Ballerwives.com heard that Miami Heat star Ray Allen decided to rent out a Miami mansion for $50,000 dollars a month instead of dishing out cash on a purchase.

Our friends over at Gossip Extra.com reports:

The 37-year-old ex-Boston Celtics guard, who signed with the World Champions in the summer, is living in a $50,000-a-month rental in one of South Florida’s most exclusive island enclaves.

The nine-bedroom, 10-bathroom Mediterranean mansion opens up on a private beach fronted by a private bay in the gated Coral Gables neighborhood of Tahiti Beach.

Other features include formal dining and living rooms, sitting room and a custom library; marble and wood flooring; an elevator; a master suite with double door entry with a private sitting room and terrace, exercise room, sauna and spa bath.

So why would Ray Allen rent instead of buying a house in Miami?

Well, probably because he only signed a three-year deal with the Heat and has no intentions on staying in Miami after that time.

Watch the video below:

Photo Credit: Terez Owens