Did you hear that Bill Schwyhart’s much-discussed mansion, or former mansion depending on whom you’re listening to, has been sold?
It remains to be seen if it has changed hands.
The elegant home, located on Clubhouse Drive in the upscale, gated community of Pinnacle in Rogers, overlooks the ninth green at the Pinnacle Country Club golf course. Bill Schwyhart and his wife, Carolyn, paid $1.2 million for the 8,330-SF home in October 2001.
TM Development LLC bought the property this past month for $1.05 million, a nice bargain for a home once listed by Lindsey & Associates at $2.4 million. TM Development is led by attorney Joshua Mostyn — Schwyhart’s lawyer, coincidentally — and the LLC took out a $1.365 million loan from Simmons Bank.
Schwyhart originally bought the home when he was riding high as a partner in the Pinnacle Group, a commercial development group led by trucking magnate J.B. Hunt that was turning an area of Rogers into the Billion Dollar Mile.
Schwyhart’s fortunes took a tumble when he left the partnership in the summer of 2007. He and his wife are still embroiled in a bankruptcy case in Dallas with creditors who dispute whether he is actually bankrupt or not.
At the center of that case is the mansion on Clubhouse Drive. One creditor sued Schwyhart, claiming the developer used an array of limited liability corporations to retain ownership of the home.
According to Benton County records, Schwyhart transferred the home to 9CH LLC in July 2009. Schwyhart was the registered agent of 9CH, and he and his wife modified their original $1 million mortgage with Great Southern Bank to $1.5 million.
In November 2012, Low Tide Holdings LLC had possession of the note, which was in default, and won a summary judgment against 9CH and the Schwyharts for more than $4 million. Low Tide Holdings bought the home for $2.5 million on the steps of the Benton County Courthouse in Bentonville.
Schwyhart was the registered agent of Low Tide Holdings. In 2014, Low Tide Holdings transferred the home to Pinnacle Venture LLC, which just sold the Clubhouse Drive home to TM Development on Feb. 23.
Pinnacle Villa LLC is managed by Harmic Davidkhanian, who had been a classmate of Alex Schwyhart at the London School of Economics & Political Science; Alex Schwyhart is Bill Schwyhart’s son.