JACKSONVILLE, Fla. – A St. Johns County homebuilder who is accused of embezzling millions of dollars and abandoning projects in Nocatee is expected to plead guilty and be sentenced later this month.
A State Attorney’s Office spokesperson told News4JAX on Tuesday that a plea deal has been negotiated with Spencer Calvert, the former owner of the Pineapple Corporation.
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The spokesperson did not detail what is included in the plea agreement, but said “restitution for the victims is still a top priority.”
Calvert, 53, was arrested in 2024.
Prosecutors said Calvert duped more than a dozen Nocatee homeowners out of money, including Capt. Sandy Yawn, the star of the hit Bravo show “Below Deck Mediterranean,” and her wife, Leah.
According to the Sheriff’s Office, Calvert had contracts with customers to build homes in Nocatee from 2019-2023, but the homes were never finished. A total of 13 victims came forward and reported their experiences.
According to investigators, Calvert got millions of dollars in deposits from customers to build their custom homes and misappropriated over $15 million. Finishing building their homes with new contractors was expected to cost the victims over $17 million.
The Sheriff’s Office said Calvert also failed to pay subcontractors, and that caused more than $900,000 in liens to be filed against the alleged victims.
He was charged with embezzling construction funds, grand larceny of $100,000 or more and an organized scheme to defraud.
Investigators said a total of $2,238,000 was stolen or embezzled from homeowners, and $1,387,000 was owed to subcontractors for work performed for the Pineapple Corporation.
Investigators said those were just some of the eight different ways Calvert used the company’s money for his own personal use.
The report also said Calvert took more than $900,000 as a loan from the company, but investigators didn’t find any documents stating the terms of the loan.
More than $476,000 was converted to his personal Bank of America account disguised as American Express reimbursements, and $569,000 was said to be used for expenses with model homes, but investigators said that also went to his account.
He’s also accused of paying himself a salary of more than $700,000.
Most notable in the list of his AMEX charges is the $19,152 he spent on Jaguars tickets in 2022.
Out of 134 payments on Calvert’s American Express accounts between 2019 and 2024, investigators wrote in the report that “42% of the charges were for what appear to be legitimate construction-related activities,” but approximately “58% of the charges appear to be for restaurants, sporting events, furniture stores, plane charters, and liquor retailers.”
Calvert is scheduled to be sentenced on Feb. 24.
News4JAX tried to contact Calvert’s attorney, but he did not immediately respond.