Allen Mead Ferguson and Mary R. M. Ferguson
Want a glimpse of what life was like for one of Richmond’s oldest and most prominent families?
The doors to the world of bankrupt Richmond socialites Allen Mead Ferguson and Mary Rutherfoord Mercer Ferguson will open to the public this month as their estate is liquidated per a court order.
Richmond-based Caring Transitions was hired by the bankruptcy trustee handling the Fergusons’ case to hold a four-day estate sale at the couple’s 6,100-square-foot home on Three Chopt Road beginning Nov. 17. That sale will include furniture and antiques — including art, mirrors, rugs and historical artifacts — collected over a lifetime.
“Rather than going the auction route, we decided to do an estate sale, because it’s going to have such a draw,” said Darcy Inge, an owner of Richmond-based Caring Transitions. “Richmond has an interest in the Fergusons and their family.”
The Fergusons, well known for their ties to old-line Richmond businesses and for their philanthropy, filed for bankruptcy in March after running out of money and piling up debts.
Allen Ferguson ran one of Richmond’s old investment banking firms. Mary Ferguson inherited some of the city’s oldest rug cleaning businesses and real estate from her father, George Mercer.
Interest in the sale is beginning to spread, Inge said. She has received inquiries from across the country and expects curious Richmonders to show up.
The home’s contents are expected to fetch proceeds in the $200,000 range, Inge said, not including the majority of the Fergusons’ art collection.
The art, which will be sold separately and by appointment only, will likely bring in an additional $500,000, Inge said.
Antiques dating to the 1700s will be up for sale, as will a chair that was apparently used at the signing of the peace treaty between Japan and Russia in 1905.
The home at 6111 Three Chopt Road is also being sold. The property was most recently listed at $1.69 million. It was most recently assessed at $1.79 million.
Inge, who previewed the home, described it as very traditional and tasteful.
“It’s definitely old-time Richmond,” she said.
The Fergusons have already sold off some of their assets including land in Manchester.
The family’s business interests are on their way to auction.
In June, they sold a share of stock in the Country Club of Virginia for $22,000, according to court records.
Meanwhile, creditors are waiting to find out what assets would be left in the estate and how much they might recover from loans to the family. Several weeks ago, lenders discovered that the Fergusons allegedly admitted to the bankruptcy court that they exaggerated their net worth in attempt to secure loans.
A lawsuit filed by Union First Market Bank in September claims that Allen Ferguson, who is the former chief executive of old-line bond firm Cragie Inc., admitted at a creditors meeting that a $2 million bond account and $1 million in deferred compensation listed in financial statements “simply did not exist” and that the statements were provided with the intent to deceive the bank.
Other banks have filed extensions with the court in order to investigate similar claims, according to filings in the bankruptcy court.
Allen Mead Ferguson and Mary R. M. Ferguson
Want a glimpse of what life was like for one of Richmond’s oldest and most prominent families?
The doors to the world of bankrupt Richmond socialites Allen Mead Ferguson and Mary Rutherfoord Mercer Ferguson will open to the public this month as their estate is liquidated per a court order.
Richmond-based Caring Transitions was hired by the bankruptcy trustee handling the Fergusons’ case to hold a four-day estate sale at the couple’s 6,100-square-foot home on Three Chopt Road beginning Nov. 17. That sale will include furniture and antiques — including art, mirrors, rugs and historical artifacts — collected over a lifetime.
“Rather than going the auction route, we decided to do an estate sale, because it’s going to have such a draw,” said Darcy Inge, an owner of Richmond-based Caring Transitions. “Richmond has an interest in the Fergusons and their family.”
The Fergusons, well known for their ties to old-line Richmond businesses and for their philanthropy, filed for bankruptcy in March after running out of money and piling up debts.
Allen Ferguson ran one of Richmond’s old investment banking firms. Mary Ferguson inherited some of the city’s oldest rug cleaning businesses and real estate from her father, George Mercer.
