Goodbye Whirlwind

Well, today is August 31st, 2012. It has been more than four months since I made my offer to the Farragut branch of Commercial Bank in Tennessee.

I checked on the multiple listing service and the bank's website this afternoon - Whirlwind is still listed at $1,200,000 with the same photos, same Realtor, the same bank representative. And as you can see from my previous posts, this does not bode well for the former Jake Butcher estate.

I withdraw my offer.

A lot can change in four months: namely, the statute of limitations on my patience. It's clear the house is in disrepair and will require a monumental amount of time and money. Time is now an issue.

Things have changed in the Tillyer household. Our eldest son, who was certain to be leaving for boot camp within the year, announced he had no interest in going into the military and would be moving to Los Angeles to pursue a career in acting and improv.

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Yeah. That was my reaction.

Granted, he's been involved in improv for the past three years, it just never entered my mind that was on the table.

Matt's dad is retired Air Force, his grandfather is retired Air Force, his friends are going Air Force - it's the natural order of things. We thought it was a given.

After all, college is definitely out. For his Freshman, Sophomore and Junior years at high school Matt set the bar of mediocrity. And then continued to lower it. Theatre, choir, electronic media and gym are the only classes that keep his grade point average from dipping into negative numbers.

Los Angeles is not a place a mother wants to send her kid. Especially when that kid has the street smarts of a 28-week old fetus.

So, priorities have changed and I will no longer be pursuing the restoration of the Butcher Mansion. I will, however, be posting my plans for it soon. I have readers of this blog from all over the United States and various countries - maybe one of you will run with it. I have less than a year before Matt graduates high school. I have a lot of worrying and panicking to do.

Jake Butcher Mansion Update for August 2, 2012

WOW! 1,700 views on my humble little Jake Butcher Mansion blog. Haven't heard any activity on the place as of yet. I checked online today with the bank that owns the property, Commercial Bank in Harrogate, TN - Whirlwind is still for sale at a ridiculous $1.2 million.

On December 27th the tax man cometh with another $10,800 or more. How much fun for Commerical Bank getting bills month after month: utilities, maintenance, increasing deterioration and repairs just to show the property. tsk tsk tsk.

It's been 3 months since I made my offer to Commercial Bank in Farragut and, just in case they're reading this, (hi there) my offer stands. Commercial Bank: ring me up, start a conversation, let's get involved. As far as I'm concerned, negotiations are still open.

People may view me crazy to continue interest in Whirlwind but I have my reasons and there is a purpose.

The Knoxville MLS has not changed the listing on the Butcher Mansion. Same Realtor, same price, same write-up, same photos. Same ol', same ol' I guess.

According to my back-end statistics, the majority of people viewing this site are coming from a Windows based system, using Internet Explorer followed by Safari. Iphone users log in after Windows users but only make up 6% of my viewers.

I always love to see what keywords bring people in and who's looking at the site. Don't worry, I can't see who you are, but I can see if you're coming from a company, like Coldwell Banker Wallace & Wallace - who happens to have the listing on the Butcher Mansion. I also find it entertaining to see attorney offices with 5 or 6 names behind them logging in. It makes me feel like someone's tattling and folks are checking in to see if I'm behaving. I am.

My peeps in the United States represent most of my readers but I'd like to give a big shout out to Latvia who comes in a close second for most views. Holla! Who knew?!

Clinton, TN Mansion vs a Colorado Springs, CO Mansion

When I made my pitch to Commercial Bank in Farragut TN for the Jake Butcher Mansion in Clinton, TN I was confident my proposal was solid. I still am. I felt I was at an advantage as far as knowledge about the house. I came prepared with a thorough presentation, comps, research, the entire deed history, photos of the home and, of course, my offer.

The biggest mistake the bank representative made (other than telling me the bank's bottom line) was that he told me he's also an appraiser. See, that's a problem because now I've lost all respect for the man. You cannot tell people you're an appraiser and then demonstrate how very little you know about the house and the area you're selling.

Here's the thing: the bank is upside down on the Butcher mansion. But who cares? Certainly not me. They took on a bad loan with a guy who was borrowing from bank A to pay bank B to pay bank C and so on. They were the last bank to come in on the deal and they got screwed. Not my problem. I'm looking for a deal, not a pity party.

