It's the end of the rainbow house.
With a new owner, a psychedelic house that garnered national attention is getting cleaned up at the Il Regalo community in North Naples.
The new owner, a longtime Naples resident, declined to comment for the story.
He closed on the property April 3, purchasing it for the low price of $225,000 — or basically the lot value — due to the severity of the damage done by its last owner.
"He's happy," said Mark Weber, broker of White Sands Realty in Naples, who represented the buyer.
"After all the chaos surrounding the sale, there is a silver lining for the buyer and community homeowners, who have had to put up with all the drama. The sale is closed and repainting the entire house to remove the damage is underway as we speak," Weber said in an email.
"The buyer is excited about the possibilities for the home and has been 'warmly welcomed by many of the neighbors already,'" he added.
In late February, Collier Circuit Court Judge Lauren Brodie approved an order for the sale of the single-family home "as is." The property was once valued at more than half-a-million dollars before its former owner Jeffrey Liebman damaged the property inside and out, leaving it to look like a do-it-yourself disaster.
"The sale ended up being very close, if not spot on, to lot value due to the extensive damage that was done. But this unusually low sale price should not affect neighbors' home values or lender appraisals, as it was clearly a distressed sale and shouldn’t be used as a comp by appraisers," Weber said.
"Zillow or other automated home valuation programs may mistakenly incorporate the closed sale, but professional appraisers will recognize the extenuating circumstances and treat it accordingly," he added.
Previously: Judge approves sale of rainbow-colored house in North Naples for lot value
The house, off Orange Blossom Drive, became a spectacle in the usually quiet, family-friendly lakefront community of less than 40 homes, shocking neighbors and drawing attention from code enforcement, the Collier County Sheriff's Office and local — then national — media.
The ugly house resulted from an ugly fight between a father and a son, who bought the property together a few years ago: Jeffrey and his father Dennis Liebman.
The father — a successful entrepreneur and owner of Apco, a well-known manufacturer for the label printing and flexible packaging industry based in Ohio — sued the son to force a sale and to force him out.
According to court documents, the lawsuit came after Jeffrey missed three payments in a row, violating his father's original agreement for him to cosign the mortgage and assist with the down payment, and failed to meet additional demands, including asking his son to check into rehab at the Naples Betty Ford Clinic "now."
In response to his father's actions, Jeffrey took his frustrations out on the property, from spray painting his house and yard outside to ripping out appliances, flooring and cabinets inside.
The judge appointed a special magistrate to negotiate a sales contract.
The magistrate Brandon Bytnar told the judge at a hearing Feb. 27 that Jeffrey had "absolutely destroyed the property."
Related content: Buyer to purchase rainbow-colored, paint-splattered house in North Naples 'as is'
Naples real estate broker Christina Falzarano Bajraktarevic, the listing agent for the property, agreed. She testified it would cost $300,000 to repair the house, suggesting the new owner might even tear it down, due to the magnitude of the damage.
"The buyer could demolish it and rebuild it," she said.
How'd this all start?: Neighbors not happy with rainbow-colored, paint splattered house in North Naples
The new owner has decided to salvage the home instead. One of the first steps? Power washers to get rid of the vibrant Picasso-like colors.
"White Sands Realty was excited to be part of this happy ending. It’s a wonderful neighborhood in a superior location. I wish the new homeowner and the community many years of peaceful enjoyment and increasing home values," Weber said.
Property records show the home, built in 2006, had an assessed value of $528,623 before all of the damage occurred. It has three bedrooms, with three bathrooms, spanning 2,517 square feet.
The Liebmans obtained a $425,000 mortgage on the home — at 6913 Il Regalo Circle. According to court documents, nearly $380,000 was still owed on that mortgage when Dennis Liebman filed his lawsuit.
Fifth Third Bank filed to foreclose on the mortgage in March, but the action was dismissed Monday, following the sale.
Other liens against the property have also been resolved.
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