Gold medal hero to invest in US property

Record-breaking Olympian Michael Phelps is to use the estimated USD100 million (GBP57 million) he will earn in endorsements and sponsorships to build up a property portfolio in the US, it has been reported.

The swimmer, who picked up eight golds in Beijing, is expected to cash in heavily following his success.

So far he has only bought a luxury apartment in his home town of Baltimore, but could invest in locations around the country.

Commenting on the potential success an investor in US property could enjoy, senior managing director of the Bessemer Trust investment house Thaddeus Shelley stated: "If he [Phelps] gets the best advice he will never have to worry about an income again. Of course property is going to be part of his investment future."

The feat achieved by Michael Phelps in Beijing eclipsed the previous record of seven golds won in a single Olympics, which was accomplished by fellow American swimmer Mark Spitz at Munich in 1972.