Business

Rep. Pittenger puts house on market for nearly $7 million

U.S. Rep. Robert Pittenger hugs a supporter at his election returns party after a close Republican primary win in June.
U.S. Rep. Robert Pittenger hugs a supporter at his election returns party after a close Republican primary win in June. dtfoster@charlotteobserver.com

U.S. Rep. Robert Pittenger and his wife, Suzanne, have put their south Charlotte home on the market with an asking price of nearly $7 million, according to an online listing.

Pittenger, a two-term Charlotte Republican, is currently running for election in the redrawn 9th Congressional District, which runs from southeast Charlotte to Cumberland County. After a narrow primary victory, he faces Democratic newcomer Christian Cano in November.

According to the listing, the house totals 13,898 square feet and features views of the Quail Hollow Club golf course.

“Ornate details abound with stunning architectural features & designer finishes. Within the grandeur of the majestic foyer a dramatic spiral staircase draws the eye illuminated by a sophisticated chandelier,” the listing says. The house includes five bedrooms, six full and three half-bathrooms and a swimming pool.

“The house is too big for us,” Pittenger told the Observer. He said he and his wife intend to move to another home within the 9th District.

Mecklenburg County property records show the Pittengers purchased the 1.1-acre lot in 2006 for just under $1.7 million. The house was built in 2007. The property has a tax value of $4.8 million, according to county records.

The listing follows a deal in June that turned over management of Robert Pittenger’s former real estate company, Pittenger Land Investments, to Charlotte-based South Street Partners. Suzanne Pittenger ran the company from the time Robert Pittenger was elected in 2012 until the sale.

Over the years, Pittenger Land Investments gathered investors to buy raw land with the objective of later selling the property to developers. But in recent months, some investors complained about the slow pace of land sales and what they called a lack of transparency around PLI’s operations. Suzanne Pittenger has said she believed PLI has “always acted in the best interest” of the company’s investors.

Under the agreement, investors in the land deals agreed to forgo potential legal claims against PLI in return for bringing in new management. PLI received $6 million in the deal but gave up an investment stake that could have been worth as much as $30 million, according to notices sent to investors.

In August 2015, Robert Pittenger disclosed the company was the subject of a federal investigation, but he has repeatedly denied any wrongdoing.

The Pittengers in recent years have sold other properties they have owned. In May, the couple sold a property at Grandfather Golf & Country Club for around $1.1 million, according to Avery County records. And in 2013, they sold a property in Kiawah Island, S.C., for about $3 million, according to property records.

Rick Rothacker: 704-358-5170, @rickrothacker

  Comments