Bank trying again to auction Bolze mansion
GATLINBURG, Tenn. (AP) — A log mansion that once provided an investor with views of the Smoky Mountains will again be auctioned after its previous sale failed to close.
The structure in Gatlinburg is the most visible remainder of day trader Dennis Bolze’s former fortune. It was sold in May to a father and son real estate pair, but the sale didn’t go through. Another auction was set for Sept. 1, this one on the steps of the Sevier County Courthouse, according to The Mountain Press (http://bit.ly/oJ2USu).
Regions Bank spokesman Mel Campbell confirmed the auction was set for 10 a.m. EDT. The bank is owed $5 million.
Prosecutors said Bolze operated a Ponzi scheme that took in about $21 million.
Bolze was sent to a medium-security federal prison in Walters, S.C., after he was prosecuted.
Information from: The Mountain Press, http://www.themountainpress.com