Case Over Pulaski County's Most Expensive Home No Longer in Court

by Arkansas Business Staff  on Monday, Sep. 16, 2013 12:00 am  

22 Valley Crest Court (Photo by Jason Burt)

The foreclosure lawsuit involving Pulaski County’s most expensive mansion has been dismissed — but questions still surround the case.

Pulaski County Circuit Judge Timothy Fox tossed the case against the homeowner La Marche Drive Investment LLC, which was led by Jeremy Carroll, because the company wasn’t properly served and the lender’s attorney, Rosalind Mouser of Pine Bluff, didn’t ask for an extension within 120 days of filing the lawsuit.

The case, though, could be refiled. Mouser, who is the attorney for Crown Financial LLC of Houston, wouldn’t say if the case was going to be refiled and declined to comment.

Now here’s where it gets strange. Dick Tribe, a manager at Crown Financial, told Whispers that Carroll “did a voluntary foreclosure” on the property.

“All I’m going to tell you is that we foreclosed on the house, and it’s for sale,” Tribe said. “It’s listed with Janet Jones and that’s it.”

But when we checked with the Janet Jones Co. of Little Rock, a rep there said Janet Jones wasn’t listing the house. And the property wasn’t listed for sale with any company in the MLS.

Further checking of Pulaski County real estate records show the owner of the property still is La Marche.

Carroll didn’t immediately return a call for comment either.

Back in July he told us that “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. I cannot at this time comment on the plans of the new owners, but I’m sure they will do great things with it.”

The nearly 15,000-SF house has brought scrutiny since it was sold in 2012. Real estate watchers couldn’t quite believe the warranty deed that indicated a sale price of $5.1 million. Especially since La Marche turned around and listed it for sale for $3.975 million shortly after the purchase.

Crown Financial said Carroll borrowed $4.4 million on Jan. 26, 2012, at an eye-popping 17 percent interest rate to buy the home from homebuilder Rick Ferguson and his wife, Deanna. Crown Financial didn’t say when La Marche and Carroll stopped making payments, but the balance owed was $4.9 million as of April 11.

The home was pulled from the market in January 2013.

 

 

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