Former NC Gov. Mike Easley sells Cannonsgate lot

According to a deed recorded in June, former Gov. Mike Easley recently sold his lot in Cannonsgate, right. Left, an outline on a satellite image marks the lot, 422 Ixon Place, in the Cannonstgate subdivision. (News-Times photo/Carteret County Tax Office graphic)

OCEAN — A former North Carolina governor has sold his property in a Carteret County subdivision that became the subject of a 2009 lawsuit.

Former Gov. Mike Easley sold his lot at 422 Ixon Place in Cannonsgate subdivision in the community of Ocean in June. A deed recorded at the Carteret County Register of Deeds Office shows Mr. Easley and his wife, Mary, sold the 0.36-acre undeveloped lot June 25 to Midland Trust Co. as a custodian. 

According to property data from the County Tax Office, the Easleys purchased the lot Dec. 22, 2005 for $550,000, but came under some fire after it came to light they received a 25% price break on the lot. The discount of $137,000 was not reflected on the deed transaction at the time. The attorney who handled the transaction, then-Beaufort Mayor Richard Stanley, called it a “seller’s discount” and said he had no direct contact with the Easleys prior to the sale.

Several of the individuals involved in Cannonsgate as developers were former allies and campaign donors of former Gov. Easley.

According to the revenue stamp on the June 25 deed, the Easleys sold the property for $346,500.

The News-Times attempted to reach Mr. Easley or a representative for comment, but was unsuccessful. The lawyer who helped record the most recent deed declined to speak with the News-Times, citing attorney-client privilege.

The Cannonsgate subdivision became embroiled in a lawsuit in 2009 alleging the Total Realty Management LLC investment company committed mortgage fraud in the sale of lots, selling undeveloped lots at “grossly inflated prices.” The company went into bankruptcy, and in 2013, one of the LLC’s co-owners, who was an aide to Gov. Easley, pleaded guilty in federal court to conspiracy to commit bank fraud.

Despite the legal troubles, sales of Cannonsgate lots resumed in 2016, this time under a local developer-realtor team made up of ReMax Ocean Properties of Morehead City and Streamline Developers of Morehead City.

 

Contact Mike Shutak at 252-723-7353, email mike@thenewstimes.com; or follow on Twitter at @mikesccnt.

Contact Jackie Starkey at 252-726-7081, ext. 225; email jackie@thenewstimes.com; or follow on Twitter @jackieccnt.

(3) comments

David Collins

Easley did not actually sell the property . It was rolled over into an investment trust , usually in an IRA format . A bit of tax avoidance , investment planning and sheltering going on here ? Just one of the legal loophole strategies available to folks of wealth . Someone should , at a later time , cash out and do quite well . Family trusts can do just that plus personal protection as a bonus due to you owning nothing .

noitall

But can we disbar Stanely??? Can he hide in the IRA? Getting crowded in there.

noitall

T he attorney who handled the transaction, then-Beaufort Mayor Richard Stanley, called it a “seller’s discount” and said he had no direct contact with the Easleys prior to the sale. Can we Assume this discount is available to all regardless of sexual preferences, age, race, religion, facial hair, face decor, and the like.

Mr Mayer - His Honor. Is this rue??????????????????????????

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