After 16 years, Pat Riley has decided that it's time to move on... from his house in Coral Gables.

PHOTOS: Look inside Riley's multi-million dollar mansion

According to the Daily Business Review, Riley and his wife, Christine, have sold their home for $17 million.

The couple purchased the house which sits on a peninsula on Biscayne Bay for $6.3 million in 1996 and originally listed it in January for $23 million.

The real estate post highlights the 1.8 acre, 12,856 square foot estate's state-of-the-art media room, 800 bottle wine cellar, tranquil rolling lawns and private sandy beach.

No word on where the Riley's will now reside in South Florida, but downsizing seems the only way to go from here.