There’s A New Buyer For the $9M Wadsworth Estates on the North Shore
There is a new buyer for the $9M prime north shore real estate that was purchased at a bankruptcy auction in April 2021. John Crosby, Crosby Development Company, LLC., has agreed to purchase the tract of land after the winner of the bid last month fell through. Crosby’s firm is known for the upscale residential developments Mandeville Lake and The Sanctuary on the north shore, and DeLimon Place and Metairie Plaza Apartments on the south shore.
“We’re not buying this on a whim,” said Crosby, who said his company has been interested in the land for more than a year but was wary of potential complications because of the bankruptcy. “All that we’re concerned about is
that we get clear title,” which is expected to be decided by the bankruptcy judge, Meredith Grabill, at a hearing next week.
At the bankruptcy auction in April 2021, retired non-profit executive Charles Beasley won the bid but failed to make the $450,000 deposit payment. According to William Cherbonnier, the lawyer who represented the bankruptcy company, the deposit was required to secure the property. The purchase of the 92-acre Wadsworth Estates was on a whim according to Beasley, who has no prior development experience. Beasley thought he had the financial backers but soon realized that was not the case when his $450,000 check bounced.
“Beasley tendered in bad funds,” Cherbonnier said at the bankruptcy hearing, who added that he would press for Beasley to make good on the
full deposit.
“We might be able to hold Beasley to making good on the check and that would be $450,000 that would go to the unsecured creditors,” said
Cherbonnier, though he noted that Beasley was even demanding that he be paid back the $10,000 he paid to participate in the auction.
Crosby is obtaining a premier site for a good price according to Chris Masingill, CEO of St. Tammany Corp. The economic development organization for St.Tammany Parish is glad to see the property will be back into commerce.
“This whole thing has been just bizarre,” said Patrick Fitzmorris, managing director of the Azby Fund. “We just want a good neighbor so that we can work together and move on with the development.”
