Located on Tibet Pointe Circle in the gated golf community, the half-acre parcel lies near Lake Tibet, with a two-story, 4,941-square-foot home that features four bedrooms, 4.5 baths, a three-car garage, screened pool and spa and outdoor kitchen.
"We saw a gem, a diamond in the rough with great bones on the best street in Keene's Pointe," Wallack told GrowthSpotter on Tuesday. "The massive new developments in Horizons West, the deals people are getting on new brand new homes are staggering.
Wallack didn't know he was starting a property acquisition marathon in June 2011 that would last three years and seven months, with eight land parcels sourced from eight different parties, 17.43 acres assembled overall and $69.35 million invested in real estate alone. How the Wallack family found the land and financing to make their Mango's Orlando and Skyplex projects happen is a compelling real estate story.
"Buyers are taking longer to make decisions because their options are widening and you get more for your money, sometimes brand new construction, in other places," he continued. "Toll Brothers and many other builders are doing major developments all over, so it really had to be the right situation for us to stay in Keenes. We did great on this property, which is now our permanent home."
The Wallacks procured a mortgage from City National Bank of Florida to help finance the purchase. The couple, which has two children ages 13 and 11, had been renting a home for the past three years.
The home was formerly owned by Yoshi Mizumaki, a Japanese professional golfer who played on the PGA Tour in 1994 and 1995. His wife Junko Mizumaki took ownership of the property in 2007 following a separation. She later married Simon C. Hemus, president and COO of Tupperware Brands Corp.
Simon Simaan of Keller Williams represented the Wallacks in the purchase, while Carol Ann Hewitt of Oxford Realty Inc. represented the seller.