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VOL. 124 | NO. 93 | Wednesday, May 13, 2009

Lorenzen Wright’s Home Sold Back to Bank

By Eric Smith

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The Eads home of former University of Memphis and Grizzlies basketball player Lorenzen Wright has been sold back to the bank following a foreclosure.

BankTennessee on Friday bought the custom-built, 12,475-square-foot house, near Raleigh-LaGrange and Reid Hooker roads, for $1.3 million on the Shelby County Courthouse steps.

Wright owned the home at 220 Mountain Brook Cove with his wife, Sherra. The two-story, 17-room home was completed in 2008 with a $2.7 million construction loan through BankTennessee and dated May 16, 2006. The Wrights defaulted on that loan, according to notices published in The Daily News in April, prompting the foreclosure and subsequent trustee’s sale. The home formally was sold by trustee David J. Harris.

The Wrights owned two neighboring parcels totaling about 12 acres between Mountain Brook Cove and Reid Hooker. They bought the vacant land in 2005 and 2006 for a combined $750,000 around the time they sold their former home in Southwind.

Philip Fons of BankTennessee’s mortgage division declined to comment on the matter, but he said the bank’s plan now is to list and sell the home.

Wright is a native Memphian who starred at Booker T. Washington High School and the University of Memphis before being drafted in 1996 by the NBA’s Los Angeles Clippers.

He played five seasons with the Memphis Grizzlies, from 2001 to 2006, and he also has played for the Atlanta Hawks and Sacramento Kings. He is a current member of the Cleveland Cavaliers, although he is on the injured reserve list.

Wright’s foreclosure follows a list of prominent Memphians who have lost their homes in the past few months. The Cordova home of late soul singer Isaac Hayes was foreclosed and sold for $712,500 to Regions Bank earlier this year.

The 7,205-square-foot home at 9280 Riveredge Drive sits on 2.88 acres in the Bluffs of Riveredge subdivision, just east of Forest Hill-Irene Road in Cordova. Hayes’ estate defaulted on a $1.1 million loan for the property.

Also, golfer John Daly’s former home at 9844 Legends Drive in Germantown was foreclosed in January and sold Feb. 5 on the courthouse steps for $1.2 million to Regions.

Daly owned the home with his wife, Sherrie. The couple defaulted on a $1.5 million loan for the property, a two-story, 7,671-square-foot home that sits on 2.11 acres on Legends Drive, just west of Houston Levee Road.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 64 64 16,477
MORTGAGES 72 72 21,504
FORECLOSURE NOTICES 6 6 4,272
BUILDING PERMITS 0 0 39,378
BANKRUPTCIES 69 69 15,611
BUSINESS LICENSES 13 13 5,504
UTILITY CONNECTIONS 84 84 23,657
MARRIAGE LICENSES 37 37 5,072

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