Historic St. Pete estate long eyed for development has sold for $8.1 million
By Breanne Williams
Tampa Bay Business Journal
Published: May 10, 2023

A historic estate on the St. Petersburg waterfront, long speculated to be a potential redevelopment play, has sold for $8.1 million.

The property, known locally as the Rutland-Farley Estate, sold in an all-cash deal in April, according to the Multiple Listing Service.

Ziba Mohammadi with Keller Williams St. Pete Realty, who represented the seller, confirmed the transaction to the Tampa Bay Business Journal. The buyer was represented by Karen Eisenbrei with Charles Rutenberg Realty.

Mohammadi told the Business Journal a private investor has purchased the entity that owns the real estate at 5030 Sunrise Drive S. A property transfer has not been recorded in Pinellas County.

The 4.41-acre waterfront property can be subdivided for further development and was marketed for sale as land. However, Mohammadi said the buyer intends to keep the property as a private residence.

“The buyer who bought it loved the house and put in an offer the same day they saw it,” Mohammadi said. “They were passing by in their boat and saw my sign and asked to see it. I think they really fell in love with the property.”

The estate has a walled and gated perimeter. The English Tudor-style home was built in 1918 and is just over 9,200 square feet. It has seven bedrooms and eight and a half bathrooms, a library, gym, six fireplaces, an Olympic-sized pool and a mother-in-law suite.

The property itself includes a scenic dock that can accommodate a 50,000-pound boat. It was originally listed for $8.5 million.

The seller, real estate developer Philip Farley, purchased the property in 2004 for $2.3 million, according to Pinellas property records. It later became known as the Rutland-Farley estate.