Lake Martin Voice Realty
More Pictures and Video- Richard Scrushy Lake Martin Home Auction
Here are more pictures and video of the auction of Richard Scrushy’s Lake Martin waterfront home, lots, and hangar at Willow Point Airport. HealthSouth shareholders forced the auction to recover part of the $2.9 billion judgment against Scrushy.
As expected, the HealthSouth shareholders were the high bidders on both parcels. They “bought” the hangar for $435,000 and the lake front home and 2 adjacent lots for $7,4000,000. They arrived at these prices by getting appraisals, so Richard Scrushy will be given full appraised value as credits against the judgment. Now the shareholders are the official owners of the Lake Martin properties and seek to sell them as soon as possible, according to their attorneys. Obviously, as a Lake Martin realtor, I would love to help anyone buy it. Please contact me at the number and email at the top of this page.
Video Of Scrushy Lake Martin home auction
If you would like to see a video of the home auction only, see my earlier post here.
The below video is for both the hangar and the waterfront home and lots in Willow Point, plus a little wrap up. The whole auction process lasted about 2 minutes:
Since the auction was over so fast, most of my time was spent listening to the attorneys for the Plaintiffs explain the process. The TV news never has time for full explanations, so I thought it would be helpful to publish the below explanations.
The Attorney speaking is John Somerville of Galloway and Somerville, LLC. He answered most of the post auction questions.
Another Attorney for HealthSouth was John Haley of Hare, Wynn, Newell, and Newton, LLP. He did some interviews but I didn’t get them on tape. Another attorney also present from that firm was Judge Ralph Cook.
Pictures of Scrushy Lake Martin Home Auction
A crowd gathers before the auction:
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Sheriff Jimmy Abbett explains the process:
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Page One of the Order of Sheriff’s sale:
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To download a PDF full copy of the Sheriff’s Sale of the Scrushy Lake Home click here.
HealthSouth Attorneys John Haley and Ralph Cook confer before the auction:
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Lead Plaintiff Wade Tucker (l) and Attorney John Somerville (r) answer media questions after Scrushy auction had ended:
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Attorney for the Plaintiff John Somerville meets with media:
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For a complete set of all pictures I took at the Scrushy Lake Martin Home acution, see this set on Flickr.
Lake Martin Voice Reprint / Use / Re Broadcast / Link Policy:
Anyone or any company is free to download, use, re-print, re-broadcast any and all of my pictures and / or video that I have published on the Scrushy story. I do ask that if you use on the web please cite a hyperlink of this article or if you are using it in a broadcast, please cite LakeMartinVoice.com.
I have already been contacted by a few different media members for my content, and I am glad to help in any way. For quotes, analysis, or perspective, please contact me at the email and number at the top of the page.
To read all of my coverage on Scrushy and HealthSouth, see: “Scrushy Category” – or look on the left side bar and select Scrushy.
Video: Auction Of Richard Scrushy’s Lake Martin Home
Ex HealthSouth CEO Richard Scrushy’s Lake Martin home was auctioned today on the courthouse steps in Dadeville, Alabama. HealthSouth shareholders won a $2.9 billion judgment against the “CEO of Fraud” and are now attempting to recover the cash.
The above video shows the home and its adjoining lots being auctioned.
The auction actually included two parcels:
1. The Hangar at Willow Point Airport- 644 Willow Way North – Scrushy owned a hangar there, one of only 2 or 3 at the airport, which is adjacent to the neighborhood of Willow Point. It was the site of the boat auction a couple of weeks ago. The shareholders bought it for $435,000.
2. The Waterfront Home and Lots - 1470 Willows End - this is the home and the surrounding lots in Willow Point. They had an opening bid for $4 million and the shareholdersof HealthSouth bought it for $7.4 million.
Related Posts:
More Pictures And Video – Richard Scrushy Lake Martin Home Auction
For everything I have written on Scrushy, see Scrushy Category
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Live Blogging Of Scrushy Lake Home Auction
Richard Scrushy’s Lake Martin home in Willow Point is being auctioned today on the courthouse steps in Dadeville, AL. The HealthSouth shareholders are forcing the sale so that they can take possession if they end up being the high bidder.
