Elley Mae
Well-Known Member
- Joined
- Jul 9, 2008
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In 2013, Murdaugh acquired the property from Jeannine Boulware — the wife of suspected trafficker Barrett T. Boulware, who died in 2018.
The property was given to Murdaugh as collateral toward an alleged debt the Boulwares owed him. The alleged debt — nearly $1 million — was recorded as a mortgage due seven months after the transaction.
The next fall, Murdaugh and Boulware recorded a “deed in the lieu of foreclosure,” which officially turned over the property to Murdaugh.
However, the mortgage the Boulwares allegedly owed Murdaugh stayed on the records until this past September when Buster Murdaugh, who has power of attorney for his father, released Jeannine Boulware from the loan.
In addition to this, the property was acquired by Murdaugh in three transactions. The first was for $499,646 — possibly in cash.
The second transaction was for $730,000 — part of a “multi-property, non-simultaneous, tax-free exchange transaction” entered into between Boulware and Murdaugh. Typically such transactions — which are authorized by section 1031 of the U.S. internal revenue code — allow the seller to avoid capital gains taxes so long as they invest any proceeds of the sale into the purchase of other properties.
A transfer deed (.pdf) dated April 15, 2013, referenced the “exchange of like-kind replacement property” totaling $730,000 but no such property exchange has been identified.
The third transaction was for one parcel and for $70,000.
These three transactions total $1,299,646.
Murdaugh sold the property to Maggie in 2016 for $5.
…
I missed this.
The property was given to Murdaugh as collateral toward an alleged debt the Boulwares owed him. The alleged debt — nearly $1 million — was recorded as a mortgage due seven months after the transaction.
The next fall, Murdaugh and Boulware recorded a “deed in the lieu of foreclosure,” which officially turned over the property to Murdaugh.
However, the mortgage the Boulwares allegedly owed Murdaugh stayed on the records until this past September when Buster Murdaugh, who has power of attorney for his father, released Jeannine Boulware from the loan.
In addition to this, the property was acquired by Murdaugh in three transactions. The first was for $499,646 — possibly in cash.
The second transaction was for $730,000 — part of a “multi-property, non-simultaneous, tax-free exchange transaction” entered into between Boulware and Murdaugh. Typically such transactions — which are authorized by section 1031 of the U.S. internal revenue code — allow the seller to avoid capital gains taxes so long as they invest any proceeds of the sale into the purchase of other properties.
A transfer deed (.pdf) dated April 15, 2013, referenced the “exchange of like-kind replacement property” totaling $730,000 but no such property exchange has been identified.
The third transaction was for one parcel and for $70,000.
These three transactions total $1,299,646.
Murdaugh sold the property to Maggie in 2016 for $5.
…
I missed this.