Entrepreneur Peter Loftin's North Raleigh mansion, which was foreclosed upon and taken back by the lender, has been bought by Rich Lee, the founder of the Raleigh data center company Hosted Solutions.
The price was $2.95 million, according to Wake County property records.
A bankrupt mortgage company named TMST loans, formerly known as Thornberg Mortgage, purchased Loftin's mansion and 14 acres at auction for $5.6 million in March.
The deal has a certain symmetry to it, if you think about it.
Loftin founded the Raleigh based telecommunications company BTI Telecom and later sold it for $138 million.
Lee sold Hosted Solutions to a telecommunications company for $310 million in November.
The 17,682-square-foot house off Raven Ridge Road includes 10 bedrooms, 12 baths and five half-baths, plus plenty of opulent touches rarely seen in the Triangle. It includes 40-foot ceilings, a 1930s-style movie theater, a built-in humidor, a custom wine cellar made from actual wine barrels and a custom fountain that shoots water 40 feet in the air.
Lee's purchase includes the mansion and the 14-acre parcel on which it sits.
At one point in 2007, Loftin listed the home and the 71-acre estate abutting Falls Lake for $32 million. Loftin had originally planned to turn the land into a gated community of 24 lots called Still Creek.