Interest in the sale is beginning to spread, Inge said. She has received inquiries from across the country and expects curious Richmonders to show up.
The home’s contents are expected to fetch proceeds in the $200,000 range, Inge said, not including the majority of the Fergusons’ art collection.
The art, which will be sold separately and by appointment only, will likely bring in an additional $500,000, Inge said.
Antiques dating to the 1700s will be up for sale, as will a chair that was apparently used at the signing of the peace treaty between Japan and Russia in 1905.
The home at 6111 Three Chopt Road is also being sold. The property was most recently listed at $1.69 million. It was most recently assessed at $1.79 million.
Inge, who previewed the home, described it as very traditional and tasteful.
“It’s definitely old-time Richmond,” she said.
The Fergusons have already sold off some of their assets including land in Manchester.
The family’s business interests are on their way to auction.
In June, they sold a share of stock in the Country Club of Virginia for $22,000, according to court records.
Meanwhile, creditors are waiting to find out what assets would be left in the estate and how much they might recover from loans to the family. Several weeks ago, lenders discovered that the Fergusons allegedly admitted to the bankruptcy court that they exaggerated their net worth in attempt to secure loans.
A lawsuit filed by Union First Market Bank in September claims that Allen Ferguson, who is the former chief executive of old-line bond firm Cragie Inc., admitted at a creditors meeting that a $2 million bond account and $1 million in deferred compensation listed in financial statements “simply did not exist” and that the statements were provided with the intent to deceive the bank.
Other banks have filed extensions with the court in order to investigate similar claims, according to filings in the bankruptcy court.
The writer’s tone in the article’s title and opening two sentences pokes fun at a couple down on their luck. Many Richmond families overextended themselves during the widespread credit boom and many of them exaggerated their financial condition by using low-doc or no-doc loans offered by their banks. Many professional real estate investors in commercial property, residential housing, and land development projects are now effectively broke or have had major changes in their lifestyle. Many investors in the stock market have lost meaningful amounts of money, either because their underlying stocks went bankrupt or they decided to sell all their… Read more »
Dear Mr. Schwartz: I take issue here with what I find as faulty and irresponsible reporting in your article. On three occasions, your piece refers to “the Ferguson family” and in one circumstance implies that my parents’ bankruptcy extends to their children and perhaps beyond. That is definitely not the case. Not I or any of my brothers are listed as responsible parties in this matter. Furthermore, twice you refer to “Caring Transitions” as a “Richmond-based” company. This is also incorrect. Caring Transitions is a national corporation based in Cincinnati, OH with franchises across the country and in Canada. Darcy… Read more »
I never realized that “old-time Richmond” is type of decorating style. Can’t wait for Traditional Home magazine to pick that up.
i dont know much about the fergusons or their plight. however the author here seems to clearly have an axe to grind with them.
and any responsible journalist should disclose that.
What is the purpose of this article, other than to embarrass the Fergusons? This certainly isn’t “news”.
There are so many people going through difficulties during these trying economic times and after reading this article, I feel embarrassed for this family. Atleast the “philanthropy” of this family was mentioned but the tone of this article makes it seem like tabloid news.
With full respect to the other commenters, I really don’t see thisarticle as being mean-spirited. It is reporting on a developing story. I don’t know the Fergusons, and I have no direct or indirect skin in the game. However, we are ALL affected when banks (be they local or big, bad national banks) write down bad loans. If these losses are the result of intentional deception, that is even worse. The allegation of misstating assets is very serious indeed, and mentioning their continued philanthropy does little to assuage the severity of such accusations.
To all the members of the Ferguson family,
Mr. Schwartz evidently has no manners, and probably wouldn’t know what “old time
Richmond” was if it fell on him. Old time Richmond, and/or old time Virginia people have always considered it in bad taste to publicly discuss their financial situations, whether they had everything or nothing. I am sad that your family is the brunt of this lack of consideration by Mr. Schwartz and his unprofessional approach to journalism.