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.
 

EarthLink's announcement today to acquire ITC-DeltaCom adds another layer of history to a onetime high-flying Raleigh phone company and its flamboyant founder, Peter Loftin.

Loftin built up a phone company out of a Raleigh garage over two decades and sold it ITC-DeltaCom seven years ago for $138 million. The Loftin-engineered telecommunications unit, BTI, is buried somewhere in the guts of EarthLink's acquisition of ITC-DeltaCom.

BTI is largely forgotten now, but at its apex the homegrown company financed Loftin's $16.2 million purchase of fashion magnate Gianni Versace's opulent mansion in South Beach, Miami.

A short follow on a story we published last week about entrepreneur Peter Loftin having his North Raleigh mansion foreclosed upon.

As you may recall, a bankrupt mortgage company named TMST loans, formerly known as Thornberg Mortgage, purchased Loftin's 18,000 square foot mansion and 14 acres at auction for $5.6 million.

Last fall, Loftin turned over the deed of trust to the remaining 57 acres of the 71-acre estate at the edge of Falls Lake to satisfy a $9 million loan from RBC Bank.

RBC Bank has now bought the remaining lots at auction for $4,372,000.

Loftin had originally planned to turn the land into a gated community of 24 lots called Still Creek.

Three years ago he listed the mansion and the entire 71 acre estate for $32 million.