CNBC re-ran the story on HealthSouth founder and former CEO Richard Scrushy – On a show called “American Greed.”  Not exactly the sort of bio that any businessman wants.

Every story I have ever read or watched about Scrushy inevitably mentions his “Lake Martin mansion.” Don’t get me wrong, it is a mansion all right.  By almost anyone’s standards.

I don’t know if it is the biggest home on Lake Martin. I know of one that may be larger by square feet. But it is up there. His home is located inside the gates of Willow Point, one of Lake Martin’s most exclusive communities.

That home wasn’t his only dealings on Lake Martin. Scrushy also developed a neighborhood called Marina Marin (apparently his middle name is Marin) – off of Highway 50 on the south side of the lake. While not as upscale as Willow Point, it is pretty nice itself; former Auburn football coach Tommy Tuberville owns a home there.

I can see why CEO types such as Scrushy enjoy Lake Martin.  You have relative anonymity, unless you rip around in a loud speedboat like he used to do.  Plus, coming from Atlanta and Nashville, executives see a relative bargain in the homes, where $500,000 gets you a very nice home and $1 million is close to the top of the market.

Would you like to browse around Lake Martin homes for sale? Click here for my home search, it includes all realtors and brokerages that participate in the Lake Martin MLS.  For my exclusive listings, go here.  If you see anything you like, give me a shout.

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For everything I have written on Scrushy, see Scrushy Category

On Friday January 23, 2009 the Lake Martin waterfront home of 216 Harrison Road, Dadeville, Alabama (map here) will be auctioned off on the steps of the Tallapoosa County Courthouse, downtown Dadeville.

This is a rare type of auction in that, as far as I can tell, it is NOT a property tax auction.  It it NOT a home being auctioned by a private auctioneer, so therefore it has NOT been heavily promoted or advertised.  The only promotion I could find has been the customary notification in the legal section of the Dadeville Record.

Click here to download a copy of the official legal announcement that last ran in the Dadeville Record on January 1, 2009.

The auction will be performed by the Circuit Clerk Frank Lucas and is going to “the highest bidder for cash.”

If you are a person that wants to buy a Lake Martin waterfront home on the cheap, this could be your chance.  Given that it’s on a Friday and not advertised heavily, I don’t think very many bidders will show up at all.

READ THESE DISCLAIMERS:  Please note I am NOT AFFILIATED IN ANY WAY WITH ANY PARTY to this auction.  I have no relationship whatsoever with anyone about it, am not getting paid a dime on the sale, to write this post, or for anything else related to the sale.  I am making NO STATEMENTS NOR OPINIONS about the property condition, lot lines, title, waterfront, or anything.  Buyer beware.  Please do your own research and due diligence.  If you have questions about this process, please contact Tallapoosa County Circuit Clerk Frank Lucas.

I do think this is a nice rustic waterfront cabin, and, at the right price, can be a good one.  I was out there about two years ago and looked around.

By the way, are you worried that you will miss breaking news like this in the future?  Why not sign up to be notified by email of my new posts? Just fill in your email address at the top of the page, left sidebar, in the box that says “Subscribe Email” and click Subscribe.  I don’t spam. Or subscribe by RSS.  Or sign up to read my short (<160 character) text updates on Twitter.

Here is the Tallapoosa County Tax Map from the County Tax Assessor, when I met with one of the owners, she had a survey that she said showed more waterfront than the County is showing:

When I was down there a couple of years ago, it was nicely wooded with huge, shady trees.  Here is how it looked at the time:

Home:

This picture was made standing in the driveway, looking toward Lake Martin:

Here is one from the dock, looking toward the home:

Here is a shot of the waterfront:

waterfront dock

For those of you who are unsure where Harrison Road is, please click on the Lake Martin Map link here. Generally, it is on the south end of Lake Martin, you take highway 50 to Centerport Road (same turn off to Chuck’s) and follow Centerport almost to the end, left on Harrison.

Windermere West – off of Windermere Road on Lake Martin – is a Russell Lands waterfront development that was started in the early 1990s.

It had two phases, and about 236 waterfront lots.  The typical Windermere West lot is well wooded, and deep – most homes are not easily seen from the road. Because it is off of Windermere Road and close to highway 63, it is close to the Russell Crossroads town center.

Windermere West is a great mix between town and country, for lack of a better phrase.  They have Covenants and Restrictions to protect the homeowners’ rights of development.  They have 2 landscaped entrances for aesthetics.  But, they don’t have amenities such as a clubhouse, pool, or walking trails. Windermere West does not have its own sewer system, each home has its own septic system.  Depending on your wants and needs, that could be good news.  The upside is that Windermere West has a relatively minuscule HOA fee – currently $20 a month, same as it has been since 1991.

Here’s the first entrance from Windermere Road:

Windermere West Parkway:

There is an old cemetery right across from the second entrance

Would you like to buy a home in Windermere West? Contact me, I would be glad to help.  There aren’t many undeveloped lots left, but there are a few for sale.  Call me at the number at the top of the page, I can help you find the best deals.

Alabama Power, the owner and operator of Martin Dam, has requested they be allowed to raise the winter water level in Lake Martin to 483 feet in 2009.  They made this request to the Federal Energy Regulatory Commission (FERC) on December 29, 2008.  They also requested to start filling Lake Martin up a month earlier – Jan 15 as opposed to Feb 17.

Lake Martin Water Level FAQ:

1. I thought that Alabama Power already requested to raise the lake’s winter level? True, they did.  But they did it as a temporary variance to the rule curve.  Apparently their last request only covered 2008.

2. Does this mean a change to the rules, will they only let it down to 483 every winter? No, this is a temporary variance request for 2009 only.  But many hope that 483 will be be the new winter water level when Alabama Power makes its application to re-license Martin Dam in 2011.

3.  Martin Dam has a license? Yes, Alabama Power owns and operates it, but FERC licenses its use.  They establish a “rule curve” – a plan of how to handle the inflow and outflow of water from the Tallapoosa River.  The licenses run for like 30 years, and Alabama Power is due to apply to a new license in 2011, with the new rules to come into effect in 2013.  They are in the application process now, and the public has venues for input like here and here.

4. How does a higher water level affect real estate on Lake Martin? Water into the lake is like bacon.  More is always better.

5. If FERC approves, how quickly will the level get up to 483? That depends on how much rain the Lord sees fit to send our way.

6. What? Lake Martin’s water level goes up and down? Why? Click here for a primer on how the creation of  Lake Martin led to why the water level fluctuates.

Hat tip to Maverick in the forum and Jesse Cunningham of the Lake Martin HOBOs for letting me know about this.

Hey readers – let me hear from you - will a 483 foot winter help you out? Please leave a comment in the “Leave  a Reply” section below.  If you can’t see that, click on “Comments” then scroll to the bottom.  I’m interested to see the results.

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