Who Pays $1 Million for a Home?

by Mark Friedman  on Monday, Apr. 18, 2011 12:00 am  

Tracy and Pete Yuan bought one of the 22 Pulaski County homes that sold for more than $1 million in 2010.

  • On Nov. 30, William and Patricia Carlton bought a 7,800-SF home in Little Rock's Kingwood Place neighborhood near Cammack Village for $2.4 million.

In 2005, Bill Carlton sold Carlton-Bates Co. of Little Rock, an electronic components supplier co-founded by his father, to Wesco International Inc. of Pittsburgh. He told Arkansas Business in 2006 that he sold the company for $250 million in cash, which was split among the company's few shareholders. Carlton also founded the Carlton Group, a capital advisory company in Little Rock.

The Carltons bought their new home from Clark and Janell Mason, who had purchased it in March 2003 for $599,000. The home was tied to an August 2007 mortgage of $1.4 million and an April 2010 mortgage of $100,000.

  • On March 11, 2010, Dr. Greg Wood bought his 8,400-SF home in the Waterview Estates neighborhood in west Pulaski County because of the view of Lake Maumelle. Wood bought it for $1.25 million from 2610 Acres LLC, led by Rick Ferguson.

"I can sit out there on the back porch and just relax, take in a great view and a nice little breeze comes through," said Wood, an obstetrician and gynecologist who practices in central Arkansas. "At night, it gets dark and you can see all the stars."

The five-bedroom, two-story estate also provides enough space for his six children, he said.

Wood said he wasn't house shopping but stumbled across it. He "just kind of ended up out there," Wood said.

The 5.5-acre spread was valued at a purported $3 million in July 2007 when 2610 Acres acquired it from Gene Cauley, who lost his law license and is now in federal prison for stealing $9.3 million from clients. The residence once secured a June 2005 construction loan of $2.36 million.

  • On Dec. 3, Brian and Dr. Susan McGeorge bought a 5,800-SF home near the Country Club of Little Rock. They bought the home for $1.39 million from Wallace and Sue Rowland, who bought the property for $215,000 in 1996. The property was tied to a 1997 mortgage of $640,000, a 2003 mortgage of $98,434 and an October 2009 mortgage of $100,000.

Brian McGeorge is the chief operating officer and vice president at Pine Bluff Sand & Gravel Co. Dr. McGeorge is a pediatrician at the Children's Clinic PA in Pine Bluff.

  • In January 2010, HSBC Bank USA of McLean, Va., recovered a 5,300-SF mansion in Little Rock's gated Valley Falls Estates neighborhood in a $1.2 million foreclosure sale. The bank recovered the property from Michael and Rhonda Martin, who acquired the home in 2006 for $1.5 million.

After acquiring the home, HSBC Bank sold the property at a loss a few months later to David and Sarah Wengel for $950,000 on April 5, 2010.

  • On June 11, Dr. Xiang Gao and Lin Tong bought a $1.1 million estate from BancorpSouth Bank of Tupelo, Miss. The 6,800-SF home is in the Bretagne Circle neighborhood of west Little Rock's Chenal Valley development.

The bank recovered the property in December 2009 when it was forfeited in lieu of foreclosure by Russell Huckaby. Huckaby acquired the home in a reported $1.8 million swap transaction with Sunset Bay I LLC, led by Rick Ferguson.

Dr. Gao practices at Radiation Oncology Associates in Little Rock.

  • Rod and Caroline Ford bought their $1.76 million, 6,570-SF estate in Little Rock's Prospect Terrance neighborhood in July from Marilynn and Dr. Robert Porter Jr.

The Porters bought the home for $400,000 in June 1989. It was linked to a $350,000 loan in April 2003 and a $700,000 mortgage in December 2008.

Rod Ford is the president and CEO of CognitiveData Inc., a marketing technology company in Little Rock. Ford recently told Arkansas Business that his company is in the middle of an expansion and it has 130 employees and will likely add another 30 during the next year. Its revenue was $21 million in 2010 and was on track for revenue of nearly $30 million this year.

Caroline Ford is the daughter of Charles Morgan, the former CEO and board chairman of Acxiom Corp. of Little Rock. She teaches marketing at the University of Arkansas at Little Rock.

  • Lee and Robert "Dennis" Harpool bought a 17th-floor condo in downtown Little Rock for $1.08 million. The Harpools acquired the 3,593-SF unit in April from River market Tower LLC, led by Jimmy Moses and Rett Tucker.

Lee Harpool was listed as a homemaker in political campaign contribution reports. Dennis Harpool is the owner of Complete Computing Inc. of Little Rock, but an employee said he hasn't been in the office in years and wasn't sure how to get a message to him.



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