The home of former Stanford executive James Davis was sold at auction Thursday for $604,500.
The winning bid, and the sole bid in the auction, was about $1 million less than what the Davises owed on the Union County home.
Joe Lane, representing Trustmark National Bank, won the 11 a.m. auction on the stairs of the Union County Courthouse. He was one of about 10 people at the auction.
“Trust me, I wish someone else had bought the house instead of us,” he said after the auction. “We’re not in the real estate business.”
The house is about 10 miles west of Baldwyn on the road to Ripley. Davis’ four-story house has been empty since he pled guilty in 2009 to his part in a $7.2 billion Ponzi scheme orchestrated by R. Allen Stanford. Stanford in March was found guilty on 13 counts for his involvement in the scheme.
Lane said Trustmark now will determine a list price and get it up for sale.
Read more in Friday's Journal. And if you are interested in buying the house, call Joe Lane at (601) 208-7823.