Myers family loses more land in Michael’s Landing development
A Dallas County judge has ordered former Regency Homes officials to give up their 75 percent interest in a 19-acre section of the Michael’s Landing development in West Des Moines.
The order, filed earlier this month, said that brothers James and Robert Myers, Richard Moffitt and John Gamble failed to respond to a motion for default judgment filed on behalf of Vantus Bank, which held a mortgage securing a $6.1 million promissory note issued in April 2007.
Michael Myers and Moffitt founded the land development, home building and commercial real estate businesses that operated under the Regency umbrella of companies. Michael’s Landing, a 345-acre planned community, was named in Michael Myers’ honor after his death in December 2006.
According to the court order, James and Robert Myers held a combined 33.76 percent interests in the property and loan guarantees, Moffitt held a 33.75 percent interest and Gamble, Regency’s former finance officer, held a 7.5 percent interest.
Judge William Joy ordered them to pay their proportionate share of a nearly $6.4 judgment that includes unpaid principal, interest, late fees and court costs. In addition, interest accrues at a daily rate of $851.
Joy has not ruled on Vantus Bank’s claims against other partners in the project, including Michael Medved, an early business partner of Michael Myers.
The Michael’s Landing development is gradually falling under the ownership of banks that did business with Regency.
A limited liability company created by Bankers Trust Co. holds the deed to about 46 acres on which it held a $10 million mortgage.
Hearings are scheduled for next month on motions by First National Bank Midwest and Community Business Lenders for summary judgments in foreclosure actions they have filed against Michael’s Landing and investment partners. First National Bank Midwest has won appointment of a receiver.
Freedom Financial Bank recently received deeds to several lots in the development.