Just because a house has a lot of square footage does not mean you're going to get a buyer willing to pay your million dollar asking price. In fact, Whirlwind's square footage is actually a negative for today's buyer. It is ridiculously expensive to maintain this home. Former Banker Jake Butcher lived there because his in-laws lived next door. He flew by helicopter to get to work in Knoxville. He was afforded such luxury because he was embezzling millions of dollars from his depositors. He went to prison, lost the home through bankruptcy, and every buyer who has taken a loan against Whirlwind since has ended up in foreclosure. It doesn't matter what your asking price is. It doesn't matter what you believe the appraised value to be. What matters is, do you have a buyer? And if that buyer is borrowing your money, can they afford the home in the long run?

Commercial Bank has a fund to pay off bad loans. When they have too many bad loans bank regulators start sniffing around. Which is another mistake the bank representative made when he said, "If we could just get the damn regulators off our back, we'd be fine." Uh-huh. I believe that's what the Butchers said once upon a time. Unfortunately for the Butchers, those "damn regulators" didn't go away.

Whirlwind is located in an area where the median household income is $35,000. It has no view, it's very close to Bull Run Steam plant - which if you know anything about my family and coal ash - you'll know I'm not a fan of coal ash. It's miles away from any restaurants, shopping or businesses, let alone cultural activities. The area has a higher tax rate than nearby, more desirable Farragut. There were 10 known meth lab quarantines in the Clinton area code for the month of April 2012. To get to the house, you have to pass homes in the $100,000 or less price range. Not that that's a bad thing, it just doesn't support Whirlwind's million dollar price tag.

And with Whirlwind, this is what you're getting...

Structural issues out the wah-zoo

missing mortar, busted drains, mold, dry rot, single-pane windows

Old-ass kitchen, trailer-esque laundry room

And are you kidding me with this bathroom?!

$1.2 million? Are you out of your freaking mind?

In contrast, this former bank-owned home in Colorado Springs sold for $1.6 million. The median household income in Colorado Springs is $108,451. The house is surrounded by homes starting in the mid-$400s up into the low millions. This particular home is in a guard-gated community in a fairly large town with lots of activites close by. Membership to the athletic club, social club and golf club were included and are within walking distance. Radiant heat floors, whole house security system, whole house surround sound, immaculate, amazing attention to detail is what the lucky investor received.

In a million dollar home, like this one, people expect to see:

Cool features like this kick-ass bar

It changes colors

Right before your eyes - and next to it: a cigar room & wine cellar

and did I mention the billiards and poker room? Well I just did.

A bath with heated floors, tv, separate vanities and SEPARATE TOILETS, ladies!

Check out that tub and behind it, an indoor-outdoor shower like you've never seen before!

Look at the detail on that ceiling!

A frickin' waterfall? Whaaat?! And it's timed to music? Get out!

Yeah, that's the kitchen and it's so big I can't even show all of it here

Or here! There's still more kitchen! I'm not kidding!

OMG! Stadium seating theater that seats 16? I have died and gone to heaven. 

This entry says to me, "Welcome to my home, bitches! Waz up?"

Even on a gloomy day, this house is gorgeous!

$1.6 million for this house is a smokin' deal! $1.2 million for the Butcher mansion is idiotic!

It's funny, the Butcher Mansion in Clinton, TN is marketed as a Tara-style, Gone with the Wind home. Sonya Butcher worked with her builder to create her vision of the fictional southern plantation. So enamored with the story, she named one of her daughter's Scarlett after the main character. The Colorado home was built by my friends Paul and Tara Rising of Tara Custom Homes. And yes, Tara's mother named her after the plantation home featured in Margaret Mitchell's Pulitzer winning novel.

Alright peeps, I have things to do. More to come....

Whirlwind: Here's Why the 80s Photo of the Butcher Mansion Irks Me

Last week I posted a challenge for readers to identify why the above photos of the Butcher Mansion irk me. The post received the highest views of the week so I'm going to give you the answers, starting with the 80s photo.

One of the answers I received was from Rich who pointed out the perspective is off. I agree. The camera angle could be tweaked to get a more compelling shot, but there's so much more happening, or not happening here that really gets to me.

