The purchase almost equals a year's base salary for Frost, who is being paid $1.7 million annually during the span of five years.
The purchase of the nearly one-acre property in the 4000 block of Bear Gully Road, which backs into a lake bearing the same name, was made from Michael J. Cutter and Janet P. Cutter, property records show.
Frost declined to formally comment on the home purchase via UCF sports department spokesman Brian Ormiston. The Cutters could not be reached for comment.
The 0.91-acre parcel was previously bought by the Cutters as vacant land for $300,000 in 2010, property records show.
The house was built in 2012. It stands two stories, with 6,001 square feet encompassing five bedrooms, six bathrooms and is designed in Mediterranean/Spanish style, according to realtor web listings.
The lake can be used for boats that have motors and those that do not, and dockside skiing is allowed. The outdoor areas have a cabana with an outdoor kitchen, bathroom and outside shower.
Frost came on board on Dec. 1 as the 10th football coach in UCF's history, following a season in which the school's football team lost every game in its prior season.
Frost was Oregon's offensive coordinator and a former national-champion quarterback at Nebraska.
The Orlando Sentinel previously reported that Frost is being paid a base salary of $1.7 million a year during the span of five years, citing an offer letter released by the UCF Athletics Association.