The Brentwood home of bankrupt stock broker Michael J. Park, whose investors are demanding to know where their millions have gone, will be sold Aug. 29 for $1.55 million, according to a filing made by the trustee Monday in U.S. Bankruptcy Court in Middle Tennessee.
The price is slightly less than the $1.7 million he and wife Jill paid for the house in November of last year, according to property records.
The buyer is L&F Trust, which was not listed as a registered business by the Tennessee Secretary of State's office. Trustee Sam Crocker could not be reached Monday.
Crocker is working out a deal with Park's wife to allow her to move into the couple's less expensive second home in Brentwood in exchange for the rights to sell the million dollar house at 133 Woodward Hills Place, according to Park's lawyer, John McLemore.
The Woodward Hills home is in a gated subdivision in Davidson County, but it has a Brentwood mailing address.
McLemore said not working out a deal with Jill Park could delay the sale by more than a year and wouldn't guarantee the rights to sell the house because of the type of ownership the couple had.
Jill Park would move into the couple's 8203 Alamo Road home in Brentwood, which the couple bought for $307,000 in 1997, according to property records.
McLemore has advised Park not to speak to the media. He was hospitalized for attempting suicide three weeks ago after filing for bankruptcy protection and sending a note to clients saying some of their accounts had no current liquid value. Park has since been released from the mental hospital and is staying with a friend, McLemore said.
Update Tuesday 3:45 p.m.:
Trustee Sam Crocker said he did not strike a deal with Jill Park and that she is allowed to live in the house on Alamo Road while the ownership rights get worked out later. In the meantime, she will be paying the mortgage, utilities and upkeep on the house, which will benefit the estate, he said.
Crocker said creditors of Park so far say they are owed more than $10 million and that Park was using the money, at least in part, to fund his lifestyle, including a large down payment on the $1.5 million house and three Mercedes vehicles.
Brentwood securities firm is shut down
