Bill Heard Jr.’s multi-million dollar Green Island mansion sold at public auction Tuesday morning for a little more than $7.65 million.
Columbus Bank & Trust Co., the lien holder that foreclosed on the home after Heard’s automobile empire collapsed, purchased the property.
About 10:45 a.m. Daniel M. Ludlam, an Atlanta attorney from the firm Troutman Sanders LLP representing CB&T, began reading a description of the property on the south side of the Columbus Government Center in front of the eternal flame veterans memorial monument.
It took Ludlam about 10 minutes to read the legal description, then the auction began. The home, which was listed for $18 million, and four tracts of land were sold first.
Ludlam, representing CB&T’s interest, opened the bidding at $7.65 million. There were about 30 people gathered around Ludlam.
No one else offered a bid.
The personalities were then put up for bid. CB&T opened the bidding at $100. No other bid was submitted on the what was believed to include the fixtures and some undisclosed property. Ludlam, when asked, could not describe what the items were.
The final two tracts of land were then auctioned.
Ludlam opened the bidding at $100. Several people around him asked about what the tracts included. The attorney said it included “Lot 5” and an easement across the road.
Dicky Edge, a Columbus businessman, then bid $101. Ludlam countered with $200 and the property sold.
Edge said he had no intention of buying it.
“I was just curious,” he said.
Bill Heard Enterprises filed for federal Chapter 11 Bankruptcy protection in September after closing 14 stores located in five states.
When Heard Enterprises went under, CB&T was holding about $53 million in loans. The company has recovered more than $21 million with the sale of the property on Manchester Expressway where the Columbus dealership was located and more than 700 acres in Midland.
CB&T still holds the Green Island mansion, the Heard dealership building in Union City, Ga., and about about 400 acres in Midland.
There were three CB&T employees at the auction. They declined to comment or give their names.