Registration is at 10 AM and the auction is at 11 AM central.
I will be putting up pics and video. I thought this would be a good time to try my new account at Posterous.
So for updated info as the day wears on, see Lake Martin Voice on Posterous.
As always you can also see my Twitter Stream here.
Related Posts:
For everything I have written on Scrushy, see Scrushy Category
Video From Richard Scrushy Boat Auction At Willow Point
I shot this video of the action at the Willow Point Airfield today around 11:00 AM Central today. Ex HealthSouth CEO Richard Scrushy had a huge cigarette boat, a bass fishing boat, some PWCs, and a golf cart auctioned today by the Sheriff. Tallapoosa County Sheriff Jimmy Abbett auctioned them off on behalf of the HealthSouth shareholders, who have claimed them through winning a lawsuit against Scrushy.
Scrushy once owned this airplane hangar on a private airstrip near the neighborhood of Willow Point at Lake Martin, Alabama.
Here is a shot of the cigarette boat that went for $53,000:
I just missed the big boat’s auction since I went to the Alex City airport and then had to zip down to Willow Point. By the time I arrived the Sheriff was auctioning the Sea Doos. Here is a quick video of the action:
There were probably 50 or 60 people there to watch, and probably another 10 real estate agents. My guess is that about half of those had registered to bid. The Sea Doos and the golf cart went for about $3,000 each.
Also present were some of the lawyers representing the HealthSouth shareholders. Logically, all of the local TV news crews were busy interviewing them. I believe that one of them was Ralph Cook. Here is a video of another attorney, John Haley, being interviewed:
I talked to a couple of the camera crews about the eventual auction of Scrushy’s lake home at Willow Point.
It is easily the most conspicuous home on the waterfront of Lake Martin. Currently the plans are for the Sheriff to auction it on the Tallapoosa County Courthouse steps on November 9, 2009. I don’t expect there to be much bidding going on with it. My guess is that it will go kind of like a foreclosure auction. That is, the entity foreclosing (in this case the HealthSouth shareholders) will put in a minimum bid that will be pretty high. Anyone is welcome to bid above it and buy it but more than likely they will be the highest bidder as they have the biggest stake in it right now.
Related Posts:
For everything I have written on Scrushy, see Scrushy Category
How To Bid On Richard Scrushy’s Lake Martin Toys
Ex HealthSouth CEO Richard Scrushy had an airplane hangar full of Lake Martin toys. The Tallapoosa County Sheriff’s office will be auctioning off its contents on Monday October 19, 2009.
Auction Time:
11:00 AM Central Time, Monday October 19, 2009
What Will Be Auctioned:
According to the Sheriff’s office, only the contents of the airplane hangar will be auctioned at this time. The auction will NOT include any of the contents of Scrushy’s Lake Martin home at Willow Point, nor the waterfront home itself.
How To View What Will Be Auctioned:
The hangar will be open from 9:00 AM to 11:00 AM on Monday October 19, 2009 for all potential bidders to view the contents.
I asked the Sheriff’s office if they had a list online, they said no. They have looked for one also and couldn’t find it. Earlier this year, WSFA posted a list: Contents of Scrushy Airplane Hanger at Lake Martin. Please note I don’t know if this is official or not. The Sheriff’s office said that it would be “2 boats, a golf cart, and several personal watercraft.” In a related story, the ex CEO’s wife Leslie is suing to claim ownership of other seized assets.
At this point, it seems the only way to know for sure is to show up and inspect yourself.
Where Will The Auction And Viewing Take Place:
The auction will be at the T.C. Russell Field Airport – 997 T C Russell Dr, Alexander City, AL 35010. Edited 10-19-09 – It was at Scrushy Airplane Hangar at Willow Point Airfield.
What about Scrushy’s Lake Martin home and its contents?
The waterfront home in the neighborhood of Willow Point on Lake Martin will be auctioned on November 9. I will post more details about that auction later.
DISCLAIMERS:
As with any auction, caveat emptor. Do your own research and due diligence. Do not rely on anything I have posted. I plan to be in attendance and may very well bid on something, so satisfy yourself as to the ownership, reliability, or any other aspect of anything you plan to buy. I am no expert.
