DOB: 05/25/1972

Case Number: CF2400295

Calvert to Pay $1 Million in Restitution Upfront in Negotiated Plea Agreement

ST. AUGUSTINE – During a hearing this morning, defendant Spencer Calvert pleaded guilty as charged to all 45 felony counts.

• Organized Scheme to Defraud more than $50,000
• 15 counts of Grand Theft more than $100,000
• Grand Theft
• Misappropriation of Construction Funds $100,000 or more
• 26 counts of Misappropriation of Construction Funds $1,000 to $100,000
• Misappropriation of Construction Funds less than $1,000

The negotiated plea agreement includes an order requiring Calvert to pay $8,722,659.05 in restitution. At the time of the sentencing, the defendant will pay $1 million, which will be distributed among the victims based on their percentage loss of the total loss.

Calvert also faces a sentence ranging from zero to five years in prison. Any term of incarceration will be followed by 30 years of probation, with the possibility of early termination if restitution is paid in full. A minimum monthly payment will be established at sentencing.

Other terms include:

• Agreement that if any proceeds from remaining lots owned by Calvert/Pineapple Corporation are recovered, the proceeds are to go to restitution in this matter.
• Agreement to execute default judgments in the civil cases to enable the victims to claim portions of the Florida Homeowners’ Construction Recovery Fund.

Between 2019 and 2023, several projects in the Vista at Twenty Mile neighborhood in Nocatee were abandoned by custom homebuilder Pineapple Corporation. The homes were in various incomplete stages – some had roofs, others just had a foundation.

The defendant, owner of Pineapple Corporation, misappropriated a total of $8,722,659.05 in deposited funds from the 15 victims who cooperated with the investigation.

Investigators uncovered that Calvert would take upfront deposits from the victims to pay several subcontractors he hired to do work on their homes. However, he never paid them, which forced multiple subcontractors to take out liens against the victims’ property for labor, services, and materials.

As a result of the defendant’s actions, the victims lost hundreds of thousands of dollars and were further burdened with paying off liens and hiring new contractors to finish construction on their homes.

The case was investigated by the St. Johns County Sheriff’s Office and Seventh Circuit State Attorney’s Office investigators in a joint operation with assistance from the Jacksonville Sheriff’s Office. Assistant State Attorneys Jennifer Lieb and Monica Smith successfully prosecuted the case for the State of Florida. The Honorable Christopher Ferebee is hearing the case and is set to impose sentence on July 14, 2026.