The home of former Memphis Mayor Willie W. Herenton in Banneker Estates’ gated community has traded hands for $350,000 in a short sale.
The single-family home at 5281 Horn Lake Road in the McKellar-Whitehaven-Levi PD neighborhood was sold to Tamara G. Washington on Aug. 27, according to the Shelby County Register of Deeds. Washington also filed a $150,000 mortgage with Community Mortgage Corp. that matures in September 2032.
The 6,582-square-foot, five-bedroom house was on the market for more than 230 days. The sales price was less than half of the property’s 30-year, $706,647.11 note that Herenton borrowed in June 2008 with Wells Fargo Financial Tennessee I LLC.
The Horn Lake Road home was originally listed as a short sale – a house sold for less than is owed against it – with B.J. Worthy with RE/MAX on Track in January at $399,000, was reduced by $29,100 in March and ultimately another $19,900 at final sale. It’s the second house Herenton has sold in Banneker Estates in a short sale, Worthy confirmed.
Built in 1992, the home sits on 4.7 acres. Its 2012 appraisal from the Shelby County Assessor of Property is $593,100, and annual county/city taxes are $5,961 and $4,728, respectively.
Worthy said while the home was appraised for significantly more than its sale price, Washington “made a good deal.”
“It’s just that the lenders decided that it was clean, cut and dry – she wasn’t asking for anything, so they accepted her offer,” Worthy said.
The house is now one of several that Washington owns. The Shelby County Assessor of Property shows she owns homes on Holmes, Rosecrest, Ford and Tulip roads – all in Memphis’ 38109 Westwood ZIP code. The Daily News was unable to reach Washington for comment on the transaction.
Worthy said Washington bought the house as “her home residence.” Washington was once an agent with Lawrence Johnson Realtors Inc.
The two-story property contains 15 rooms, including an entry hall, living and dining rooms, a den/great room, a breakfast bar and separate breakfast room, a keeping/hearth room, a library/study, an office, an exercise room, a sitting room, a loft/balcony, a powder/dressing room, a “man cave” and in-law quarters. Property features include three fireplaces, two wet bars, a three-car attached garage and Jacuzzi/whirlpool.
Herenton developed the house in 1991, the same year he was elected Memphis mayor.