Here's something you may not know: when people go to real estate school, they're not taught marketing. At all. A real estate course is all about law - what you're obligated to disclose, what you should avoid saying, what an easement means to a contract, a description of various water rights, etc. There's not even a hint of how to sell a house in a real estate licensing course. And most courses can be done completely online so there's no classroom interaction where that subject could be brought up. Some Brokers teach marketing, many don't. And forget about photography, I've never seen that taught in a real estate office.

When you're marketing a home, the first thing you have to do is...

Butcher's Whirlwind: Sad, Lonely and Neglected

I always admired the Butcher's Whirlwind estate. At one time it was so beautiful and from a distance, it still is. But up close, it's a different story.

Every column needs repair or replacement. Very costly.

Have you ever walked into a house and just "felt" it? Sometimes a house lacks personality, sometimes it welcomes you with open arms. Sometimes it gives you the creeps. But homes emote, they definitely emote.

I had a house down in Widefield, CO where I used to live with my husband and kids. I loved that house, we had a lot of happy memories there. Unfortunately, we got an assignment out of state and had to put the house on the rental market. When the tenant moved out, it took me months to go back in and prepare the home for a new tenant. The vibe in the house I once loved was now oppressive. It was overwhelmingly depressing, dark and sinister. I learned from neighbors that the cops were at the house just about every weekend. There was a lot of abuse in the home, neglect of a special needs child, alcohol and drug abuse, and I swear to you, long after the tenants moved out, you could still feel it. My mother wouldn't even go past the front room.

With the Widefield house, I opened the windows, ripped out the carpets, painted the walls, played a lot of upbeat music, brought in friends and family for laughter and totally changed the vibe of that house. The first people who came to see it, loved it and signed the lease.

Jake Butcher's Whirlwind has a sad and neglected feel about it. It's lonely. You may think it's weird I believe houses take on personalities but they do, I feel it.

The bar by the pool - doesn't look like a great entertaining space now

Whirlwind had a good 10 year run. Lots of parties, a house full of children, friends, family and entertainment. But that all ended in 1984. And every loan taken out on the property since has resulted in foreclosure. A foreclosure is a stressful event and that stress, sadness and even loneliness imprints on the house.

Commercial bank is asking $1,200,000 for the Jake Butcher Mansion. $1.2 million is crazy! The house is in bad shape, it will take a fortune to restore and a fortune to maintain it. Potential buyers, if there are any, aren't likely to get past that "feeling" of loneliness and neglect.

Thanks to my cousins and their boyfriends, I have several videos of the condition of the property. This is a video from the pool and tennis court area to the front of the house. Initially, I wasn't going to add music but, again, the house spoke to me. It's so sad. More videos to come.

Jake Butcher Mansion: The 2nd Condo Conversion

This is the north wing of the Jake Butcher Mansion. If you're standing at the Marina looking up the hill, if you could see past the house built in front of it, and the trees behind that house, the left side of the Mansion is the north wing.

The north wing was Jake's office. It held the ball room, the conference room, 2 offices, a reception area and Jake's secretary's office. From Jake's private office there was a spiral staircase leading to a second floor which opened to a bedroom and a balcony with a large jacuzzi tub. If you read the book, Whirlwind: The Butcher Banking Scandal by Sandra Lea, there was some scandalous stuff going on in that office suite.

Mmm-hmmm.

Just off the conference room was the helicopter pad. Jake used to fly to Knoxville via helicopter. And the dignitaries the Butcher's would entertain would fly right up to the house. There was also an airstrip closer to the river, but that's gone. There was some gossip flying around about that airstrip, but you'd have to read Sandra Lea's book to learn more.

It's scan-da-louuuus!

This is the condo the realtor had us enter when we went to look at the home. There's a covered porch at this entrance and you can smell the mold and mildew as soon as the door opens. The smell is overwhelming.

The room opens into a breakfast area in a dated kitchen. The appliances are old, the flooring is 6" tile, the backsplash is 4" square tile, the countertops, as I recall, are either a solid surface Corian or formica. There's a florescent light over the sink. Wallpaper galore. And there's really no natural light in the room. It's depressing. Not the kind of place you'd expect friends and family to gather.

Off the kitchen to the right, are 3 bedrooms,