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Auction date set for former Compass Academy property

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An unfinished Aiken County building once intended as a private school is set for auction on Oct. 26.

The 53,000-square-foot structure near Aiken was under construction by former financial adviser Jonathan “Jay” Warren Brooks, who had planned to open Compass Academy on the 30-acre lot at 1200 Toolebeck Road.

Earlier this year, Brooks was accused by state regulators of fraud and misuse of investors’ funds in financing the school.

A restraining order filed in the 5th District of South Carolina Court of Common Pleas froze the accounts belonging to Brooks, J. Brooks Financial Inc., Brooks Real Estate Holdings and Compass Academy.

Columbia lawyer Sherri Lydon was appointed by the court as receiver over Compass Academy and the assets of Brooks and his wife, Tracy Brooks, who also was accused of misuse of school funds. Lydon selected Leonardi Bracken Real Estate to market the property.

The building, which is about 70 percent complete, must be sold for at least $500,000, as ordered by the court, said broker Dan Bracken, of Leonardi Bracken Real Estate Inc. It is marketed for future uses, including a school, church, nursing home or meeting center.

The auction is scheduled on the property site at 11 a.m.

The Brookses spent $300,000 to purchase the land and $4.5 million more in construction costs, according to Bracken.

In July, Jonathan Brooks was arrested and accused of taking investment money for a fictional entity called the Charles Howell Trust. A spokesman for the South Carolina attorney general’s office could not say at that time whether Brooks’ arrest was connected to civil complaints filed against Compass Academy.

To view the property, visit www.chooseauction.com.

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Dixieman
18667
Points
Dixieman 10/02/13 - 06:40 pm
4
0
Sad ending

to a sad story. Investors who believed in the con will not be getting much money back....

soapy_725
44558
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soapy_725 10/03/13 - 05:47 am
0
0
Was he a member of PTL? Jim and Tammy mentored?
Unpublished

Was he a member of PTL? Jim and Tammy mentored?

David Parker
7923
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David Parker 10/03/13 - 08:03 am
0
0
Get Dan from Storage Wars to

Get Dan from Storage Wars to auction it. He'll get the 500 g's minimum.

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