An early investor in Bella Collina, a luxury 1,900-acre private country club community near Montverde, is finally seeing some return on investment.
According to a recently recorded deed in Lake County, United Kingdom-based business owner Stephen Griggs just sold one of four contiguous lots he’s assembled along Lake Siena’s eastern shore in the Bella Collina community for $2.3 million.
Griggs began investing in the neighborhood in 2007, right before the real estate market crash. That year and the next he bought two roughly one-acre lots on the 15000 block of Pendio Drive for a little more than $1.24 million. Then in 2014, he added another two lakefront lots (each about an acre in size) to his portfolio for $900,000.
In total, Griggs spent about $2.14 million on approximately four acres of lakefront land along Pendio Drive.
The two-story house that just sold was built on one of those lots in 2017. It includes four bedrooms, five-and-a-half bathrooms and features an open floor plan with tall windows, views of Lake Siena and a chef’s kitchen with Sub-Zero/wolf appliances, granite countertops and a modern wine storage room.
The 6,644-square foot home also features a resort-style pool and a large master bathroom with Italian porcelain flooring and Calacatta marble in the shower.
Records show the community’s original developer Bobby Ginn once owned the property through the company, Ginn-La Pine Island Limited.
In the early 2000′s, Ginn marketed the sprawling community as a honey pot for wealthy investors looking for a good luxury home or potential real estate opportunity. Unfortunately, turmoil from the recession that came to follow meant many of the original investors lost some value in their properties at the time.
In 2012, DCS Investment Holdings bought the golf club and other parts of the Bella Collina property for about $10 million. The deal gave the West Palm Beach-based private equity group control of the association and its debt from unpaid association fees.
Today, the Tuscan-inspired community is expanding with new luxury homes. Earlier this year, DCS won Lake County Commission approval to build a helicopter pad just south of its 75,000-square-foot clubhouse.
Residents have access to a Sir Nick Faldo-designed championship golf course, resort-style pool complex, spa and salon, Sportivo Centro fitness center, Har-Tru tennis courts, multiple dining venues and meeting and ballroom space.
Records show the buyers are Nathan Alexander, a real estate agent with Keller Williams Classic Realty, and wife Julie Alexander, an osteopathic physician at Leesburg Regional Medical Center. Nathan Alexander represented himself and his wife in the deal.
“A year ago there wasn’t much construction, but if you drive through today you’ll see new homes popping up left and right,” Alexander said. “We fell in love with this one because it feels homey while still offering the grand rooms and open floor plan. It feels like each room has the space for a family gathering.”