$4.7M Foreclosure Against Phil Herrington, Others Resolved

Remember the foreclosure action against Little Rock businessman Phil Herrington, his Herrington Inc. private equity and development firm and six business entities associated with property in Utah?

That $4.7 million dispute with Little Rock’s One Bank & Trust was resolved when a new party entered the ownership picture.

Herrington also owed more than $200,000 in delinquent property taxes on the five-lot upscale residential project near Sundance Mountain Resort. Four lots are undeveloped, and the fifth is home to a four-bedroom, 4,133-SF alpine manor built in 2008.

One Bank provided a $4.98 million loan to facilitate the change in ownership, indicating the transaction was a financial wash. The new owner is New Ridge LLC. Our Provo bureau reports that Alexander Eberts is associated with the limited liability company.

Who is Eberts? We understand he is the son of the late Jake Eberts, who had a hand in producing/financing such films as “Chariots of Fire,” “Gandhi,” “Dances With Wolves,” “The Killing Fields,” “Driving Miss Daisy” and more.

We also are told that the younger Eberts worked in a minor behind-the-scenes role on another of his dad’s productions: “A River Runs Through It,” directed by Robert Redford, a champion of the Sundance Film Festival.

His association with New Ridge notwithstanding, we’re led to believe that his mom, Fiona, is the sole owner of the limited liability company.