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Boesen jet sold; judge asked to transfer more assets to lenders

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The estate of Edward Boesen netted $204,792 from the sale of a jet owned by the late businessman, according to a motion filed Monday that asks a Polk County probate judge to approve the transfer of more of the estate’s assets.

The Beech King Air 200 sold for $800,000, with $571,207 of the proceeds being used to pay the balance of a loan from Community State Bank in Indianola that Boesen used to buy the airplane.

In addition, the filing by administrators James Monroe and Philip Thompson asks Polk County Associate Probate Judge Ruth Klotz to approve the transfer or sale of properties in Ankeny and West Des Moines as well as Boesen’s ownership interest in a limited liability company to a Milwaukee-area bank.

Boesen died July 15 from an overdose of over-the-counter drugs. Since that time, banks and other lenders have sought to acquire a range of businesses, real estate and other assets. Klotz already has ordered the transfer of the Midland Building in downtown Des Moines, a Clear Lake vacation home and property in Dallas County’s Napa Valley subdivision.

The motion asks Klotz to approve the transfer of the Harmony Building in West Glen Town Center to First American Bank, which has filed a lawsuit seeking to foreclose on the property.

Schaffer’s Bridal, which Boesen had purchased by taking on the business’s debt, is the only occupant of the building and has not paid rent to Ed Boesen Investments Inc., which purchased the property.

According to the motion, First American Bank may have found a buyer for the property, which has an assessed value of slightly more than $1 million and was appraised at $2.1 million by The Olson Group Inc. Ed Boesen Investments paid $196,000 for the real estate and borrowed a total of $1.7 million to construct the building.

The administrators also asked Klotz to approve the sale of property at 927 Ordnance Road in Ankeny to the city for $290,000. The property is the target of a foreclosure action by Freedom Financial Bank. The estate and Boesen’s widow, Maureen Boesen, are contesting foreclosure, arguing that she did not sign the mortgage on the property.

The motion also asks to transfer Boesen’s 70 percent ownership interest in Locker’s Point LLC to Waterstone Bank in the Milwaukee suburb of Wauwatosa. The bank has filed a $2.25 million claim with the estate for a mortgage that was used to develop condominiums. In addition, Locker’s Point leases space to another Boesen limited liability company that operates a flower shop and coffee shop in Wauwatosa.

This is the fourth time that estate has asked Klotz to approve the transfer of assets, which include an array of vehicles and boats, a helicopter, and properties and businesses scattered across Iowa and into Wisconsin and Nebraska.

Klotz has scheduled a hearing for Nov. 25 to consider the motion.

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