The couple is expecting their first child and were seen house hunting in Florida last week. One of their stops was Martin's ocean-front property.
The mansion features seven bedrooms, 10 bathrooms and a swimming pool, in addition to many other amenities.
The couple already owns an apartment in New York, but are thought to be searching for a larger property due to the imminent arrival of their first child.
Ricky Martin bought the estate in 2005 for $10 million. The home, which is in one of the most high-end locations in the city, is close to homes owned by Miami Heat stars Dwyane Wade and Chris Bosh, according to TMZ.
In addition to the many other celebrities who are moving in and out of the Miami Beach area, Heat forward Mike Miller also placed his home on the market recently for $9 million.
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