Who Pays $1 Million for a Home?

by Mark Friedman  on Monday, Apr. 26, 2010 12:00 am  

Here's what we found:

  • In February 2009, Topview II Holdings LLC, led by James T. Dyke, bought a $2.5 million, 4,400-SF home and tore it down - for a garden.

Dyke is the owner of Dyke Industries, which has locations in Arkansas and Florida. Dyke Industries is a building supplier and lumber wholesaler. With an estimated $91.5 million in revenue in 2008, Dyke Industries was ranked No. 73 on Arkansas Business' most recent list of the state's largest private companies.

In February, Dyke bought the Country Club of Little Rock neighborhood home from former insurance executive Frank Whitbeck, who in December 2008 began serving a six-year sentence in federal prison for fraud.

The property is adjacent to Dyke's home at 4800 Hawthorne Road. Through Briland Enterprises LLC, Dyke bought a 5,574-SF, $1.28 million house in November 2004 and razed it to make room for his $2 million-plus mansion.

Dyke also is a supporter of the arts and donated his collection of 133 drawings and watercolors of the French neoimpressionist Paul Signac to the Arkansas Arts Center.

Dyke also is on the board of directors of the Arkansas Arts Center's foundation.

  • The other seven-figure home that has been razed was bought in June by Savannah Co. LLC, led by Craig and Elizabeth Stephens Campbell.

The Campbells spent $1.35 million on the 3,900-SF, Palisades Estates home that was built in 1955. It overlooked Murray Park and the Arkansas River.

Elizabeth Stephens Campbell is the daughter of the late financier Witt Stephens Sr. In 2006, she and her brother, Witt Stephens Jr., split with their cousin, Warren Stephens, and the investment bank, Stephens Inc., to form Stephens Group LLC. In 2008, the company, which provides growth equity, recapitalization and leveraged buy-out financing to companies in a broad range of industries, had estimated revenue of $250.2 million, which placed it No. 37 on Arkansas Business' list of largest private companies.

  • Dr. Roy "Gene" Graves is once again on the list of million-dollar homebuyers.

Graves, who in 1982 founded I Care of Arkansas, a home IV and nutritional service, paid $1.85 million in 2006 for a 7,886-SF home at 2 Valley Crest that was owned by Sunset Bay I LLC, led by Rick Ferguson.

In February 2009, Graves sold the Valley Falls Estates house to Timothy McGrath's Valley Crest Trust for $1.7 million, a loss of $150,000. McGrath is the chief financial officer of the Tenenbaum Recycling Group LLC of North Little Rock, a 120-year-old recycler and processor of scrap metal. Tenenbaum Recycling was ranked No. 27 on Arkansas Business' list of largest private companies with 2008 revenue of $412 million.

Graves, though, wasn't out of a million-dollar home in Valley Falls Estates for long.

In November, he bought a $1.5 million, 7,456-SF home in the same neighborhood from Markus Homes Inc., led by Jim and Melinda Markus.



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