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Local mortgage magnate buys prized $9 million Snell Isle home in St. Petersburg

The Snell Isle home has a living room with sliding glass doors that open wide at the corner to reveal the waterfront. The home, originally priced at $13.9 million, sold for $9 million.

LARA CERRI | Times (2008)

The Snell Isle home has a living room with sliding glass doors that open wide at the corner to reveal the waterfront. The home, originally priced at $13.9 million, sold for $9 million.

One of Pinellas County's most elegant mansions has a new owner.

Bill Edwards, chief executive of Mortgage Investors Corp., closed a $9 million deal Friday for the 12,412-square-foot Villa Terranova estate on Snell Isle in St. Petersburg. The master bedroom suite, at 1,800 square feet, is more spacious than many single-family homes in the Tampa Bay area.

The home, on the market for 270 days and once listed for $13.9 million, has six bedrooms and eight bathrooms and sits on 380 feet of waterfront. It is the most expensive sale this year in the Tampa Bay area.

Construction of the 200-foot-wide home took two years and was completed in 2008. The house is so big that the former owners used text messages to find each other.

Jon and Suzanne Clements built a foyer 24 feet tall and designed the grand mansion to convey a resort-type atmosphere. They spared no expense, even building an outdoor area with 5,000 square feet of travertine marble decking.

"This is a once-in-a-lifetime opportunity," Jon Clements told the Times in 2008 about acquiring two lots to build the house at 2040 Brightwaters Blvd. NE.

Clements' Washington, D.C., business, Clements International, insures American corporations and individuals abroad. The Virginia couple said at the time that they could live anywhere they wanted since Clements owned the company.

Edwards, a multimillionaire mortgage magnate and entertainment producer, is among the biggest cultural forces in Tampa Bay. He could not be reached for comment.

Edwards, a Vietnam veteran, bought the bankrupt Treasure Island Tennis & Yacht Club in 2009 and renamed it the Club at Treasure Island. He also owns two Treasure Island hotels and partnered on a $1 million renovation of concert venue Jannus Landing, now renamed Jannus Live, in St. Petersburg and then pulled out days after it reopened last year. The St. Petersburg City Council voted in April to award his music promotion company the job of managing the struggling Mahaffey Theater.

Among the charities he supports are All Children's Hospital, which he has given $3.4 million. He also is the largest donor in history to Veterans Airlift Command, which transports wounded veterans and family members to hospitals.

Times researcher Caryn Baird contributed to this story. Mark Puente can be reached at mpuente@sptimes.com or (727) 893-8459.

Even more luxury

Read Sunday's Business section to learn about seven area mansions for sale for at least $10 million.

Local mortgage magnate buys prized $9 million Snell Isle home in St. Petersburg 08/05/11 [Last modified: Friday, August 5, 2011 11:00pm]
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