The historic South Lakeshore Drive home that for many years has been the residence of developer Tommy Spinosa or members of his family is on the market for $3.9 million.
The listing was posted Aug. 28 on the Greater Baton Rouge Association of Realtors Multiple Listing Service.
Even by the standards of Lakeshore Drive, a price tag of more than $460 per square foot is a bit pricey. But then, the nearly 8,500-square-foot house is an architectural icon in Baton Rouge. It was built in the 1930s for Huey Long and sits on a spacious 1-acre lot overlooking the LSU Lakes with four bedrooms, a pool and landscaped grounds.
The $3.9 million is considerably more than Spinosa, through his LLC, 498 Investments, paid for the home less than a month ago, when he bought it back in a foreclosure sale for $130,000 from another of his LLC’s, Realty Holding Company.
As previously reported, 498 Investments acquired the debt on the house in 2014 from Bancorp South for $2.6 million. But in 2018, 498 Investments filed suit against Spinosa, personally, and Realty Holding Company, which lists Spinosa as its manager, for defaulting on the loan. A sheriff’s sale was scheduled for Aug. 7.
Legal experts say the foreclosure maneuver is a legal way to remove the debt from the property and any liens or encumbrances that may be on it.
According to a clerk in the East Baton Rouge Parish Sheriff’s Office, 498 Investments bought the house back at auction that day for $130,000.
In August, Spinosa told Daily Report he does not own the house or either of the LLCs that list him as a sole officer. He also said he no longer lives in the house.
His attorney declined to comment.