Nik Patel Home Sold at 27% discount Isleworth 9850 Laurel Valley Drive
Windermere , FL 34786

Masters Realty agent Hooman Hamzehloui sells 9850 Laurel Valley Drive in world famous Isleworth for the sales price of $3,250,000. Hooman Hamzehloui negotiated an amazing deal of 27% percent off the asking price. 

Below is the story from Orlando Sentinel Business reporter Paul Brinkmann 

Listed at $4.5 million, the sale closed Friday for $3.25 million, according to Hooman Hamzehloui, a long-time realtor who handles many sales in Isleworth.

Patel, an Orlando businessman, was arrested on charges of loan fraud on Sept. 30. Federal authorities said he sold more than $150 million of fake loans to a Wisconsin financial company. He has entered a not guilty plea, and has cooperated with federal authorities.

Patel bought five hotels and several other properties with the money from the alleged fraud. He paid just over $4 million for the biggest home, at 9850 Laurel Valley Drive on the shores of Lake Butler, near the Town of Windermere. The area is home to many celebrities and CEOs. A sale on that home closed on Friday, Hamzehloui said.

“It was a complicated deal because of the fraud allegations surrounding Mr. Patel, but we were pleased with the end result,” Hamzehloui said.

The buyer is an investment team that includes Ira Kitograd of Winter Park and attorney Todd South of the law firm South Milhausen. Kitograd, of IBK Construction, has been building high-dollar custom homes in Central Florida for decades.

“We felt this parcel has a lot of value,” Kitograd said. “The house was very nice, but the location is the real attraction.”

Patel had gutted the home almost entirely, preparing for a lavish renovation. The house was formerly owned by the late James English, former CEO of United Medical Corporation. It’s just a short walk away from the home of former NBA player Shaquille O’Neal.

“We intend to develop it., and there are people interested in the property,” Kitograd said. “The lot has long lake views, great sunsets. It’s probably a two-year project. It takes time to develop plans.”

The sale is an indication that values Patel paid for his properties were high, even for a recovering real estate market. According to county records, Patel paid $4.05 million in November of 2013 for the Windermere mansion. 

Patel paid $14 million for a former Marriott hotel in downtown hotel, which was undergoing a $17 million renovation when Patel was arrested.

A South Florida company, Continental Properties Acquisition Group, based in Coral Gables, has agreed to pay $87 million for all five Patel hotels, according to the agent in charge of the hotel sales.

A court appointed fiduciary, Michael Nanosky of Janus Hospitality, is overseeing all the properties, which were subject to liens and claims from Patel’s alleged victim, Milwaukee-based Pennant Management. Nanosky did not return phone calls about the sale of the Windermere home on Monday. 

Click here to read the full Orlando Sentitnel story and watch the video of Hooman Hamzehloui 

Asking price $3,250,000
10,193 square feet
6 Bedrooms
7 Bathrooms
1.56 acre lot
Built in 1991