A bankruptcy judge today approved the $2.7 million sale of land belonging to the company owned by James Robert Ward, the Isleworth resident accused of murdering his wife.
The Carolina Mountain Land Conservancy is set to buy the 625-acre tract of land in Rutherford and Buncombe counties in North Carolina, court documents show.
The property belonged to Land Resource LLC, a development company that filed for bankruptcy in 2008. Ward, 61, founded the company in 1997.
Ward is accused of shooting Diane Elizabeth Ward to death at the couple's posh Isleworth Country Club residence on Monday. He is being held at the Orange County Jail without bond. He faces a charge of second-degree murder.
The sale of a $275,000 model home belonging to LR Riversea, a Holden Beach, North Carolina subdivision and subsidiary of Land Resource, also was approved at today's hearing.
Computer equipment valued at $2,000 also was sold.
Most of Land Resource's assets were sold in January for about $15.6 million. The company still owns a handful of model homes.
Land Resource was the principal developer of high-end subdivisions in North Carolina and Tennessee, according to a lawsuit filed against the Wards by Bond Safeguard Insurance Co. earlier this year.
Undeveloped lots went up for sale in North Carolina in 2004, and buyers were promised that paved roads, electric-, telephone- and water-service lines would be provided. Bond Safeguard Insurance Co. issued seven subdivision bonds totaling more than $20 million for that project.
In 2005, lots in Tennessee began selling. Buyers were promised infrastructure improvements, including a wastewater-treatment system. Bond Safeguard said it issued 12 subdivision bonds for that development.
More than 700 lots were sold between the communities, and Ward's companies have collected about $139 million in sales, the suit said. But subdivision improvements haven't been completed, according to the suit.
Bond Safeguard claims the revenues from the neighborhoods were not reserved to fund the completion of the infrastructure improvements. Instead, the money was used for other purposes including "improper distributions to Robert Ward," the suit said.
Isleworth shooting: Assets of Isleworth shooting suspect's company sold
A bankruptcy judge today approved sale of land belonging to the company owned by James Robert Ward, the Isleworth shooting suspect
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