Two Osborne Homes Didn't Sell at Auction, One is in a New Foreclosure Action

by Arkansas Business Staff  on Monday, Oct. 29, 2012 12:00 am  

5 Robinwood Drive is among two Osborne family properties that didn’t sell at a June 6 auction to raise cash to pay creditors. (Photo by Zac Lehr)

Did you know that one of the three Cantrell Road houses owned by the Jennings Osborne family is in the early stages of foreclosure?

Cenlar Federal Savings of Ewing, N.J., filed the foreclosure action on a 2009 loan of $320,625. That debt is secured by a 5,341-SF home bearing an address of 3 Robinwood. It's the house to the east of the landmark white-walled Osborne manor.

We understood that Linda Newkirk submitted a high bid of $152,500 when the 3 Robinwood property was auctioned on June 6.

However, Cenlar apparently rejected that bid.

The lender is seeking to take possession of the property and pursue a deficiency judgment against Mitzi Osborne, who is living in a friend's house in the gated Hickory Creek neighborhood, we're told.

According to real estate records, the Osborne house at 5 Robinwood Drive didn't sell at auction either despite earlier reports to the contrary.

Cenlar holds a $263,000 first mortgage claim on the house, and Little Rock's Metropolitan National Bank filed a February foreclosure action on a $166,659 loan secured by a second mortgage on the property.

That foreclosure action also is tied to Breezy Osborne's home in Chenal Valley, which also secures the debt.

For those keeping score at home, here's what happened with the other three Osborne residential properties auctioned to pay off creditors:

The Lake Hamilton house at 131 Tanglewood Road in Hot Springs was sold for $924,000 to Oyidie and Gregory Igbokidi.

Breezy Meadows Farm, a 9.5-acre equestrian spread at 19400 Kanis Road, was sold for $847,000 to Rowan Development LLC, led by Jacob Chi.

The famed 11,700-SF Osborne manor at 4 Robinwood sold for $292,000 to S&K Arkansas Properties LLC, led by Sylvia and Kourosh Malek of Redfield.



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