News (Media Awareness Project) - US TN: Assests Of Drug Dealer Go On Auction |
Title: | US TN: Assests Of Drug Dealer Go On Auction |
Published On: | 1999-06-03 |
Source: | Tennessean, The (TN) |
Fetched On: | 2008-09-06 04:49:06 |
ASSETS OF DRUG DEALER GO ON AUCTION
SPRINGFIELD -- A lifelong collection of furniture and memorabilia and a
Bethlehem Road home were auctioned by federal authorities to help pay a
Robertson County man's debt to society yesterday.
The house and furnishings of James Hardy, a former Shoney's executive
convicted last year of drug trafficking, was sold by a team of auctioneers
hired by the Internal Revenue Department's criminal investigation division.
The two-story dwelling, on 5.1 acres, has four bedrooms and 5-1/2 baths with
5,761 square feet of living space.
Gene and Mary Hill of Oklahoma thought they had bought the home for $306,000
but say IRS officials won't let them have the house unless they agree to pay
$450,000. The couple said they were not told beforehand there was a minimum
bid and "are mad as heck."
An IRS spokesman said the agency has 30 days to accept a bid on the home and
was expecting a higher bid.
"Real estate sales must be approved by the IRS. The buyer also has 30 days
to change their mind," said Mike Lewis, who was in charge of the sale for
the IRS.
The house, at 3579 Bethlehem Road, was first on the block.
Household furnishings were auctioned by Gary Poulsen of Miami in 45 lots
with about 100 registered bidders.
"The former owner had good taste," Lewis said.
Thelma Tate of Springfield was all smiles as she looked over several pieces
of furniture she bought during the auction.
She was among the buyers who lined up to pay for their purchases after the
sale. Buyers were able to take their purchases with them after 3 p.m. yesterday.
Hardy, 57, is serving a term in federal prison. He pleaded guilty in U.S.
District Court on Aug. 14, 1998, to charges of trafficking in more than 400
kilograms of cocaine from July 1996 through March 1997 and laundering
between $10 million and $20 million in drug proceeds.
Federal Judge Thomas Higgins sentenced him to 405 months in prison.
Higgins ordered Hardy to forfeit $3.5 million from the sale of his house and
business interests and to pay $1,910 each month for the cost of his
imprisonment.
Auction proceeds will be deposited in the U.S. Treasury Department Asset
Forfeiture Fund, which is used to support crime-fighting efforts across the
nation.
SPRINGFIELD -- A lifelong collection of furniture and memorabilia and a
Bethlehem Road home were auctioned by federal authorities to help pay a
Robertson County man's debt to society yesterday.
The house and furnishings of James Hardy, a former Shoney's executive
convicted last year of drug trafficking, was sold by a team of auctioneers
hired by the Internal Revenue Department's criminal investigation division.
The two-story dwelling, on 5.1 acres, has four bedrooms and 5-1/2 baths with
5,761 square feet of living space.
Gene and Mary Hill of Oklahoma thought they had bought the home for $306,000
but say IRS officials won't let them have the house unless they agree to pay
$450,000. The couple said they were not told beforehand there was a minimum
bid and "are mad as heck."
An IRS spokesman said the agency has 30 days to accept a bid on the home and
was expecting a higher bid.
"Real estate sales must be approved by the IRS. The buyer also has 30 days
to change their mind," said Mike Lewis, who was in charge of the sale for
the IRS.
The house, at 3579 Bethlehem Road, was first on the block.
Household furnishings were auctioned by Gary Poulsen of Miami in 45 lots
with about 100 registered bidders.
"The former owner had good taste," Lewis said.
Thelma Tate of Springfield was all smiles as she looked over several pieces
of furniture she bought during the auction.
She was among the buyers who lined up to pay for their purchases after the
sale. Buyers were able to take their purchases with them after 3 p.m. yesterday.
Hardy, 57, is serving a term in federal prison. He pleaded guilty in U.S.
District Court on Aug. 14, 1998, to charges of trafficking in more than 400
kilograms of cocaine from July 1996 through March 1997 and laundering
between $10 million and $20 million in drug proceeds.
Federal Judge Thomas Higgins sentenced him to 405 months in prison.
Higgins ordered Hardy to forfeit $3.5 million from the sale of his house and
business interests and to pay $1,910 each month for the cost of his
imprisonment.
Auction proceeds will be deposited in the U.S. Treasury Department Asset
Forfeiture Fund, which is used to support crime-fighting efforts across the
nation.
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