Convicted schemer’s house goes on the block

While convicted local Ponzi schemer Donald Lacey does his time in the big house, his $1 million big house in Mechanicsville is up for auction later this week.

Lacey’s former residence, a huge brick McMansion at 10148 Lynnhill Court in the Lindsay Meadows development, will be auctioned off on the Hanover County Courthouse steps on Thursday at 11 a.m.

According to the legal notice, $893,000 is owed on the property.

According to Hanover County real estate records, the property sits on 1.5 acres and was assessed at $1.08 million in 2010. The proposed 2011 assessment is for $921,900.

Lacey, an ex-Henrico police officer, was sentenced in Aug. to 10 years in prison for running a $10 million real estate-related Ponzi scheme.

The legal notice did not list the lender on the property.

But according to bankruptcy documents filed by Lacey’s wife Tamara in 2009, the original lender on the house was Countrywide Mortgage. Tamara Lacey is also listed as a borrower in the foreclosure notice.

A second mortgage from Gateway Bank & Trust was taken out on the home. The value of the property at the time of the bankruptcy filings was $1.4 million.

Many of Lacey’s various business entities also used this house as their address, the bankruptcy filing shows.

ALG Trustee LLC, a company out of Leesburg, is acting as substitute trustee.

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