Still No One Home at Pulaski County's Most Expensive Mansion

by Arkansas Business Staff  on Monday, Jul. 22, 2013 12:00 am  

22 Valley Crest Court (Photo by Jason Burt)

The Pulaski County Sheriff’s Office didn’t have any luck serving a foreclosure lawsuit to Jeremy Carroll, the man behind the west Little Rock mansion that allegedly sold for $5.1 million in 2012.

According to the summons filed with Pulaski County Circuit Court on July 12, the sheriff’s department said it made five attempts to serve Carroll but didn’t make contact with him at 22 Valley Crest Court. Notes on the summons said the house appears vacant.

If you recall, Crown Financial LLC of Houston in April filed foreclosure papers against the owner of the mansion at 22 Valley Crest Court: La Marche Drive Investment LLC, which is led by Carroll, who was also named as a defendant.

We couldn’t reach Carroll on Thursday, but he has sent us emails in the last few weeks saying the issue was being resolved.

“I have sold my interest in that LLC and will be signing (and in turn paying off any debt against it) on Tuesday or Wednesday of this coming week,” Carroll wrote on June 15. “I cannot at this time comment on the plans of the new owners, but I’m sure they will do great things with it.”

Of course, he didn’t name the new owners. When real estate records didn’t indicate any activity on the house during the week of June 17, we contacted Carroll again.

“The attorneys are working on the last documents of the transfer,” he said in a June 28 email. “I don’t know what all they will file but I’m sure you will at least see the mortgage release next week.”

Well, the most current real estate records still don’t show a mortgage release on the property. And no one has filed an answer in the foreclosure lawsuit.

Crown Financial said Carroll borrowed $4.4 million on Jan. 26, 2012, at a 17 percent interest rate (yes, really) to buy the home from homebuilder Rick Ferguson and his wife, Deanna.

The lawsuit didn’t say when La Marche and Carroll stopped making payments, but the balance owed was $4,925,753 as of April 11.

When the home was sold last year, real estate watchers couldn’t quite believe the warranty deed that indicated Ferguson received $5.1 million for the nearly 15,000-SF home. Especially since La Marche listed it for sale for $3.975 million shortly after the purchase.

The home was pulled from the market in January.



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