Scrushy land in Wilcox County sold
Published 11:27 pm Friday, February 25, 2011
Large, spanish moss-covered trees line an 18-acre lake on this 360-acre ranch previously owned by former HealthSouth CEO and Selma native Richard M. Scrushy. The property was sold last week for $682,000 in an effort to recoup some of the financial losses by HealthSouth shareholders. -- Submitted
WILCOX COUNTY — Little by little, it appears HealthSouth Corporation and its shareholders are recouping some of the $3 billion judgment handed down against former HealthSouth CEO Richard Scrushy.
Last week, the liquidating of Scrushy assets continued as a large, 360-acre ranch in Wilcox County was sold for $692,000.
“We are very pleased with the sale,” John Somerville, attorney for HealthSouth shareholders, said Friday. “We received what we thought was a very fair price for us and for the buyers.”
The judgment stems from the near financial collapse of HealthSouth that shareholders blame on Scrushy “failing his fiduciary responsibilities.” A 2009 Jefferson County Circuit Court ruling found him responsible for the accounting fraud that nearly destroyed the Birmingham-based company.
Scrushy is a Selma native and attended A.G. Parrish High School.
Somerville said the sales price was below the $936,000 listing price but was very close to the approximate $700,000 tax appraised price.
“I really have to thank Pete Hall and John Hall & Company for their work in listing and selling this property,” Somerville said. “This is a tough market and it is a tough market in this type of recreational property. They did an amazing job.”
According to the deed recorded with Wilcox County, the buyers were James Walter Prevatt and his wife, Peggy E. Prevatt. Attempts to contact the couple were unsuccessful.
“We are glad we could help. We received a fair price with a willing buyer for the sellers,” Pete Hall, associate broker with John Hall & Company said.
The shareholders acquired the large ranch, located just two miles from the Dallas County line in Furman on Ala. Hwy. 21, through an agreement with Scrushy’s son-in-law, Mike Talia. Somerville said Scrushy had transferred the property to Talia to “hide it” from shareholders.
Somerville also said they have resolved all claims with Talia.
The property is described best on John Hall & Company’s website, as being a “beautiful open rolling Black Belt prairie well suited for cattle, horses, hay production, row crops and upland bird hunting.”
The property also includes a 4-bedroom, 3.5-bath 1.5-story log cabin with cedar shake shingles, a detached matching log construction two-car garage and an 18-acre lake stocked with bass and bream.
