Newport Group lead exec pays $1.6M for home in Reserve at Lake Butler Sound

Bob Moser
GrowthSpotter

The co-founder of a national asset management firm founded in Greater Orlando paid $1.6 million on Monday for an expansive home in gated Reserve at Lake Butler Sound.

Located in the 11000 block of Bridge House Road, northwest of Keene's Pointe Golf Course, the 0.9-acre lot features a two-story custom home built in 2005 by Derrick Builders with four bedrooms and five-and-a-half baths across 5,388 square feet of conditioned area. 

The buyer was Peter S. Cahall, co-founder and CEO of Heathrow-based The Newport Group, a national retirement services and asset management firm that specializes in qualified and non-qualified retirement plans.Cahall was a Rollins College graduate in 1971, where he played varsity tennis and soccer. 

Highlights inside the home include high-beamed ceilings and french doors opening to a large backyard and pool with spa, summer kitchen, a chefs kitchen inside with large center island, and master bedroom with spacious walk-in closet, custom cabinets and additional sink/powder area, according to a recent listing online. 

The sellers were Juan C. and Santa M. Barillas, who previously paid $265,000 in 2003 for a then-undeveloped lot. 

The Barillas gave up the home in a short sale. The Internal Revenue Service had a federal tax lien against the couple for $137,185 as of September 2016, and they owed more than $1.64 million to Wilmington Savings Fund Society as of mid-March, according to Orange County Ninth Circuit Court records. 

Chris and Julie Christensen of Regal Real Estate Professionals listed the property, which was initially priced at $1.89 million in late March 2016.

The buyer was represented by Coldwell Banker Ackley Realty. No mortgage for Cahall was recorded with Orange County.

Have a tip about Central Florida development? Contact me at bmoser@growthspotter.com, (407) 420-5685 or @bobmoser333. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.

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