Houston Company Forecloses on $5M Valley Falls Home

by Arkansas Business Staff  on Monday, May. 20, 2013 12:00 am  

This mansion at 22 Valley Crest Court in west Little Rock is the current subject of a $5 million foreclosure after having been on the market earlier this year for less than $4 million. (Photo by Jason Burt)

It didn’t take long for the weirdness involving a west Little Rock estate that allegedly sold for $5.1 million to get weirder.

Last month, Crown Financial LLC of Houston filed foreclosure papers in Pulaski County Circuit Court against the owner of the mansion at 22 Valley Crest Court: La Marche Drive Investment LLC, led by Jeremy Carroll.

Crown Financial said Carroll borrowed $4.4 million at an eye-popping 17 percent interest rate on Jan. 26, 2012, to buy the home that was owned by Little Rock upscale homebuilder Rick Ferguson and his wife, Deanna.

The lawsuit didn’t say when Carroll stopped making payments — or if he made any at all.

But the loan is in default now, and he owed $4,925,753 as of April 11.

We couldn’t reach Carroll for comment.

The manor has remained under scrutiny since it was sold last year.

Real estate watchers called baloney when Ferguson filed the warranty deed that indicated he received $5.1 million for the nearly 15,000-SF home.

“Something quirky went on because [La Marche Drive Investment] immediately after buying it turned around and listed it for $4 million,” Pulaski County Assessor’s Chief Administrator Joe Thompson told us last month. “All along we thought there was something a bit strange, but we never figured out exactly what it was.”

The home was listed for sale at $3.975 million but it was pulled from the market in January.

“We had nothing to do with Rick Ferguson,” the listing agent, Randy Sumbles, told Whispers last week. “We just tried to sell it and couldn’t sell it.”

Sumbles wouldn’t say if he had any potential buyers or even looky-loos while it was on the market.

Ferguson couldn’t be reached for comment. But here’s something interesting: Real estate records indicate that Ferguson holds a nearly $2.3 million second mortgage on the property.

Stay tuned.

 

 

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