Four upscale Charleston properties to be sold Feb. 26 Four outstanding properties located in or near Charleston, S.C. -- a massive estate, a three-story townhouse condominium and two seaside residences -- will be sold at auction Feb. 26 by Roumillat's.
Highlights include parking and a 120-square-foot enclosed storage room underneath; outside shower; ceiling fans; a rear deck facing the Atlantic Ocean.
Mr. Parish used his influence and position to secure deposit money from as many as 600 trusting investors. He used the money to leverage the properties in order to get mortgage money from bankers – money he never repaid. He listed all four properties to be auctioned as collateral for a $2.5 million loan from the National Bank of South Carolina. To date, none of that loan has been repaid.
This auction will erase all the liens by special language in the court order. Roumillat says, “All four properties will be sold to the highest bidders”.
For over ten years, since 1997, Mr. Parish, now 50, collected more than $110 million from a pool of investors and businesses. But, according to court documents, he either spent or squandered $90 million of that money, meanwhile claiming huge returns on statements he sent to investors who entrusted him with their money. Mr. Parish pleaded guilty to three counts of fraud in early October.
Auctioneer Ed Roumillat said he anticipates the properties will sell for fair market value under current economic conditions. Interested parties should log on to the Roumillat's website -- www.a-a.com for more details.