Family avoids foreclosure linked to former football star Marshall

Friday, Aug 21, 2009 3:03 PM
Last updated Thursday, Jan. 14, 2010 10:37 PM
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Property that has been handed down through several generations of a local family was saved from foreclosure today.

Attorney Todd Boudreaux said U.S. Bankruptcy Court Judge Susan Barrett denied a request from Augusta First Bank & Trust to foreclose on a 60-acre site owned by 16 to 17 heirs of the Garnett family.

The family had allowed former professional football player and Martinez businessman Arthur J. Marshall Jr. to use the property as collateral for a bank loan, Mr. Boudreaux said. Mr. Marshall told the family he would use the loan to develop property on Hereford Farm Road, but the project never went forward and Mr. Marshall defaulted on the loan.

The Garnett family’s company, the Garnett Land Development Co., filed for Chapter 11 in an attempt to save the 60-acre site on Burks Mountain Road that has been in the family since at least 1944, Mr. Boudreaux said.

Today's ruling doesn’t eliminate the possibility of foreclosure, Mr. Boudreaux said. It does give the family some more time to raise money, however.

The family’s property, located near Pollards Corner in Columbia County, was assessed at $465,000 by the bank, Mr. Boudreaux said.

The bank is still owed $410,000 on Mr. Marshall’s loan.

Mr. Marshall faces criminal charges of bank and mail fraud and money laundering in connection with several business dealings. He was named in a 22-count federal indictment in June.

Mr. Marshall has pleaded not guilty. A trial date has not been set.

Mr. Marshall filed for bankruptcy in August for his company, Custom Contractors and Associates. He listed about $11 million in debts.

Mr. Marshall was a star on the Hephzibah High School football team. He went on to play for the University of Georgia and in the NFL. He returned to Augusta in the 1990s and ran several businesses.

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truthbknown
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truthbknown 08/21/09 - 02:57 pm
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Its a shame that this family

Its a shame that this family has to fight to save their land from a crook!! I'm sure theirs others out there besides this family!!

FlyersFan77
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FlyersFan77 08/21/09 - 03:20 pm
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I'm not sure why they would

I'm not sure why they would allow a non-family member to use their property as collateral, I suppose they had trust in the man and thought the supposed Hereford Farm Rd development would be lucrative. Unfortunately, he violated their trust, as well as many others. I hope they get to keep their property, but it seems they will have to come to a monetary agreement with the bank in order to do that. The bank can't just cut its losses either, as they are responsible to their investors as well.

micbare
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micbare 08/21/09 - 04:27 pm
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get a rope and some kerosene

get a rope and some kerosene

happythoughts
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happythoughts 08/21/09 - 07:24 pm
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Someone ended up with the

Someone ended up with the money! WHO?

tired of the crap
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tired of the crap 08/21/09 - 11:23 pm
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Why don"t you ask his wife

Why don"t you ask his wife and family . who has the money hid?

old man river
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old man river 08/22/09 - 12:58 pm
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Arthur ended up with the

Arthur ended up with the money which may have been used to start another project. Chances are good that Arthur was behind on a few projects and was borrowing against the future to keep the projects that were backed up going and then hoping to keep new cash rolling in to maintain some sort of escape route until something sold and provided his own relief. Either that or he is just a straight up crook...but I have dealt directly with Arthur and I saw his 'want to' many times. I just realy think he had bad business sense and bad business advice. The whole thing is a mess.

anmars
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anmars 08/23/09 - 08:52 am
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Tired of crap---> "ask his

Tired of crap---> "ask his wife and family?" I didn't know he was re-married as I am his EX wife. And by family...surely you do NOT imply nor DARE insinuate anything negative about our children hiding money???!!!! Get your facts straight before posting or you'll appear EXTREMELY DUMB and idiotic. Tired of crap...I think more PIECE OF CRAP. You along with others sit behind these monitors all day and post negative AND fictitious comments about situations when you CLEARLY do not have ALL the facts NOR do you think about your posts impacting the family members. I understand and believe in freedom of speech and the idea behind posting your thoughts BUT hey, here's a thought...Why not stick to the SUBJECT and topic and LEAVE OTHERS OUT THAT HAVE ABSOLUTELY NOTHING TO DO WITH IT. I too am sorry for ANYONE that suffers a loss, are hurt due to actions of others or were wrongly handled BUT I'm believing for the situations to be handled accordingly with the appropriate consequences. Be careful about the slander and defamation you carelessly and insensitively suggest...You might one day find yourself or family members in a situation that requires YOU to want fairness & privacy. Angela Marshall

Just tired
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Just tired 08/24/09 - 12:02 pm
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They allowed the land to

They allowed the land to stand for the money and the money was not used properly. Not the banks fault. They should sacrifice the land. Sorry people. You play, you pay. You sign a contract you should understand what you are doing. If you don't. . . Oh well. I can't feel at all sorry for these folks. They are not "innocent" as some would suggest. They entered a business agreement and are therefore responsible.

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