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.