, Arenas purchased a Mediterranean-style home in Encino, Los Angeles. With five bedrooms, luxury interiors, and a spa-like vibe, it checked all the boxes for a celeb home. But this house became the center of attention again in 2025—not for its architecture, but for the wrong reasons.
Federal authorities recently revealed that Arenas ran a secret high-stakes poker ring from this Encino property between 2021 and 2022. The operation allegedly included raked games, hired staff, and massive payouts—all off the books. Now facing multiple charges, Arenas’ glamorous LA mansion is tangled in a federal indictment that could lead to prison time if convicted.
Calabasas Move Pays Off
In contrast, his 2014 purchase in Calabasas turned out better financially. Arenas snagged a Tuscan-style estate for $2.75 million in the gated hills of Calabasas, a favorite spot for celebs. The nearly 10,000-square-foot home featured panoramic canyon views, a custom wine cellar, and a home theater. When he sold it two years later in 2016 for $3.35 million, it marked one of the few times his property deal turned a tidy profit.
Real Estate Summary
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Great Falls, VA – Bought for $2.875M, sold for $2.5M
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Encino, CA – Bought for $3.1M, sold years later at breakeven, now linked to federal charges
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Calabasas, CA – Bought for $2.75M, sold for $3.35M
