Rich Lee, the telecom executive who bought Peter Loftin's North Raleigh mansion in January, has purchased the remainder of Loftin's 71-acre estate for $4.55 million, according to Wake County property records.

Lee, along with custom homebuilder Rex Bost, is reviving Loftin's plan of creating a gated community of several dozen lots abutting Falls Lake. 

The community is to be called Alpine Creek Estates. (Lofton had called his project Still Creek)

Lee sold his Raleigh company Hosted Solutions for $310 million in December. He originally planned to travel the world, but decided to get into real estate development after visiting the property.
 

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.
 

Two Triangle business leaders were recognized last week as Ernst & Young’s entrepreneurs of the year in the Carolinas: Vipin Garg, CEO of Durham-based Tranzyme Pharma, and Rich Lee, founder and CEO of Raleigh-based Hosted Solutions.

The Carolinas winners, which also included several from the Charlotte area, will be eligible for the national entrepreneur award in November. The local winners demonstrate “success in the areas of innovation, financial performance and personal commitment to their businesses and communities,” according to a prepared statement.

Garg’s Tranzyme is a biotechnology company with about 40 employees that is developing experimental treatments for obesity, diarrhea and other ailments. The company has raised more than $50 million in venture capital funding.

Founded in 2001, Lee’s Hosted Solutions manages data centers in Raleigh, Cary, Charlotte and Boston. The company was bought last year by a Boston investment firm for $144 million. Hosted Solutions employs about 110 workers, including 75 in the Triangle.