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It appears the bank will maintain control of ex-NASCAR driver Jeremy Mayfield's foreclosed property in Catawba â€” for a price of $1.725 million.
Carolina Farm Credit owns the mortgage for Mayfield's property. The institution tendered the only bid for the property at a foreclosure auction Monday at the Catawba County Justice Center in Newton.
"Anyone can come in and bid higher in the next 10 business days," said Al Jean Bogle, Catawba County clerk of superior court. "If no one puts down a bid, then the bank bought (the property) back."
John Cilley IV, substitute trustee, spent nearly a half hour reading aloud the parameters of the property's 444.77 acres on six tracts and the terms for the auction.
A lawyer for Carolina Farm Credit entered the $1.725 million bid, which stood after none of the dozen citizens in attendance countered with an offer.
Mayfield did not attend the auction.
To read more of this story, pick up the Tuesday edition of Catawba County's community newspaper, The Observer News Enterprise, at newsstands throughout the county.