A Florida investor cast the high bid in this afternoon's auction of the Soleil Center property in Raleigh's Crabtree Valley.
RL Regi Financial, LLC bid $4.2 million for the 5-acre site, according to Wake County court records.
Other buyers have until May 23 to submit a rival bid that must be at least 5 percent higher.
RL Regi Financial's bid was $2 million less than the amount the developer, the Soleil Group of Cary, owed Regions Bank.
The Soleil Group planned to build a 43-story tower on the site that would have included a hotel, spa and condominiums.
The developer spent $20 million pouring a foundation that would support a 43-story building before the project stalled.
RL Regi Financial is based in Miami, according to corporate records on file with the N.C. Secretary of State's office.