Even one of Richmond’s most prominent families could not sustain a lifestyle that was running a $20,000 deficit every month.
The latest documents filed in the bankruptcy case of Allen Mead Ferguson and his wife, Mary Rutherfoord Mercer Ferguson, shed more light on their financial affairs, including a mortgage on their West End home that’s larger than the assessed value.
The Fergusons listed $2.46 million in assets and debts of $6.77 million. They disclosed monthly income of $2,100, consisting only of Social Security benefits, and monthly expenses of $22,000, $15,000 of which goes toward mortgage payments.
The Fergusons own a large house at 6111 Three Chopt Road valued at approximately $1.79 million. But because of a second mortgage they took out on the home, there is a $2.11 million secured claim on the property.
The couple also own a property in Fairfield, Va., in Rockbridge County. It is valued at $392,100. They took out a large second on that property as well and now owe $727,985.
Despite $870,000 in personal loans from friends to keep them afloat, the Fergusons were forced to sell off $75,000 worth of artwork and $214,000 worth of real estate in Wyoming and liquidate a $1.5 million investment account.
Allen Ferguson is the former head of Craigie Inc., formerly one of Richmond oldest investment banking firms prior to being acquired by BB&T.
Mary Ferguson has the keys to her family’s local rug businesses, which the couple also used as leverage, according to the bankruptcy filings.
They are in the process of selling Mercer Rug Cleansing and Victory Rug Cleaning, the family businesses owned by Mary Mercer that were recently put into bankruptcy to prevent creditors from going after them as collateral. EVB and Union First Market Bank are the creditors with claims to those businesses.
The filings show that the income the couple was receiving from the rug businesses had been diminishing. They received $44,000 in distributions from Mercer Rug in 2010, compared with $150,000 in 2009.
Through the George-Marshall Corp., Mary Ferguson also owns a stake in a commercial property in Manchester on McDonough Street. That property is in the process of being sold.
Bankruptcy filings also show the Fergusons own a 6.6 percent and 9.9 percent interest in low-income house units in Florida. Those investments were made prior to 1984, according to the filings, and efforts are being made to liquidate those interests.
Through a trust, the Fergusons own a share of a shopping center in Charlottesville, of which only one space is leased in addition to a Walgreens store.
As for their personal effects, the Fergusons listed $211,000 worth of furnishings at the Rockbridge County home, $10,000 in wedding rings, $400 worth of inherited firearms and four cars: a couple of Volvos, a Ford SUV and a $20,000 1963 Ford Galaxy 500.
The value of many of their personal items has yet to be determined, the filings show, including a 30-year-old fur jacket and all the furnishings at their Three Chopt home.
Despite their financial troubles, the Fergusons managed to give more than $5,000 to various charities in 2010. They gave money to the Society of the Cincinnati, St. Christopher’s School, Valentine Richmond History Center, Colonial Dames and Riverside School.
The attorneys handling the bankruptcies for the Fergusons and their related business interests have said the couple intend to find an orderly way to repay their creditors.
Even one of Richmond’s most prominent families could not sustain a lifestyle that was running a $20,000 deficit every month.
The latest documents filed in the bankruptcy case of Allen Mead Ferguson and his wife, Mary Rutherfoord Mercer Ferguson, shed more light on their financial affairs, including a mortgage on their West End home that’s larger than the assessed value.
The Fergusons listed $2.46 million in assets and debts of $6.77 million. They disclosed monthly income of $2,100, consisting only of Social Security benefits, and monthly expenses of $22,000, $15,000 of which goes toward mortgage payments.
The Fergusons own a large house at 6111 Three Chopt Road valued at approximately $1.79 million. But because of a second mortgage they took out on the home, there is a $2.11 million secured claim on the property.
The couple also own a property in Fairfield, Va., in Rockbridge County. It is valued at $392,100. They took out a large second on that property as well and now owe $727,985.
Despite $870,000 in personal loans from friends to keep them afloat, the Fergusons were forced to sell off $75,000 worth of artwork and $214,000 worth of real estate in Wyoming and liquidate a $1.5 million investment account.
Allen Ferguson is the former head of Craigie Inc., formerly one of Richmond oldest investment banking firms prior to being acquired by BB&T.
Mary Ferguson has the keys to her family’s local rug businesses, which the couple also used as leverage, according to the bankruptcy filings.
They are in the process of selling Mercer Rug Cleansing and Victory Rug Cleaning, the family businesses owned by Mary Mercer that were recently put into bankruptcy to prevent creditors from going after them as collateral. EVB and Union First Market Bank are the creditors with claims to those businesses.
The filings show that the income the couple was receiving from the rug businesses had been diminishing. They received $44,000 in distributions from Mercer Rug in 2010, compared with $150,000 in 2009.
Through the George-Marshall Corp., Mary Ferguson also owns a stake in a commercial property in Manchester on McDonough Street. That property is in the process of being sold.
Bankruptcy filings also show the Fergusons own a 6.6 percent and 9.9 percent interest in low-income house units in Florida. Those investments were made prior to 1984, according to the filings, and efforts are being made to liquidate those interests.
Through a trust, the Fergusons own a share of a shopping center in Charlottesville, of which only one space is leased in addition to a Walgreens store.
As for their personal effects, the Fergusons listed $211,000 worth of furnishings at the Rockbridge County home, $10,000 in wedding rings, $400 worth of inherited firearms and four cars: a couple of Volvos, a Ford SUV and a $20,000 1963 Ford Galaxy 500.
The value of many of their personal items has yet to be determined, the filings show, including a 30-year-old fur jacket and all the furnishings at their Three Chopt home.
Despite their financial troubles, the Fergusons managed to give more than $5,000 to various charities in 2010. They gave money to the Society of the Cincinnati, St. Christopher’s School, Valentine Richmond History Center, Colonial Dames and Riverside School.
The attorneys handling the bankruptcies for the Fergusons and their related business interests have said the couple intend to find an orderly way to repay their creditors.
this is crap. Anyone who has ever driven by their gorgeous home on Three Chopt will be able to testify that the grounds and house have always been IMMACULATELY kept. Where was that money coming from? (because such extensive plantings in addition to regular tree and lawn maintenance do not come cheap, nor does regular painting &weatherizing and upkeep on the exterior of a multi-gabled home with several outbuildings). I drove by the house last week and it looked exactly the same. So, where was the prioritizing in terms of what to spend and why? Something is fishy…
Living off of borrowed money……
Is this the house that displays the confederate flag prominently on the front of the house? If it is then, I couldn’t wish the current events to happen to a better lot.