It was once for sale for more than $4-million, but the market decided Thursday the 90-year-old Dutch colonial home built by famed St. Petersburg builder Perry Snell was worth no more than $1.9-million.

  The seller of the house at 1724 North Shore Dr. NE. was William McGill, chairman and president of Clearwater yacht and boat dealer MarineMax.

Thursday's undisclosed buyer is an investment group determined to restore the 9,650-square-foot historic waterfront home.

McGill acquired the house in May, partial payment for the $10-million Belleair ocean-front mansion he sold to Dr. James St. Louis, founder of Tampa's Laser Spine Institute. St. Louis had lived in the Snell house for a couple years, and his purchase of the Belleair estate set a Pinellas County record for price.

"McGill got the home free and clear on the trade," listing agent Ray Alexander said.

The 6-bedroom, 6-bath house takes up three lots along the picturesque North Shore area of Old Tampa Bay. It was modeled after Groote Schuur, the official residence of the Prime Minister of South Africa.

Alexander said the relatively low sales price is more a reflection of McGill's desire to sell than the market's overall health. McGill never lived there, and considered it a short-term holding.