Tim Durham selling Geist home for $5.5 million

FISHERS, Ind. (WISH) - The Geist area home of troubled Indianapolis businessman Tim Durham is on the market, but it turns out it's a secret sale that those involved would rather the public didn't know about.

The asking price: $5.5 million. The home is listed as "confidential" on the MIBOR website.

In late February, 24-Hour News 8 cameras captured two Atlas moving trucks in the driveway of the home located in the 14000 block of East 113th Street, but a local realtor said the house was not listed for sale at the time.

Finding the home on the MIBOR website is no easy task. Usually, you can find a listing on the MIBOR website by just putting in the address of the home. But that won't work for Durham’s home.

A source gave the information to 24-Hour News 8’s David Barras. The same source calls the $5.5 million asking price "crazy" in this market.

The listing on the MIBOR website describes the home as follows:

"Car collectors dream home ideally situated on a gated 5-acre Geist Estate lot. 30 car garage is perfect venue in which to entertain, offering a service kitchen, multiple Wet Bars, Home Theater, & room to mingle. Enjoy outdoor living on multi-level Decks overlooking resort-style Pool & Waterfront setting. Professionally landscaped grounds provide ample privacy. Main-lvl Mstr Retreat offers private sitting Rm & 2 WIC's. 4th level suite is ideal as Nanny or Guest Rm. All bedrooms have private bath. Confidential."

The listing includes several pictures of the home from the outside but none from the inside.

Meanwhile, Durham's Ohio company, Fair Finance, is being investigated as a Ponzi scheme. The Durham investment scandal has included an FBI raid on his downtown office, the aforementioned moving vans at his Geist home and investors out millions of bucks.

Durham owes at least $50,000 in back taxes on the Geist home and an I-Team 8 Investigation in March found that the home has a mortgage of $3.5 million and a line of credit up to a $1.5 million.

The new developments raise a lot of new questions. Durham's Fair Finance is in bankruptcy and being liquidated by a trustee in Ohio. 24-Hour News 8 called the trustee Friday to find out if the sale is even legal, but he wasn't available.

24-Hour News 8 also called the Ohio Department of Securities and the listing agent on the house and wasn't able to make contact with any of them.

24-Hour News 8 will continue following the story and digging up new information.