Las víctimas olvidadas de Stanford ahora disponible en español

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Friday, June 1, 2012

Stanford home sells, Davis awaits auction

by Patsy R. Brumfield/NEMS Daily Journal
Former homes of disgraced financiers R. Allen Stanford and James Davis will belong to someone else soon.

Trustmark Bank holds the $1.7 million note on Davis’ abandoned home in the Dry Creek community of Union County and recently got the go-ahead to auction it off.

Davis, once chief financial officer for Stanford’s international financial empire, faces prison time for his guilty plea in their $7.2 billion Ponzi scheme on investors of certificates of deposit through the now-defunct Stanford International Bank Ltd.

He and his wife, Lori, borrowed $1.443 million in 2007 to build the lavish, four-story home situated beside a small lake west of Baldwyn.

 Until the empire fell apart in early 2009, Davis often worked out of Stanford offices in Tupelo and Memphis. Trustmark attorney Joseph Hummel in Dallas, Texas, said details about the foreclosure are still being worked out.

As for Stanford, who faces sentencing June 14 in Houston, his former residence on Holly Springs Drive was auctioned off recently for $1.97 million.

The winning bid on the Spanish-style home was Houston Holly Springs Drive LLC, which records show was formed March 14 in Houston.

Initial bidders for the house were Gary and Catherine Brock, who offered $1.702 million.

Then Houston Holly Springs offered $1.853 million followed by Houston real estate attorney Vincent Bustamante’s equal bid. At the May 14 public auction, the Brocks did not increase their bid, and the others pushed their offers up by $10,000 increments until Bustamante declined to bid any more, court documents show.

The Stanford court-appointed receiver’s attorneys say they plan to close the sale Aug. 13 for net proceeds of $1,812,573.95 after closing costs and a break-up fee of $1,190 to the Brocks.

In the event the Houston Holly Springs deal does not come through, the sale goes to Bustamante. Read more: - Stanford home sells Davis awaits auction

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