Siegelman’s Former Home Sold For $10

Alabama Montgomery The Montgomery home that former Gov. Don Siegelman sold in 1999 for $250000 - twice its appraised value - has now been sold for just $10.
by The Associated Press
Published: Wed, May 06, 2009 - 11:38 am CST Last Updated: Wed, May 06, 2009 - 11:53 am CST
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.

(Copyright 2009 by The Associated Press. All Rights Reserved.)
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