Economy

Expensive Raleigh mansion foreclosed on

Entrepreneur Peter Loftin's North Raleigh mansion, once one of the most expensive homes ever listed in the Triangle, has been foreclosed upon and bought by a mortgage company for $5.6 million.

Just three years ago, Loftin wowed the Triangle real estate world when he listed the home and its 71-acre estate abutting Falls Lake for $32 million. The moment marked the peak of the housing boom, as the property never sold and lenders have now seized both Loftin's mansion and the rest of the estate.

Loftin, who founded a Raleigh-based telecommunications company that he later sold for $138 million, is also the owner of the former Gianni Versace mansion in Miami's South Beach. Efforts to reach him Thursday were unsuccessful.

Read the complete story at newsobserver.com

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