15,000-square-foot Chatham County mansion sells for $5.6 million. Look inside.
Two years ago, Wolfspeed CEO Gregg Lowe and his wife, Diana, listed their sprawling, 12-acre Chatham County estate for $7.4 million.
This month, they sold their home at 483 Rosemont Drive in northeast Chatham for $5.6 million, according to a deed filed Dec. 9. That’s almost $2 million less than their initial listing. It’s also at a $750,000 loss. The couple purchased the property for $6.35 million in 2017.
Lowe was unavailable for comment.
Mollie Owen, a real estate agent with Hodge & Kittrell Sotheby’s International Realty, represented the Lowes in the sale. She declined to comment on the capital loss. As for why it sat on the market for so long, she told the N&O: “At the top price point for our market, the sales take a bit longer. There have only been seven closed sales over $5 million recorded in our Multiple Listing Service (MLS), with 483 Rosemont closing as one of the top three sales in our entire history.”
At the time of its 2017 sale, it was reported to be the largest, most-expensive home sold in the Triangle, according to the Triangle MLS database.
The home is located in The Hills of Rosemont, a gated enclave about a 30-minute drive to downtown Raleigh. Neighbors include former UNC player and NBA All-star Jerry Stackhouse, according to county records.
Built in 2006, the 15,675-square-foot estate features five bedrooms, nine bathrooms and 18 rooms total. It also comes with an indoor saltwater pool with an accompanying waterfall, a home theater and a terraced iris garden.
The purchasing entity is Andrews Pine LLC.
Boro Realty owner and broker Blair Nell specializes in Chatham and Orange County real estate. While she wasn’t privy to the details of this particular sale, she said sometimes selling at a loss in the luxury market comes with tax benefits that “outweigh the perceived loss on the home.”
“With a unique property in this price point,” she added, “it’s more about the buyer than the market.”
Since 2017, Lowe has served as president and chief executive of Durham-based Wolfspeed. Previously called Cree, the chip manufacturer is currently undergoing a $1 billion expansion. Lowe is also chairman of the board of directors of the Rock & Roll Hall of Fame.
This story was originally published December 21, 2022 at 3:05 PM.
