The Arlington home of real estate developer Todd Hitt — who pleaded guilty in February to eight counts of fraud — has found a buyer, according to court documents.
The U.S. District Court for the Eastern District of Virginia, Alexandria Division, approved the $1.3 million sale of the 5,500-square-foot house on North Kensington Street to Michael and Lena Andersson, according to court documents dated April 4.
The home’s listing online is now marked as “sold.”
It was originally listed for $1.75 million in February.
The sale of the home, under the purview of court-appointed receiver and Richmond attorney Bruce Matson, comes after Hitt, the former CEO of Kiddar Capital, reached a deal with the Justice Department that included an agreement to pay $20 million in restitution and a fine of $5 million or twice the gross gain or loss, whichever is greater.
The Justice Department said Hitt ultimately cost investors $20 million.
If Hitt, 54, pays $20 million back at least two…Read the full story from the Washington Business Journal.