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Thursday, September 21, 2017

YOU CAN OWN THE HOME OF A SCANDAL! Convicted Tax Cheat Steven Ingersoll's Former Pleasure Dome Hits Commercial Real Estate Market!


There is no disguising the bare-naked bullshit of real estate advertising, so I'll avoid it. 

The building that was supposed to be the “jewel in the crown” of Steven Ingersoll's Front Porch Renaissance just slithered onto the market for the princely sum of $513,000.

Featuring a photo that belongs on the cover of an Edgar Allen Poe short story collection, the brief Chemical Bank-owned listing reveals the commercial building boasts nearly 24,000 square feet and was built in 1886.

Wait, what!?

1886?

During opening statements at Ingersoll's federal tax fraud trial, his criminal defense attorney, Martin Crandall, said that Ingersoll's $1.8 million loan from Chemical Bank was bolstered by an additional million out of his “own pocket”, all used to convert the 400 N. Madison Avenue church building into a school. 

“It's done, it's beautiful, it's operating and it's filled with students,” Crandall said.

I'll agree with Crandall on part of his bare-naked bullshit: it is done.

12 comments:

  1. It can be listed for $513,000 and Chemical Bank is o.k. with that because 80% of the $1.8 million-dollar loan was/is covered by the taxpayers - you and me!

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  2. I can check but I think the cornerstone says 1889, not 1886.
    One million of Ingersoll's money? It was/is rather one million that he took (most people say stole!) from others/taxpayers like the prepaid $3.5 MILLION from the Grand Traverse (Grand Theft) Academy. Sad, we're all paying for Ingersoll's Front Porch Renaissance and all the 'dreams' he had were /are nothing but our nightmares.

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  3. Sad but true, Ingersoll and his cohorts got away with a lot of tax payer money. And since the bank is guaranteed 80% of the loan, the sale is gravy. Unless they can't find someone to purchase it, then they'll have to eat their meat and potatoes without.

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  4. What's funny is Chemical Bank said Ingersoll could have used that 1.8 million for anything which was not the purpose of the loan says it all about Bankers between chemical Bankers in Traverse City bankers

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  5. That's exactly right if Chemical Bank agreed Ingersoll could use the money for anything he chose then why would that USDA pay back that money? That's what the banker said under oath but the whole purpose of the USDA back in the loan was for the money to be used for the school pretty messed up

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    1. According to the terms of the December 15, 2011 Loan Guarantee agreement, the USDA will repay Chemical Bank up to $1,441,600. According to a February 4, 2011 attachment signed by Steven Ingersoll, any loss paid to Chemical Bank by the USDA is a federal debt owed by Ingersoll.

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    2. Does that mean that Ingersoll is responsible for the $1,441,600 that the federal government pays the bank and that this amount would be attached as a lien on Ingersoll's remaining properties/assets? Would this amount be added to any other monies Ingersoll owes the feds as in penalities, debt to the IRS, etc?

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    3. Ingersoll signed an agreement with Chemical Bank and the USDA for the loan, and he will be legally responsible for the amount the USDA ultimately pays Chemical Bank. The bank has listed 400 N. Madison in an attempt to cut its losses. Any eventual sale (a long-shot, in my opinion) and the bank will deduct that amount from the $1,441,600 ceiling when it files for payment from the USDA.

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  6. Interesting you are just too smart! Seriously lol Anita

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  7. That place was not beautiful...it had a massive mold problem and the basement continually flooded. Both problems Steve knew about, but did nothing. It has peeling paint from moisture, drafty windows...it is not wotth the 500k

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    1. Sad, all that money that was put into it (supposedly over $2.8 million when you count the $1 million of his own money that 'Steve' said he put into it in addition to the $1.8 million dollar bank loan)and heck, it may not be able to sell for even $500,000. Then, of course, who could really believe anything that dear old 'Steve' says.

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  8. It is also my understanding they received a 2.8 million dollar Grant from the state just to start this project

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