Updated: Wednesday, 03 Nov 2010, 4:22 PM EDT
Published : Friday, 17 Sep 2010, 1:11 PM EDT
GEIST, Ind. (WISH) - A foreclosed sign could soon be posted on disgraced Indianapolis businessman Tim Durham's Geist estate. It's the latest twist uncovered by 24 Hour News 8 Anchor David Barras, in his I-Team 8 Investigation into the continuing saga of the man whose company has left thousands of investors out hundreds of millions of dollars.
Tim Durham can't pay the monthly mortgage on his 10,000 square foot Geist mansion. But Tim hasn't lived there for a long time anyway. Now he lives in an Los Angeles mansion, a mansion a Realtor in Los Angeles told 24-Hour News 8, rents for 25,000 a month.
Landscapers are keeping up appearances at Tim Durham's seven bedroom, eight bathroom Geist lake home even though he hasn't been paying the more than $18,000 a month mortgage payment.
According to Hamilton County records, Durham still owes JP Morgan Chase $3.5 million on his mortgage. And he owes Shelby County Bank just under $2 Million in a line of credit. Even if someone pays the full asking price of $5.5 million dollars for the estate, there will be little or nothing left for Fair Finance investors.
"I get disappointed when I see the dollar value of the liens that are ahead of us, compared to the likely value of the property," says Kelly Burgan, the attorney for the Fair Finance bankruptcy trustee. While she says the Geist mansion won't yield much for investors, the team has already sold two of Durham's cars at auction: an Astin Martin and a Ford GT which brought in about $300,000 combined. A lot of money she says for two cars, but still a drop in the bucket.
"I'm still thinking about the big picture. I'm still thinking about the $200 million that is owed to investors."
The Indianapolis realtor, Paul Bates, with the listing on the Durham home told us he got a call from Durham's LA assistant last night saying the house was going into foreclosure. But he says the home will remain on the market and the $5.5 million price is still the same.
While Durham's Geist home is getting all this attention Durham himself continues living comfortably in Los Angeles.
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