Who Pays $1 Million (Plus) for a Home?

by Mark Friedman  on Monday, Jun. 22, 2009 12:00 am  

This Little Rock home on Sologne Circle sold for $1 million in 2008. The number of seven-figure-plus homes sold in Pulaski County has been falling every year since 2004.

McAdams is the widow of Herbert Hall McAdams II, who died in 2001. At the time of his death, his fortune was valued at $475 million. His wealth was created largely on a $10 million investment in Little Rock's Union National Bank, which was headed for failure in 1970. He turned the bank around and sold the family's stake in it for $115 million to Worthen Banking Corp. of Little Rock.

● In October, Judy Tenenbaum purchased a 4,842-SF home in west Little Rock's Hickory Creek neighborhood for $1.06 million.

On campaign contributions disclosure forms, Tenenbaum has listed herself as a philanthropist and homemaker. She was formerly married to Harold Tenenbaum, whose family has owned and operated scrap dealer A. Tenenbaum Co. of North Little Rock since 1890.

Tenenbaum is involved in the Tenenbaum Foundation, which "provides humanitarian care and relief" to central Arkansans, according to its Web site. It also supports efforts to cure breast cancer. She also is a supporter of several nonprofits, including the Argenta Community Theater.

● Nearly a year before pleading guilty to misappropriating $9.3 million in client funds, Steven Eugene Cauley acquired on July 18 a $1.1 million home from VFE LLC, led by upscale homebuilder Rick Ferguson. The 4,687-SF home is in west Little Rock's Valley Falls Estates. VFE had bought the home on July 3 from Hardin Design & Construction Inc., led by Keith Hardin.

Cauley was an attorney who specialized in representing investors in class-action securities lawsuits. Cauley surrendered his law license just before he waived indictment and pleaded guilty earlier this month in a New York federal courthouse to wire fraud and criminal contempt of court in connection with the missing client funds. He is scheduled for sentencing on Sept. 10.

Both Cauley and Ferguson, who were major investors in Centennial Bancshares Inc. of Little Rock before its sale early last year to Home BancShares Inc. of Conway, have been on Arkansas Business' million-dollar homes list in previous years.

● In August, Bennett LeBow bought a 6,200-SF home in the Sologne Circle neighborhood of west Little Rock's Chenal Valley for $1 million.

LeBow is the chairman of the board of Vector Group Ltd. in Miami. It's unclear how much time LeBow spends at the Little Rock address. He also has a Miami address listed as contact information with the Pulaski County Treasurer's Office.

The Vector Group, through its subsidiaries, manufactures and sells cigarettes in the United States. In the company's proxy statement, the 71-year-old also is listed as a private investor. His salary for 2008 was $3.95 million and his total compensation for the year was $8.7 million.

LeBow also is involved in the LeBow Fund to Cure Myeloma and has been "a generous" supporter of research at the Myeloma Institute for Research & Therapy at the University of Arkansas for Medical Sciences, according to UAMS.

● In March, Daniel Moore II bought a 4,137-SF home near the Country Club of Little Rock for $1.14 million.



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