Property Owner Who Sold A $50-Million Miami Mansion To Superstar The Weeknd Is Making Waves LocallyĀ
Nestled along a perfectly tree-lined road, amid gently rolling pastureland, stands something truly unique at 12321 Fort King Hwy. in Thonotosassa (just a few miles south and east of Cross Creek Blvd.) ā the highest-priced home ever listed for sale in the entire Tampa Bay area.
The garages alone are larger than many mansions in the Tampa Bay area, and the premium lakefront property is roughly the acreage of a small community. There really isnāt much this estate doesnāt have.
The main house is an absolute masterpiece of French Normandy architecture.
The 43,000-square-foot (total) chĆ¢teau features 9 bedrooms and 26 bathrooms, and it looks more like something that belongs in the European countryside than where itās actually positioned ā just outside of both Wesley Chapel and New Tampa, on the edge of sleepy Lake Thonotosassa.
And for those wondering why anyone needs 26 bathrooms, only 12 are full baths. The remaining 14 are half baths spread throughout the estateās many gathering spaces. The primary suite alone features separate his-and-hers bathrooms.
The 87-acre property includes impeccably manicured grounds, multiple equestrian facilities, a go-kart race track, a car museum complete with an executive boardroom, a dual-lane bowling alley, movie theater, private spa with sauna, adjacent fitness center, indoor and outdoorĀ swimming pools, and a private dock featuring a covered boat lift and party deck.Ā
There is simply nothing else like it anywhere in the greater Tampa Bay region, and brokers at One Sothebyās International Realty are counting on that fact as they attempt to make this the highest-priced single-family residential sale in Tampa Bay history.
The asking price: $115 million.
If the property ultimately sells anywhere near that figure, it could represent a dramatic shift in how luxury real estate is valued throughout the region. Especially considering the estate last sold in April 2021 for $16.7 million, when it āonlyā included approximately 36 acres.
Property records also show that roughly 51 additional acres, much of it greenbelt land, sold separately that same year for approximately $3.65 million. Combined, the transactions totaled roughly $20.35 million.
So how does a property purchased for approximately $20 million in 2021 arrive at a $115-million asking price just five years later, with relatively few major additions or changes to the estate itself?
How Did We Get Here?
The property was originally owned by Donald and Erika Wallace, who acquired the sprawling and largely undeveloped land in 2007, around the same time Donald Wallace retired.
Wallace was the founder and chairman of Lazydays RV Supercenter, which grew into the largest RV dealership operation in the world.
Almost immediately after purchasing the property, the existing home was demolished and construction began on what would become known as The Oaks Estate.
The main residence and its extensive amenities would take nearly five years to complete, with few expenses spared in the process.
What makes the estate particularly unusual is its location. Itās not tucked behind the gates of an exclusive master-planned community or hidden within one of Floridaās traditional luxury enclaves.
Instead, it sits in a part of eastern Hillsborough County where old orange grove homes still stand, where a historic Methodist church remains a local landmark, and where a small post office and library continue to serve the surrounding community. And yet, Lake Thonotosassa has quietly attracted a number of impressive homes over the years.
The 947-acre lake is the largest in Hillsborough County and one of the regionās premier recreational lakes. Its size even makes fly-in, fly-out access possible for seaplane owners. For those who prefer helicopters, the estateās expansive grounds provide plenty of room for a landing.
An Exercise in Marketing?
The property is currently owned by former oil executive and investor Steven Lempera, who made headlines last year after selling a Miami Beach mansion to music superstar The Weeknd for a reported $50 million.
That sale came after Lempera acquired the property at auction in 2019 for $25.5 million.
That history naturally raises an interesting question: Is the $115 million asking price for The Oaks Estate purely a reflection of its actual value, or is it also part of a carefully crafted marketing strategy?
In the world of ultra-luxury real estate, asking prices often serve a purpose beyond establishing market value. A record-breaking price tag can transform a home into a conversation piece, generating headlines in real estate publications, business journals and local news outlets across the country. The listing itself becomes the story. And in many cases, that publicity is free.
Whether the strategy originated with the owner, the brokerage, or a combination of both remains unclear. Representatives involved with the listing declined to discuss how the asking price was determined. But one thing is certain: very few homes generate this level of attention without first attaching a number large enough to make people stop scrolling.
When we spoke with listing broker associate Eddy Martinez, he said the property had already secured two private showings on the same day shortly after officially hitting the market in late April.
Even seeing the estate requires extensive vetting. Prospective buyers must demonstrate the financial capacity to complete a purchase before they are granted access. According to Martinez, those restrictions extend beyond buyers and even apply to members of the media and other real estate agents.
That level of exclusivity may itself be part of the appeal. For ultra-high-net-worth buyers, scarcity often carries value of its own. There are luxury homes, and then there are trophy properties ā properties so unique that traditional comparisons become almost impossible.
At that level, the question is no longer whether one home is worth more than another, but whether there is anything remotely comparable available at all.
Of course, publicity alone does not guarantee a sale. Even some of the countryās most heavily marketed luxury listings have struggled to find buyers.
Celebrity Broker Ryan Serhant famously lost one of New York Cityās highest-profile listings after the property failed to sell despite extensive media attention and marketing efforts.
Still, timing may be working in The Oaks Estateās favor. Recent luxury housing data has shown Tampa Bayās high-end market among the strongest-performing luxury markets in the nation, with premium home values continuing to rise.
Whether The Oaks Estate ultimately sells for anywhere near its $115 million asking price remains to be seen. But, regardless of the final number, the property has already accomplished one thing: Everyone is talking about it.
And perhaps that was always the plan.
The Bigger Picture
The next highest-priced residential listing in the area is currently asking approximately $20 million. Coincidentally, it is located just down the road from The Oaks Estate.
While that property offers fewer amenities and significantly less acreage, it does feature one amenity the $115 million estate cannot claim: a full-scale replica of the Oval Office.
Even so, the gap between a $20 million listing and a $115 million listing illustrates just how ambitious The Oaks Estateās pricing strategy truly is. Whether it ultimately sells for $115 million, $80 million, or something significantly less, the estate has already secured its place in local real estate history.
