With the current sale of a few of his actual property holdings, an space landlord seems to be making good on the phrases of a settlement settlement in his ongoing private chapter case.
Oliver Lawrence, as of mid-September, had paid almost $225,000 of the $900,000 tab owed in his Chapter 7 case, in line with courtroom filings. Extra proceeds are anticipated by year-end.
A settlement agreement with the bankruptcy trustee required Lawrence, each individually and thru his now-defunct Chamberlayne Auto Gross sales & Restore enterprise, to pay $200,000 inside the first six months of this 12 months, one other $200,000 within the second half of the 12 months, and $500,000 the primary half of subsequent 12 months.
Thus far, these funds have been coming from the sale of the properties tied to the chapter case: the previous Chamberlayne Auto Gross sales & Restore website at 2425 Chamberlayne Ave., and a second industrial property at 402-404 Westover Hills Blvd. Each properties have been bought in current months following on-line auctions dealt with by Tranzon Fox’s Invoice Londrey.
The Chamberlayne property, on the intersection of Chamberlayne and Overbrook Highway, bought July 26 for $440,000 to 302 Specific Inc., metropolis property information present. The most recent metropolis evaluation valued the zero.Four-acre property at $247,000.
The customer lists the identical tackle as 301 Specific, a comfort retailer at Maury Road and Cowardin Avenue in Richmond’s Blackwell neighborhood. Yasmine Hamad of Associate Industrial Actual Property represented the customer and has listed the property on the market or lease.
Hamad mentioned the customer purchased the property as an funding. She’s listed it on the market with a $675,000 price ticket, and for hire with a triple internet lease at $Four,000 per 30 days.
The Westover Hills property, simply north of the boulevard’s Midlothian Turnpike interchange, bought Sept. 25 for $575,000 to an entity known as BSAM LLC. The zero.7-acre property most just lately was assessed at $524,000.
It’s unclear what’s deliberate for that property, which consists of a vacant five-bay storage and an working comfort retailer. Makes an attempt to achieve a principal with the LLC weren’t profitable.
Londrey held the auctions for these properties over the summer time. He mentioned on the time that Lawrence gave the go-ahead for the gross sales, and that future auctions – if wanted to fulfill the $900,000 chapter payback quantity – seemingly would contain a number of of Lawrence’s residential rental properties, that are mentioned to whole over 1,000.
With the 2 gross sales totaling greater than $1 million, extra gross sales don’t look like wanted to fulfill the $900,000 payback quantity.
Properties tied to allegations
Each properties have been talked about in Lawrence’s chapter case as examples of what trustee Peter Barrett, of legislation agency Kutak Rock, alleged as a scheme by Lawrence and his wife Kim to defraud creditors by shifting cash and belongings between them.
Living proof to that argument was the Chamberlayne property, which Barrett alleged was strategically put below Kim’s identify as proprietor, although Oliver successfully ran the auto enterprise there. The property’s possession remained below Kim’s identify on the time of the sale.
The Westover Hills property housed one other auto enterprise that Lawrence owned by means of Auto Heart Holdings. Barrett alleged cash from that enterprise was transferred to a checking account for Lawrence’s residence rental enterprise however nonetheless was used to make funds on Auto Heart money owed.
Lawrence’s residence rental enterprise, the newest iteration of which was LBKBL Properties, totaled over 1,200 properties on the time of a collectors assembly in 2017. In accordance with Barrett’s criticism, which led to the settlement, by the top of 2016, LBKBL owned $2.5 million in actual property and picked up virtually $350,000 in annual rents.
Earlier this 12 months, Lawrence served three months in jail on expenses referring to an incident in Petersburg that allegedly occurred whereas he was en path to a few of his properties there. He was released in July after pleading guilty to lesser charges.