By Carlie Kollath/NEMS Daily Journal
NEW ALBANY – 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 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.
The Davises now live in Michigan, where his wife’s family has a farm.
The auction included the four-story house, the guest house, the barn, a lake and about 10 acres of land. Trustmark originally held the note and foreclosed on the home earlier this year.
Lane said Trustmark now will determine a list price and get it up for sale.
“First thing we’ll do is clean it up,” Lane said. “It’s a nice place for somebody.”
Douglas McGill was at the auction and said he has a lot of memories about Davis’ land. In 1991, McGill and his wife, Charlene, sold their 219-acre cattle farm to the Davises.
He came to the auction Thursday out of curiosity.
“I certainly wasn’t going to bid on that monstrosity,” said the New Albany resident.
Wanda Arnold was at the auction too.
She’s president of Judah Ministries and she thinks the Davis home would be a perfect place for the organization to operate a rehab and halfway house for homeless people and for people addicted to alcohol and drugs.
“We don’t have the funds to pay for it, but we were hoping the bank would want to convey it to our ministry,” she said.