Spinosa asking nearly $4M for home on Lakeshore

    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.

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