Watch CBS News

Constellation Executive Buys Michael Phelps' Townhome

BALTIMORE (AP) -- A Constellation Energy executive bought Michael Phelps' Baltimore townhome for nearly $450,000 less than the Olympic swimmer paid for the property.

Maryland property records show Joseph Nigro bought the property in the city's Fells Point waterfront neighborhood for $1.25 million earlier this month. The swimmer bought the property in 2007 for $1.69 million.

Nigro is among a number of executives moving to Baltimore following Exelon Corp.'s $7.9 billion takeover of Constellation Energy. A Constellation spokesman confirmed Nigro bought the home from Phelps and said the executive did not have any further comment. The townhome is blocks from the site where Constellation's new headquarters are to be built. The Harbor Point development is expected to open in 2014.

(Copyright 2012 by The Associated Press. All Rights Reserved.)

View CBS News In
CBS News App Open
Chrome Safari Continue
Be the first to know
Get browser notifications for breaking news, live events, and exclusive reporting.