By Patsy R. Brumfield/NEMS Daily Journal
NEW ALBANY – If you want to buy ex-Stanford executive James Davis’ home, now’s your chance.
Bids on the four-story house on 10 acres and a lake will be taken at 11 a.m. June 7 on the north front steps of the Union County Courthouse.
Hosting the auction will be Patrick F. McAllister, a Ridgeland attorney assigned to the job for Trustmark National Bank, which holds the Davis’ $1.7 million mortgage.
Davis awaits a likely prison sentence for his August 2009 guilty plea in a $7.2 billion Ponzi scheme on Stanford certificate of deposit investors.
His former boss, R. Allen Stanford, also faces prison time after a jury convicted him on multiple counts in Houston, Texas, where the Stanford financial empire had its headquarters.
The Davis place in the Dry Creek community of Union County is named Loribel, after Davis’ wife, Lori. These days, they live in Michigan where her family owns a farm.
According to the notice of sale, Loribel will go to the highest bigger.
The house, with its white wedding-cake style facade, stands empty since Davis came under investigation by federal agents seeking evidence about the Ponzi scheme.
Earlier this year, Davis was the prosecution’s chief witness against Stanford, who will be sentenced June 14.
Davis likely will not be sentenced until after a September trial when he testifies against other former Stanford executives, including Baldwyn native Laura Pendergest-Holt.