By Patsy Brumfield
More photos at djournal.com.
By Patsy R. Brumfield
DRY CREEK – Union County’s most publicized residence is ready for its closeup: the dream home of former Stanford Financial Group executive James M. Davis and his wife, Lori.
For a tidy $695,000 this 11,000-square-footer on 10 acres can be yours.
About 25 minutes from Tupelo, where Davis had his Stanford office, the home has been vacant since the Davises left in late 2008 as the Stanford financial scandal brewed. They were last known to have been living with Lori Davis’ family in Michigan.
James Davis awaits sentencing in the $7.2 billion Ponzi scheme on investors in Caribbean-based Stanford International Bank Ltd.
His boss, failed financier R. Allen Stanford, recently began serving a 110-year sentence for masterminding the plot.
For several years the house sat closed up and bare, as if its occupants left in a hurry. The multi-acre estate was overgrown with shrubbery and weeds for lack of care.
Trustmark Bank reclaimed the amply secured house at auction July 7 after sale approval from the Stanford case’s court-appointed receiver. Now it’s move-in ready.
Gail Collins with Tupelo’s Sue Gardner Realty shows it for Trustmark, which holds the $1.7-million-plus note.
Collins says she shows the house only to serious buyers with pre-approved letters of credit or statement of funds.
From the basement game room and wine cellar to the tree-top sun roof on its fifth level, the former Davis house boasts shimmering marble, tile and hardwood floors, top-line Viking appliances and granite countertops.
The original early ’90s brick residence, which meets the circa 2008 wedding-cake facade addition, offers three floors of bedrooms, baths and a glassed-in atrium.
Besides a master floor with a massive 25-feet-by-20-feet bathroom, the house’s dominant features are four huge stone fireplaces and a movie-style staircase spiraling through the addition’s center.
Other Davis and Stanford properties in the region sold at auction through a Tupelo real estate company, with proceeds going to the Dallas, Texas, receiver.
Texas-born Stanford’s Houston home was sold at auction last March for $1.97 million.