Florida Condo Remains Out of Reach in Stuart Legal Mess

by Arkansas Business Staff  on Monday, Nov. 18, 2013 12:00 am  

The 20-story, 55-unit Southwinds III condominium tower in Miramar Beach, Fla. 

For now, a luxury condominium on the Gulf Coast seems to have escaped the financial chaos left by the late Layton “Scooter” Stuart.

The owner of Little Rock’s One Bank & Trust (also its former chairman, president and CEO) bought the 2,646-SF unit back in November 2000.

Price tag of this fourth-floor condo in the 20-story Southwinds III tower at Miramar Beach, Fla.?

$700,000.

The four-bedroom, four-bath floor plan affords breathtaking views from nearly every room at this oceanfront property. The oversized wrap balcony offers unsurpassed views of the Gulf of Mexico.

Unlike most of Stuart’s assets, this one appears to be unencumbered by debt or controversy at the moment.

The property did secure a $1.05 million mortgage held through a trust by one of Stuart’s Hickory Creek neighbors: Jon Underhill.

Dated March 8, 2013 — less than three weeks before Stuart’s death — the mortgage claim was released on July 24.

We understand the one-year loan wasn’t paid off, but that Underhill decided to write it off as a bad investment.

The move was made on the advice of attorneys after Stuart’s assets became of high interest to federal agents, who seized cash, cars and more in early July.

A claim on Stuart’s estate also was foregone by Underhill.

 

 

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