08 Jul Former CEO puts SouthPark mansion on market at $13.25M, raising bar for Charlotte home listings
A longtime local business leader has put his SouthPark mansion up for sale at more than $13 million, making it one of, if not the most expensive to ever be listed in Charlotte.
Michael Bailey, who has led two food services company in Charlotte, and wife Michelle are selling their home in the gated Morrocroft Estates neighborhood after living there for more than 15 years. They purchased the French Normandy-inspired estate for $6 million in late 2008, according to Mecklenburg County real estate records.
Bailey has been active in the Charlotte business community for several decades. He served as CEO of Compass Group for seven years, retiring in 2006. From there, Bailey co-founded a contract food company focused on the education and health-care sectors. That company, called TrustHouse Services Group, was purchased by French firm Elior Group in 2013 and rebranded to Elior North America three years later. He is also currently the majority owner and board chairman of Davinci Jets, a North Carolina aircraft management and charter operator.
The home on Fox Brook Lane hit the market today at $13.25 million and is listed by Steve Lonnen of Real Broker.
South Charlotte mansion includes long list of luxury features
The Baileys purchased the mansion in an off-market transaction from original owner and Charlotte developer Daniel Levine, Lonnen said. Levine, president of Levine Properties, started building the home in 2004. It took four years to complete, and incorporates French walnut parquet flooring, reclaimed materials, crystal chandeliers, hand-chipped stone and fireplaces imported from France, Lonnen said.
The mansion is just shy of 14,000 square feet and sits on 1.27 acres. The property also houses a 1,000-square-foot studio over the garage. There are a total of six bedrooms, with six full and three half bathrooms. That includes a main-level primary suite with a separate sitting area, private terrace and spa-like bathroom.
The basement level features a spa room with a steam shower, gym/yoga studio, 16-person theater room, wine cellar and tasting table, and an executive office. Other high-end features include a gourmet kitchen, elevator and multiple terraces. Outside, there’s a saltwater pool and hot tub, a cabana with a kitchen, dining and seating areas and a pond.
Who’s the targeted buyer?
The Baileys are selling the home to downsize, Lonnen said. They will remain in the Charlotte area.
Michael Bailey declined an interview but sent the following statement through Lonnen: “When I purchased it, there was nothing like it in Charlotte and I still don’t think there’s anything quite like it. The privacy and security of this home is incredible and to be in the middle of town you’d never know it. It’s so serene, quiet, and peaceful, you can’t hear a thing. We think a buyer will value those things and the home is stunning.”
As for potential buyers, Lonnen said he will likely target business owners, C-suite executives — including those relocating to Charlotte — and potentially athletes.
“Obviously, our buyer pool is not going to be very large,” he said. “My philosophy is to cast the net wide. I think there’s even an high probability or potential that it could be an international buyer. It has a French Normandy design. It has that European transitional look to it.”
Mansion could set sale record
In addition to its steep price tag, the home represents one of, if not the largest square footage-wise to hit the market in Charlotte, Lonnen said. That’s based on his extensive Canopy MLS research.
It’s the most expensive single-family home currently on the market in Charlotte, eclipsing Kevin Harvick’s newly listed SouthPark mansion. The retired NASCAR driver listed his home at $12.5 million on May 23.
The most expensive home sale in the Morrocroft Estates neighborhood was recorded in March — a 9,149-square-foot estate, also on Fox Brook Lane, sold for $5.3 million, according to Canopy MLS data.
In Charlotte and the entire region, the priciest home sale on record in Canopy MLS is a Providence Road mansion that sold last month for $8.4 million. The sellers were Charlotte Checkers owner Michael Kahn and wife Wendy.
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