One Bank Prepares to Sell House of Controversy in Pleasant Valley

by Arkansas Business Staff  on Monday, Aug. 26, 2013 12:00 am  

The residence at 32 Valley Club Circle underwent a massive makeover.

Did you know the Pleasant Valley home of Hunter Stuart is now the property of Little Rock’s One Bank & Trust?

The son of the late Layton “Scooter” Stuart, ex-chairman, president and CEO of One Bank, deeded the extensively rebuilt residence to the bank.

No money changed hands, but the transfer of ownership effectively settled a lawsuit the bank filed against Hunter Stuart in February.

The 5,328-SF house, which borders the Pleasant Valley Country Club Golf Course, is carried on the Pulaski County tax rolls at a value of about $750,000. The market value is said to be around $1 million.

We understand an auction of sorts is in the works to convert the west Little Rock property into cash. That sale likely will occur in October after a two-week showing period for prospective bidders.

But first, $50,000 to $60,000 in finish-out work and repairs need to be completed and a certificate of occupancy obtained.

You might recall that Hunter Stuart allegedly received two cashier checks from One Bank totaling $94,527 for the down payment of the house at the direction of his father and with the aid of Tom Whitehead, the chief financial officer.

The checks “were improperly accounted for on the bank’s books as being bank-related expenditures and did not reflect their true purpose,” according to the complaint.

The lawsuit also alleged that additional unspecified bank funds were used to pay for construction work on the house.

The outlay of these un-specified funds was hidden on the bank’s general ledger as “Bank Building Under Construction” and later “Leasehold Improvements,” according to the complaint.

The renovation expenditures allegedly were carried by One Bank as costs associated with its Chenal or Foxcroft branches in Little Rock.

Want to see the renovation happen in the blink of an eye? The Google Street View car caught before and after shots of the property with its cameras. Click here and then press the right arrow that appears in the street.

 

 

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