Friday, September 21, 2018
Real Estate

This $4.25 million bank-owned estate is the biggest waterfront property for sale in Tampa Bay

ST, PETERSBURG — For years it was Tampa Bay’s classiest party house, a spectacular waterfront estate that hosted many an event for charity.

Now, it is the bay area’s priciest foreclosure for sale.

U.S. Bank recently took back the mansion in St. Petersburg’s Jungle Shores area after obtaining a final judgment of $4.01 million. The bank is asking $4.25 million, four times more than any other foreclosure currently on the market.

"I tried to sell it but there were no meaningful offers,’’ said Fazal Fazlin, the Pakistani-American entrepreneur who had owned the house for almost 20 years.

Fazlin said he isn’t sorry to be free of the 10,400-square-foot home because the company he serves as CEO, Largo-based Kaligia Biosciences, is in clinical trials on a non-invasive test for glucose levels in diabetics.

"I really wanted to focus on work and not focus on the house,’’ Fazlin said. "My wife thought it was way too big for us.’’

Under an agreement with the lender, Fazlin said, he won’t be responsible for the balance if the home sells for less than he owes.

On 5 acres overlooking Boca Ciega Bay, the home is the largest coastal waterfront property by acreage available in the Tampa Bay area. The front entrance, approached by walkways the length of football fields, opens onto a massive great room with 23-foot ceilings and views of the bay and a 16,000-square-foot deck with an infinity pool.

Fazlin sold his Advance Plasma Systems company in 1999 and with his then-wife bought the estate, once owned by former St. Petersburg Times (now Tampa Bay Times) editor Nelson Poynter. He added a two-story wing to the already spacious house, transforming it from a private residence into a part-time event venue with a formal dining room big enough to seat 500.

Fazlin, then a trustee for Eckerd College, started hosting fundraisers for the college. He soon opened the home to many organizations including public television station WEDU, Abilities Inc. and the Society for the Prevention of Cruelty to Animals.

"When I was young and did all of those things, I was able to help raise money and that was a good thing,’’ said Fazlin, now 68. "Then it got to the point with me working and the person who used to maintain the house wasn’t able to maintain it anymore and I had difficulty finding people.’’

Fazlin had been trying to sell the house off and on since 2011, at an initial asking price of $9.9 million. It was most recently reduced in June from just under $5 million to the current $4.25 million.

Listing agent Dania Perry "has had excellent interest in the home with buyers recognizing its unique ‘Hamptons’ style estate potential,’’ her husband and fellow agent, Rick Perry, said in an email Friday.

Depending on the sale price, the home at 900 Park Street N could be the second most expensive foreclosure ever in the bay area. The Tampa estate of former corporate raider Paul Bilzerian sold in 2014 for $5.58 million. Next highest was a Tierra Verde mansion that went for $3.475 million in 2011.

With the foreclosure behind him, the recently remarried Fazlin has moved to a condo on St. Petersburg’s Beach Drive.

"I’ve always wanted to live downtown,’’ he said, "and I love it.’’

Contact Susan Taylor Martin at [email protected] or (727) 893-8642. Follow @susanskate

     
Comments
The guys who brought you Tampa’s Armature Works plan high-end offices next door, and they’ve already signed a lease with med-tech company AxoGen

The guys who brought you Tampa’s Armature Works plan high-end offices next door, and they’ve already signed a lease with med-tech company AxoGen

TAMPA — Coming soon from the developers who brought you the Armature Works: Heights Union, two high-end office buildings next door to the trendy food hall, event space and co-working complex overlooking the Hillsborough River.Developers said Friday t...
Published: 09/21/18
They spent $15,000 adding a driveway to their St. Pete House. Now the city says they can’t park on it

They spent $15,000 adding a driveway to their St. Pete House. Now the city says they can’t park on it

ST. PETERSBURG — One day in January, Dana Cremo was on her front porch hanging a vintage screen door when two city employees walked up. "You can’t park on your driveway," they said. "Why?" she asked. "Because somebody filed a complaint," they said. F...
Published: 09/21/18
Former Tampa Bay exec and Chico’s CEO Shelley Broader discusses changing retail in St. Pete visit

Former Tampa Bay exec and Chico’s CEO Shelley Broader discusses changing retail in St. Pete visit

ST. PETERSBURG — When Shelley Broader worked in Tampa Bay, she was turning around a failing grocery store.It was the early 2000s. Amazon wasn’t a powerhouse yet, people were still on Myspace and no one was ordering groceries online. On Thursday, she ...
Published: 09/20/18
Updated: 09/21/18
Homes sales jump in Pinellas and Hillsborough in August after months of declines

Homes sales jump in Pinellas and Hillsborough in August after months of declines

Home sales in August hit their highest levels in a year in Pinellas and Hillsborough counties as prices throughout the Tampa Bay area continued to rise. In Pinellas, sales of single-family homes jumped nearly 7 percent from the same month a year ago....
Published: 09/20/18
Valet parking? A concierge? Midtown Tampa outlines plans for an amenity-rich office building

Valet parking? A concierge? Midtown Tampa outlines plans for an amenity-rich office building

TAMPA — A sudden boomlet in premium office space is getting boomier as developers detail their plans for the first of three office buildings planned at Midtown Tampa, a $500 million mixed-use development near Interstate 275 and N Dale Mabry Highway.M...
Published: 09/19/18
Home refinancings up dramatically in the Tampa Bay area

Home refinancings up dramatically in the Tampa Bay area

Counter to the national trend, refinancings in the Tampa Bay area increased in the second quarter of this year. According to ATTOM Data Solutions, lenders originated 41 percent more refinancing loans in April, May and June than they did in the same p...
Published: 09/19/18
‘Something fishy’ about sale of a golf-course villa in Seminole

‘Something fishy’ about sale of a golf-course villa in Seminole

SEMINOLE — There were so many unusual aspects to the sale of a certain Seminole villa that it’s hard to know where to begin. Is it with the fact the villa sold for $100,000 despite a cash offer of $128,700? Is it that the buyer was a Realtor in the s...
Published: 09/19/18
‘Imminent’ bankruptcy filing for law firm of suspended St . Pete lawyer Mark Stopa

‘Imminent’ bankruptcy filing for law firm of suspended St . Pete lawyer Mark Stopa

The law firm of suspended St. Petersburg attorney Mark Stopa is in such chaos that much of its staff has quit — some after suffering stress-related breakdowns — and a liquidation bankruptcy filing is imminent.In an emergency motion filed this week in...
Published: 09/19/18
St. Pete condo of Weight Watchers’ Mindy Grossman hits market at nearly $4-million

St. Pete condo of Weight Watchers’ Mindy Grossman hits market at nearly $4-million

ST. PETERSBURG — Mindy Grossman, the former HSN chief who now heads Weight Watchers International, has put her Beach Drive condo on the market at the hefty price of $3.95 million.The three-bedroom, three-and 1/2 bath unit on the 24th floor of Ovation...
Published: 09/17/18
Updated: 09/18/18
This $4.25 million bank-owned estate is the biggest waterfront property for sale in Tampa Bay

This $4.25 million bank-owned estate is the biggest waterfront property for sale in Tampa Bay

ST, PETERSBURG — For years it was Tampa Bay’s classiest party house, a spectacular waterfront estate that hosted many an event for charity. Now, it is the bay area’s priciest foreclosure for sale. U.S. Bank recently took back the mansion in St. Peter...
Published: 09/14/18