A top executive at Birmingham-based Caremark Rx (CMX), the pharmacy benefits manager relocating its headquarters to Nashville, has purchased Hillcote Estate at 3800 Woodlawn Drive for $1.75 million.
Bradley Karro, executive vice president of corporate development of Caremark, and Harriet Karro recently bought Hillcote, which was owned by John Coleman “Jay” Hayes III. The residence served as the Junior League Decorators’ Show House last year.
In February, NashvillePost.com reported Hillcote was being offered at $1.89 million. Jay and Leigh Ann Hayes acquired the property in 1998 for $1.3 million.
Built in 1914 and designed by Daugherty & Gardner Architects, the 7,800-square-foot Tudor revival home is situated on four acres, which include a heated swimming pool, tennis court, guesthouse and children’s playhouse.
The new owner, Bradley Karro has been in his position at Caremark since 1999. According to the company's proxy statement, last year he earned $554,301 in salary and bonus, took option-related gains of $808,000 and retained control over 195,175 shares (188,580 in the form of options). He previously served as president and chief operating officer in California, where he handled physician practice management operations in that state.
Karro served as president, chief executive and a director of MedPartners Provider Network Inc, a Caremark subsidiary, since May 1999, following MedPartners’ bankruptcy, at which time Karro had been COO and a director of MedPartners for less than a year.
Other locally prominent business people have owned Hillcote. Tony and Pamela Iannacio purchased the property in 1994 for $1.1 million. London-born attorney Tony Iannacio had been with Baker, Donelson, Bearman & Caldwell before joining a law firm in Tampa. His wife, Pamela Iannacio has worked as an event planner and runs a concierge service.
Previously, Paul C. Buff owned Hillcote from 1992 to 1994. A former California music producer, Buff moved to Nashville and started Paul C. Buff Inc.’s White Lightning, a supplier of professional photo lighting equipment. Former head of First American, Ken Roberts owned the estate from 1976 to 1992. Roberts now serves as president of the Frist Foundation.