Hogan, whose real name is Terry Bollea, bought the land in Florida with his then-wife Linda in 1992 for $2million (€1.5m) and built the house in 1996.
He put it on the market soon after Linda filed for divorce from him and a slew of costly lawsuits drained money from the wrestler.
The reality TV series Hogan Knows Best was filmed in the elaborate home.
Five years ago, Hogan originally listing the waterfront property for $25million (€19.2m), according to the Tampa Bay Times.
Due in part to the stagnant housing market, the reality star and wrestler had to dramatically lower the price.
According to Zillow, the home reached its peak work in December 2007, plummeting sharply – along with millions of other homes – as the housing bubble burst.
The identity of the cash buyer is not listed in Multiple Listing Service data.
The mansion has five bedrooms, eight full baths and three half baths, a gym, and a rec room with its own kitchen.
It also features a tanning room, a wet bar, a hot tub, a guesthouse, and a swimming pool with waterfalls.
The mansion is situated on a bluff overlooking the Intracoastal Waterway and has two boatlifts as well as a space for watercrafts.