Related Posts:
For everything I have written on Scrushy, see Scrushy Category
Take Your Dream Trip On The Cheap And Help Main St. Alex City
Lounge on the Spanish Isle of Mallorca or Abaco Island in the Bahamas. Fly fish in pristine Idaho or Colorado. Hunt at local favorite Enitachopco Creek, or explore the village of Alcester, England.
Do any or all of these – CHEAP – and get some feel good warm and fuzzies to boot.
How?
Come to the 13th Annual Auction benefiting Main Street Alexander City on Saturday, August 15, 2009 at the Aliant Bank Building on Highway 280, Alexander City. Preview starts at 6:00 PM and Live Auction starts at 8:00 PM.
Supporters of Main Street Alexander City have donated these trips, and much, much more so that you can bid on them and win, and support the great cause at the same time.
In the past, these trips of a lifetime have sold for VERY low amounts. Now is your chance to treat yourself and claim it’s for charity!
How much?
Tickets are $30 in advance from Main Street Alexander City, $35 at the door. But you will get plenty of beverages and heavy appetizers. Call 256-329-9227 to get advance tickets.
Detail on The Trips
Mallorca – Mallorca is a Spanish island in the Mediterranean Sea. It’s known as a playground for European elite and celebrities. And you, too. Enjoy this two bedroom, two bath villa – schedule a custom time to fit your convenience.
Fly Fish On the Warm River in Idaho – have you ever been out west to fly fish for trout? It’s the best.
Warwickshire, England – visit and explore the quaint village of Alcester, England.
Treasure Cay – Abaco Island – The Bahamas – relax for 5 days and 4 nights in cottage that sleeps 6.
Silverthorne in Summit County, Colorado – room for 3 couples in this Colorado getaway.
Enitachopco Creek Hunting – 3 days and 2 nights of hunting on 1,400 acres of professionally managed hunting preserve, just north of Alex City.
DOWNLOAD THE FULL AUCTION BROCHURE HERE
Other cool stuff to win:
Dinner for 10 at Five Star Plantation * 3 hours of live, full band acoustic music by the Robin Hill Band * $1,400 off of a set of braces * mailbox from Robinson Iron * MUCH MORE
SPECIAL FOR LAKE MARTIN VOICE READERS:
Mention that you read about it here and famed Auctioneer Walter Coley will personally serve you your beverage of choice at the auction, maybe in the middle of bidding! Just write down your name and drink choice and give it to the person at the door.
On a personal note, I would like to compliment Main Street Alexander City on what a wonderful job they have done / are doing to preserve downtown. They have realized that it takes a combination of helping local businesses, preserving history, and bringing meaningful, fun places to shop and spend time. If you are a Lake Martin part timer and have not been downtown Alex City for a while, GO! You will find something you like, I guarantee.
Rare Auction For Lake Martin Waterfront Home on Jan. 23, 2009
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:
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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:
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This picture was made standing in the driveway, looking toward Lake Martin:
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Here is one from the dock, looking toward the home:
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Here is a shot of the waterfront:
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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.
Auction Results – Sturdivant Road, Jacksons Gap – Lake Martin
Many Lake Martin Voice readers may be interested in the results of the auction of the home at 1355 Sturdivant Rd Jacksons Gap, AL 36861. It is a waterfront home. According to the auctioneer’s website, the home has 3 bedrooms, 2 bathrooms, and was built in 1982.
The waterfront home was auctioned off, along with a bunch of other homes (not necessarily in the Lake Martin area), on 9-08-08 in Birmingham. I didn’t go, but intrepid reporter on the scene, slownez, of Lake Martin forum fame, did.
Here is slow’s report, I thought that it makes for an interesting read of how these multi home auctions go:
“AL State House & Land Foreclosure Auction. Birmingham, AL 9/8/2008.
