North Raleigh mansion sold in July 2018 breaks sales-price record for Wake County
One of the most expensive homes ever sold in the Triangle was bought in July, according to the Triangle Multiple Listing Service.
The house at 1624 Morning Mountain Road near Falls Lake in North Raleigh sold for $5.5 million — which would make it the most expensive owner-occupied home sale in Wake County, according to an analysis by Cary-based appraiser Stacey Anfindsen.
The previous record holder was a home at 1624 Oberlin Road, which sold for $5 million in 2008.
Just 17 sales in the history of the Triangle MLS have closed above $3 million and were purchased for owner occupancy, said Anfindsen, who writes the Triangle Area Residential Realty market report.
The 12,080-square-foot home, located on more than five acres of land, has four bedrooms and nine bathrooms. It was built in 2005 and remodeled in 2010, according to Wake County property records. The property and house have a total assessed value of more than $3.5 million, according to county records.
The sprawling home comes with a pool, wet bar and fitness center, according to a post on Zillow.
The identity of the buyer was not revealed in the deed — the home was purchased by a limited liability company called Morning Mountain Holdings LLC — but the address for the new owner was listed as 2222 Sedwick Road in Durham.
That address is the same as that of Eli Global, an international investment firm founded by Durham resident Greg Lindberg that manages companies ranging from insurance to eye care.
Lindberg has increasingly become an active donor in both politics and education in the past year, making campaign contributions to Republicans and Democrats as well as funding scholarships to historically black colleges and universities.
According to campaign finance filings with the state Board of Elections, Lindberg has given millions of dollars in contributions, while listing 2222 Sedwick Road as his address.
A spokesman representing Lindberg said via email that the businessman did “not wish to provide any comment or information about this.”
Jill Rekuc, who represented the seller of the home and works at Olde Raleigh Real Estate, said that to the best of her knowledge this is the most expensive owner-occupied home ever sold in Wake County. However, she added, she has access only to sales listed on MLS, a database that brokers use to share information about homes in their markets.
Sales that are conducted privately without brokers or sales in which the owner asks not to be listed on the MLS would not show up on the service. There have also been larger residential land purchases in the past.
The most expensive home sale recorded on Triangle MLS was 483 Rosemont Drive in Chatham County, which sold for $6.35 million, Anfindsen said. That home was purchased in 2017 by Gregg Lowe, CEO of Cree, according to Chatham County records.
Rekuc, who primarily works with homes priced above $750,000, said she had been staring at the Wake County sales record for more than a decade wondering when it would be eclipsed. She added she doesn’t expect it to take another decade for it to be broken again.
“The challenge with (homes priced above $3 million) is there is a very minute pool of buyers that are looking in that range,” she said. “But, definitely this area is changing and bringing in more businesses and more people who are able to buy at that level.”
While the home was apparently the most expensive one purchased in Wake County, there are several properties listed that would surpass the Morning Mountain Road property. Twenty homes in the Triangle market are listed above $3 million and 10 are listed above $4 million, according to an analysis of Triangle MLS done by Rekuc.
The most expensive home now listed in the Triangle is at 1400 Alpine Creek Drive in Raleigh. That home is listed at $9.5 million, according to Hodge & Kittrell Sotheby’s International Realty. And a home owned by former U.S. Sen. John Edwards, located at 1201 Old Greensboro Road in Chapel Hill, is listed at $5.9 million.
The most expensive home currently for sale in North Carolina is on the coast.
The mansion at 710 Shoals Watch Way referred to by locals as the “Whale House” can be yours for a cool $11.99 million, The News & Observer previously reported.