One or more photo(s) has been virtually staged. Short Sale. RARE OPPORTUNITY - PALATIAL ESTATE WITH ENDLESS POTENTIAL! ***Huge price drop***Visionaries and savvy investors, take note! This is your chance to restore and personalize an absolutely extraordinary property and make it your own showcase masterpiece. Whether you're seeking a multigenerational family compound, an income-producing investment, or simply the grandest home on the block - this one-of-a-kind estate delivers the bones, the spac...One or more photo(s) has been virtually staged. Short Sale. RARE OPPORTUNITY - PALATIAL ESTATE WITH ENDLESS POTENTIAL! ***Huge price drop***Visionaries and savvy investors, take note! This is your chance to restore and personalize an absolutely extraordinary property and make it your own showcase masterpiece. Whether you're seeking a multigenerational family compound, an income-producing investment, or simply the grandest home on the block - this one-of-a-kind estate delivers the bones, the space, and the setting to make it all possible.THE ESTATENestled within the prestigious gated community of Gracewood at River Ridge, this stunning 6 bed/5 bath estate sits on a full one-acre conservation lot and includes two adjoining homes - a rare combination that opens the door to multigenerational living, a private mother-in-law suite, or significant rental income potential. Mature landscaping, elegant stucco architecture, and the natural beauty of Cypress trees create a serene, private retreat with no rear neighbors.OUTDOOR LIVINGThe screened lanai frames a spectacular free-form heated pool and spa - the ultimate Florida entertaining space awaiting your personal touch and vision. The expansive pool deck is ready for your custom restoration. A spacious 3-car garage provides generous storage.MAIN RESIDENCE - APPROX. 4,022 SQ FTStep inside and prepare to be impressed. Soaring vaulted ceilings and luxurious architectural details set the tone throughout. The gourmet kitchen features rich wood cabinetry and granite countertops, flowing seamlessly into the family room for effortless everyday living and entertaining.The show-stopping master suite is nothing short of palatial - a double-door entry flanked by spectacular Grecian columns leads into a retreat with rounded walls, a fireplace, and triple sliders opening to the lanai. Its own dedicated electrical panel speaks to the thoughtful design throughout. The extraordinary en-suite bath features separate vanities, granite countertops, a 2-person black Jacuzzi jetted spa, bidet, and a walk-through shower with 6 body nozzles plus a waterfall feature - a true spa experience at home.Adjacent to the master suite is a private office with its own full bathroom. The enormous bonus room adapts perfectly as a game room, home library, or additional bedroom. Formal living and dining areas, two additional bedrooms, a separate office, and two fireplaces complete this magnificent main residence.ADJOINING HOME - APPROX. 1,648 SQ FTAccessed through its own private courtyard entry, the adjoining home offers 3 bedrooms, 2 bathrooms, a full kitchen, and a family room with fireplace - perfectly suited for extended family, long-term guests, or income-generating rental use.RECENT UPDATES & ADDED VALUEPeace of mind comes with a new roof (2021) and new water heater (2023) in the main home. Three A/C systems, a whole-house vacuum system, and an assumable flood insurance policy at under $1,000 annually round out an impressive list of features. All of this just 15 minutes from Gulf beaches and 30 minutes from Tampa International Airport, with easy access to top shopping, dining, and medical facilities.Agents: Please read Agent Only Remarks prior to showing. ***This home needs work but it will be worth it***