Registration started at 5pm at the Sheraton downtown. There were about 100 people there right at 5pm to sign in. Some had pre-registered and they had lines to register as well as to identify yourself as someone who would be bidding on multiple purchases. They checked to make sure you had a cashiers check for $5k and a valid ID and then given a bidders card to hold up at the auction. We went to grab a bite to eat and came back a few minutes after 6pm to find ~500 people already seated for the auction and they were scrambling to bring in more chairs.
The bidding started at 6:30pm with a practice session for those that had never attended. There 90 properties to be sold and the Lake Martin house was #88. I took them 3 hours to reach #88. Most all of the properties had a listed starting bid of $1,000. The house value was listed at what ever the last person paid for it, note this is a lot different from what the house is actually appraised for or worth. The $1k houses took off at $5k bidding and went up. Most of those sold in the $30k to $100k price range. The auctioneer had several helpers in the aisles that you could call over to ask what the current price was and what the next bid price was, the auctioneer was hard to understand at times as he was going so fast. Once you won a bid and the property was declared sold, you were escorted to table to finish the paper work and provide or apply for financing.
You were supposed to be pre-qualified for the auction, however they had both Chase and Countrywide on hand. A lot of properties came back up for bid a 2nd time because the winning bidder failed to qualify for a loan and had no proof of cash reserves to pay for the house. This slowed the whole process down as they re-bid these properties before moving to new ones.
The lake martin house was listed for a starting bid of $159k and a value of $416k. Bidding started at $165k and quickly hit $225k among several bidders. Then it was down to two bidders who drove the price up to the winning bid of $285k in about 20 seconds. Add on the 5% for the auction company and the selling price was ~$300k.
—Slownez”
Thanks Mr. EZ!!
Readers – was anyone else at the auction, and do you have more to add? If so please leave a comment below. Or maybe you weren’t there, but have an opinion on the price or process. Leave a comment below!
Or, do you have more Lake Martin newsworthy events? Contact John Coley by phone or email at the top of this page. We are always on the hunt for great story ideas.
Related Posts:
Guess What? Nothing Happened At Lake Martin Auctions
Guess What? Nothing Happened At Lake Martin Auctions
Recently two auctions were held at waterfront property on Lake Martin. A quick check with each of the auction companies revealed that neither homes sold for the reserved prices. Both remain unsold at post time.
Here’s the lowdown:
1. 284 Lakeview Drive - The “Waterfall House” at Willow Point – This auction was held on July 20, 2008. I wrote this post before the auction to spread the word. I haven’t talked to anyone that attended, but I spoke to a representative at Albert Burney Auction Company. He said that neither the lot nor the home met the reserved price that day and therefore did not sell at auction. He did say that both properties were available for sale in case anyone was still interested. If you (or someone you know and love) are, let me know.
2. 211 Farm Loop Road – Wind Creek Farms- This auction was held on July 26, 2008, by Deanco Auction Company. It had a published reserve price or minimum bid of $300,000. Apparently that amount was not met because a representative of the company confirmed that it also failed to sell at auction date. Again, if you’re still interested, let me know. I went through this home about a year ago (when owned by a previous family) and have tons of pictures.
These recent strikeouts remind me of last summer’s Lake Martin auctions. You may remember when another auction company had a big deal where they tried to auction 3 different waterfront homes on the same day. None sold. Contrast that with 2007′s auction at Harbor Pointe condos, where they sold about 20 units in one day.
So why are waterfront home auctions not catching on at Lake Martin? Is it:
A. The buyers are reluctant to pay the typical 10% auction commission on top of their bid price?
B. It is too much of a hassle to view the homes at the times appointed by the auctioneers?
C. Sellers are placing too high of reserve prices?
D. Local Realtors are digging defensive trenches around Lake Martin?
E. Buyers are unrepresented (by agents) and therefore uninformed of value?
F. Or a combination?
What do you think, dear reader? If anyone out there has some input, or would at least like to vote on my suggestions, please leave a comment below where it says “Leave A Reply.” If you can’t see that, hit the Continue button and then you should be able to see it.
I am really curious as to what others might think. As a “professional” (I know, eyes rolling) I might be missing something here, so let me hear some other opinions.
Related Posts:
Register Now For Auction At Willow Point
Results of Harbor Pointe Condo Auction
