Remember that big chunk of property in Franklin County that Allied Bank of Mulberry carried on its books for most of last year?
The $79.3 million-asset lender liquidated nearly all of that real estate in Wiederkehr Village through two transactions totaling about $1.2 million.
About 382 acres was sold for $540,000 to Duffield Aggregate LLC, led by Russellville businessman Luke Duffield.
The Wiederkehr Wine & Spirits liquor store at 109 Rue De Cabermet Drive was the centerpiece of a $670,000 sale.
In addition to the 7.12-acre libation outlet development at the northwest corner of Interstate 40 and Arkansas 186, the deal included 20 acres at the northeast corner of the crossroads.
The buyer was the corporation that originally conveyed all the property in Wiederkehr Village to Allied back in 2010: Wiederkehr Wine Cellars Inc.
The deed indicated little to no money changed hands, and on the surface appeared to be property forfeited in lieu of foreclosure linked with a 2008 mortgage of $1.2 million held by Allied.
However, in an interview with the Arkansas Democrat-Gazette in August 2014, Al Wiederkehr indicated the change of ownership was tied to a nominal sale and leaseback deal, there was no loan default and no financial problems with creditors.
You might recall this is the same property that Allied unsuccessfully attempted to sell in 2014 through an online auction. The acreage then carried a list price of $3.5 million and a starting bid of $1.1 million.