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.