Posted 4/2/2012 12:00 am
Updated 2 years ago
Chambers Bancshares Inc. Chairman John Ed Chambers III of Danville and his nephew, John Russell Meeks, are the new owners of the Piedmont Townhomes at the corner of West Bel Air Drive and North Leverett Avenue in Fayetteville.
Through their JRJC II LLC, the two men paid $1.1 million to Indulge LLC, a company associated with bankrupt developer Brandon Barber, Chambers' former son-in-law. The Secretary of State's office still lists Barber as the managing member of Indulge.
Chambers, through his JEC III LLC, actually signed off on the deal as an authorized and acting member of Indulge.
First Federal Bank of Harrison filed a petition for foreclosure against Indulge in December 2009.
The Barber Group completed construction of the townhouses in 2007. The entire project was valued at $4.7 million.
The development consists of 30 two-bedroom units that average 1,000 SF. There are three eight-unit buildings and one six-unit building on the 1.43-acre site. Barber paid $275,000 for the acreage in August 2004.