WTVM.com and WTVM News Leader 9, Columbus, GA | Siegelman's former Montgomery home sold for $10
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Associated Press - May 6, 2009 1:14 PM ET
MONTGOMERY, Ala. (AP) - The Montgomery home that former Gov. Don Siegelman sold in 1999 for $250,000 - twice its appraised value - has not fared well in the decade since. It has now been sold for just $10.
An attempt to have it demolished was opposed by a historic preservation group. The home got a reprieve Tuesday just an hour before the Montgomery City Council was expected to vote to tear it down.
The home was bought in 1999 by Birmingham accountant J. Wray Pearce. The Press-Register reported that Pearce bought it for twice its appraised value in a deal arranged by Birmingham trial lawyer Lanny Vines, a Siegelman supporter.
The Montgomery Advertiser said Pearce agreed to sell the property to a Montgomery contractor and another buyer for $10 in exchange for an agreement to repair the home.
Information from: Montgomery Advertiser, http://www.montgomeryadvertiser.com
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