Property in New York may be soon registered under the name of Olympic champion swimmer Michael Phelps if he finds attractive investments in the city.

Mr Phelps, who won an unprecedented eight gold medals in Beijing, is expected to earn $100 million (£57 million) in sponsorships and endorsements following his feat and is to invest heavily in US property, it has been reported.

So far he has already splashed out on a luxury apartment in his home town of Baltimore, but his further wealth could be spent on a range of properties around the country, possibly including locations such as New York, California or Florida.

The senior managing director of the Bessemer Trust investment house Thaddeus Shelley said: "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."

In winning eight golds at a single Olympics, Michael Phelps broke the record of seven held by Mark Spitz from the 1972 games in Munich.

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