This story keeps getting better and better folks. I happened to be in the area near Katie King's supposed home (rumor has it she hasn't stayed there for months) and found it up for sale. This is a sudden thing that happened only after the previous report I did with the KREF. Louisville News and Politics: THE KINGS AND KREF COMPLAINT. It just happened to list on the multiple listing service on February 17.
Timing is incredible huh?
Even more fascinating is the fact that there has indeed been a mortgage release on the first mortgage with King Southern, formerly known as People's Bank in Chaplin Kentucky, that was filed on February 18 and backdated to February 12.
Why is this interesting? Because the complaint I filed with the KREF was received at 9:02 am on February 13. Of course they would backdate it to the day before my complaint was supposedly received. How obvious is that?
Also of note is the fact that the house is listed for sale at $245,000. Interesting that this house normally sells for around $150-$175,000 and with no noticeable improvements, and in a depressed real estate market, the Kings would figure they could over inflate this house to cover the mortgages on the books in my opinion.
Can we say straw man buyer anyone? In short it must be listed by a realtor and of course someone will "miraculously" come forth and purchase this overvalued home for a price in excess of the $209,000 on the last mortgage signed in October.
Confused yet?
It gets better the house is being listed by none other than Jim King's daughter in law, Cara King, for sale. In fact this raises even more suspicions notably because of some other info obtained in regards to Cara King.
Real estate agents have a very serious fiduciary responsibility to their clients that is not to be taken lightly.
Why then would Cara King, a fully licensed realtor give power of attorney to her husband Jim King III that allows him full control over any and all real estate transactions in Kentucky and Indiana on her behalf?
Would I be comfortable with a real estate agent who isn't trusted to handle her own personal real estate transactions?
I doubt it. Furthermore why would the King's need to take care of her real estate transactions for her when she is fully licensed to do so herself.
We now have a questionable mortgage, an overinflated price to sell in a depressed market, backdated documentation to try to cover it, and all in the family.
Almost looks like a mafia fiasco doesn't it?
Also of note is King Development and Realty Co. More on this to come later.
More questions and no answers yet. But we will get them.
In the meantime interesting to note that yet again all the players in this game are in house and all related to Jim King.
More to come as I get it so stay tuned........
Interesting indeed. Why would anyone even consider buying a property at such an inflated value in a severe economic recession is beyond me. What I find very interesting is that she was able to run a campaign with someone elses money, lie about qualifications, and basically get by with it.
ReplyDeleteIt's time for the people of this fine community to turn these people on their heads and start bringing up all of the issues. Your blog is doing a great job at bringing these issues to light as is a lot of the other folks around town. We may agree to disagree about the issues but I think getting these issues out there to the general public is very essential.
We simply cannot afford the grandiose projects and promises made by the Jerry Abramson regime or any Jim King sponsored political agendas. We simply cannot afford as a community to continue to go into debt for these massive projects that have little return in the overall citizenry of this community.
What this community needs is road, rail, and air infrastructure. That is very important and after that to start getting paying industries and jobs in this city. Have a city based on temping and part time jobs does not pay the bills and feed the average American family whether you live in Louisville or Louisiana.
Furthermore, why wasn't the mortgage issued and involving the King Southern Bank in Louisville. After all, why would you need to go all the way out to Chaplin to get a mortgage document or a mortgage to start with. Why wasn't it issued from the Louisville office. After all, Mr. King owns all of the aforementioned banks and branches of King Southern.
If I recall, this was the same King that two or three years ago protested loudly about the settlement of a home for troubled boys in his district. He threatened to go nuclear as was presented in the local Courier Journal. When pressure was applied, he buckled and tried to make peace because of the public outcry. Its time to have more of these public outcries and exposing more that needs to be brought to light.
Thank you very much for your forum and lets keep bringing light against those in our society who are legally, morally, and ethically challenged.
John Flood was scheduled for court this Tuesday, any word on if that is still scheduled?
ReplyDeleteExcellent commentary Charles and rest assured I will continue.
ReplyDeleteAnonymous Flood is still scheduled for this Tuesday. No changes havebeen made......yet.
One unfortunate possible result for the neighbors of Ms. King's house, is property values will be adjusted if this house sells, even by an involved buyer, for almost $100K more than the real value.
ReplyDeleteJust received Jim King's last mailing, Monday, May 17th. What is he implying when he states he will "Fulfill The Promise of Merger"??..If he means services provided to the residents of the the old City of Louisville, provided to residents of the the old Jefferson County free, let the residents of the old Jefferson County pay double the tax like we do in the old City of Louisville!!! Then their welcome to the same services!!
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