Heber Springs Man Allegedly Claims Legendary Gold

by George Waldon  on Monday, Jun. 6, 2011 12:00 am  

Joe Blankenship: "Let's do this deal and get everyone whole."

Little Rock's Bank of the Ozarks recovered two Eden Isle homes from the Blankenships at a November 2010 foreclosure sale. The 4,155-SF homes in the Ridgewood neighborhood once housed the couple's parents. The lots were purchased for a combined $285,000 in June 2005.

First Security Bank sold Blankenship's 6,923-SF lakehouse in Heber Springs in December 2009 for $1.6 million. The buyer was Boating of HS LLC, led by Reynie Rutledge, chairman and CEO of the bank's holding company, First Security Bancorp.

The bank recovered the Eagle Bay Estates property in July 2008. The Blankenships bought the home for $1.25 million in February 2003.

Two homes in the Hillcrest neighborhood of Heber Springs were marked with delinquent property taxes in May 2010. The Blankenships acquired the 2,358-SF house for $125,000 and the 1,677-SF house for $90,000 in February 2007.


Kanis Village

On Feb. 18, 2011, Little Rock's Metropolitan National Bank landed a default judgment of $328,112 against Blankenship in connection with the residential project in Little Rock.

The debt originated with a $500,000 loan on Sept. 15, 2006, to Kanis Acquisition Co. LLC, which held a 25 percent stake in Kanis Village. Metropolitan also obtained a judgment against Eric McDuffie who, like Blankenship, personally guaranteed the loan.

On July 9, 2010, Arvest Bank of Fayetteville recovered 44 residential lots in Kanis Village at a $1.85 million foreclosure sale. The property secured an April 2005 loan of $2.1 million that Kanis Village LLC used to acquire 92 acres.

The limited liability company was composed of Blankenship, McDuffie and Mike Hill.


Red Sky Duck Club



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