The property housing the historic South Lakeshore Drive home that for many years has been the residence of developer Tommy Spinosa or members of his family has been sold to another LLC owned by Spinosa, sales documents show.
In an act of cash sale that closed March 17, 6220 Associates LLC, which lists Spinosa as its registered agent and officer, sold the 1-acre tract to VCP RZ-4A LLC, which also lists him as registered agent and officer, for $10, according to documents filed with the East Baton Rouge Parish clerk of court.
The buying entity’s principal business office, registered office, and principal business establishment in Louisiana are now all listed at 498 South Lakeshore Drive, where the home is located, according to the Louisiana secretary of state’s website.
Spinosa did not respond to requests for comment before this morning’s deadline. However, it’s not the first time one of the developer’s entities has bought the 8,465-square-foot mansion from another of his entities.
As previously reported, 498 Investments—which lists Spinosa as its manager and sole officer—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, bringing the home to a sheriff’s sale on August 7, 2019. Through his 498 Investments, Spinosa bought back the home from Realty Holding Company at auction that day for $130,000.
Legal experts have said the foreclosure maneuver was a legal way to remove the debt from the property and any liens or encumbrances that may be on it. Meanwhile, Spinosa has previously told Daily Report that he does not own the house or either of the LLCs that list him as sole officer, and that he no longer lives in the house.
The four-bedroom, eight-bathroom home, which Spinosa put on the market in 2019, is still being marketed on Zillow with the same asking price of $3.9 million.
Originally built in the 1930s for Huey Long, the residence became home to Long’s widow and son, the late U.S. Sen. Russell P. Long, following the former governor’s assassination. Today, it sits on a spacious 1-acre lot overlooking the LSU lakes with a pool and landscaped grounds.
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March 30, 2021 at 05:02PM
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Iconic South Lakeshore Drive home sold by one Spinosa entity to another - Greater Baton Rouge Business Report
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