Mayfield’s property goes for $1.7 million at foreclosure auction
Jeremy Mayfield didn’t bother to go see how much his property was auctioned for Monday afternoon.
The former NASCAR driver, who was suspended in 2009 after the sanctioning body determined he tested positive for methamphetamines and was unsuccessful in a lawsuit against NASCAR, didn’t need to know who would buy the property that has been foreclosed on.
Carolina Farm Credit, the original lender, submitted the only bid at $1.725 million during the auction Monday on the steps of the Catawba County (N.C.) Courthouse. The bank can’t close on the property until 10 days elapse with no other bids. Mayfield also can pay the balance—$2.38 million in principal, plus $401,000 in interest and fees—and keep the property before the sale closes.
But Mayfield, who originally took out $3.1 million in loans in 2006 on the approximately 440 acres, didn’t appear interested in trying to keep the land. Mayfield’s property in Catawba County is assessed at approximately $3 million, according to his tax records, which also shows that he owes approximately $111,000 in property taxes.
Mayfield said before the auction that he planned on moving once the sale is complete.
“I’d be paying for something worth less (to sell),” Mayfield said. “There’s a lot of people in the same situation as me. It will allow us to downsize with less upkeep.”
Mayfield, who has judgments of more than $2.1 million against him for other unpaid loans and services, also has been indicted on 18 felony counts relating to alleged possession of stolen goods and one count of methamphetamine possession.
He said Monday he was upbeat and looking forward to what lies ahead for him.
“I don’t blame anybody (for the foreclosure)—it’s the same thing everybody else is going through when you’re land isn’t worth (what it was),” Mayfield said after a court appearance Monday morning in one of the criminal charges. Sporting News