01:45 04.09.2008 | All news from "Real Estate News"
No Grass Under Whitbeck's Feet
Did you know that 72 acres of that was acquired from an entity solely owned by former Little Rock insurance exec Frank B. Whitbeck?
His Butterfield Investments LLC was paid $1 million for the property. Not bad, considering the land was bought less than two years ago for $500,000.
We understand some of that rapid appreciation is caused by improvements to support a grass farm operation on the site.
By the way, the Butterfield moniker is a nod to Whitbeck's middle name and mother's maiden name.
On the flipside of the Aug. 7 sale, Butterfield Investments purchased a nearby 90-acre tract to relocate its Meyer Z-52 Zoysia turf operations. The $420,000 deal on Aug. 11 was with Nalco Inc., led by Mike Nalley.
Turf Wars in Bankruptcy Case
The recent Butterfield transactions came as news to U.S. Bankruptcy Judge James Mixon, who was fascinated by the business dealings among Butterfield Investments, Whitbeck and his Winrock Grass Farms Inc.
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