UT - Kouri Richins, 33, Author, wife, mom, charged in husband’s unexpected death last year, May 2023 #3

[Megnut]

What made her think she could be successful in this enterprise???????

 

[SteveS]

The waiver on that property, wowzers.

1:56 p.m. Bloodworth asks about the “warts and problems” with the home. Here is part of the contract that Karrington is reading:

1:53 p.m. The deal needed to close by March 4, 2022. That’s the day Eric Richins died. Kouri purchased the home on March 5, 2022.


1:50 p.m. We now see the real estate purchase contract for the Midway mansion. The offered purchase price was $2.9 million with a $50,000 deposit. The balance would be paid at settlement. The deal was accepted as there were initials and dates on both the buyer and seller section.

Nate Eaton, EastIdahoNews.com​

Once you see what she is doing with the real estate, you realize the "waivers" being described are (to her) the payday!

Her original business model was apparently to buy a house that needs rehab. She gets loans to pay for the house - the proceeds go to the seller - and loans to pay for the fixup.

But at some point, she apparently decided to skip the fixup part, or do less on it. So those fixup loans become her PAYDAY, because those funds go into her bank account to pay off old debt and pay herself. With no fixup, houses don't get sold, and she is kicking the can down the road on a bigger and bigger pile of debt.

 

[arielilane]

2 p.m. Karrington continues to read through the contract. Bloodworth now pulls up the settlement statement for the Midway mansion property. This is the buyer’s version of the statement. Karrington steps down from the stand to explain the statement to the jury.

Nate Eaton, EastIdahoNews.com​

 

[aamillaa]

what about her boyfriend testifying? Did I miss that?

I think?

If so, I hope they make him read the stupid text about how she was going to rent the mansion out, etc and then ask for his professional opinion (as a handyman) how likely it is be to be able to renovate the mansion with all the issues described in this “as is” disclosure.

 

[Megnut]

Oooo, some snark in KR's expression. A smirk, a nod. Witness: a property is worth what a buddy and seller agree it's worth.

KR seemed to think that was funny.

She continues to increase in unlikability.

JMO

 

[aamillaa]

She was off the rails. I wonder what she was planning to do about her children. Doesn’t seem like they were part of any of her future plans she discussed with her bf. MOO

 

[arielilane]

MIDWAY MANSION - Real Estate Purchase Contract read out loud by Karrington. It was PAGES long and described that the property needed extensive work; was uninhabitable, etc.

Kouri Richins borrowed $3.2 million+ for a $2.9 million mansion.

https://twitter.com/x/status/2028941190125765040

 

[arielilane]

2:09 p.m. Next exhibit is a loan agreement between K. Richins Realty and Sierra-West Capital for the Midway mansion. Sierra West loaned Richins $2.6 million for the mansion.


2:07 p.m. Kouri borrowed $3.2 million from other people to close on a $2.2 million home and she walked away with $87,000 that day. The home was worth $2.9 million on the day it closed, Karrington says.

Nate Eaton, EastIdahoNews.com​

 

[cujenn81]

The worst I ever did back in my drinking days 30 years ago, was have maybe 5 overdraft charges in a year.. .and most of that was not lack of funds but from not keeping track of account balances due to my behavior at the time.

At some point if she didn't get new money into the account, the bank would close it and try to collect or take her to court. So, it looks like she was setting up fraudulent equity accounts in order to avoid that, correct?

This coming today has got to be very damaging testimony to the Defense's case...especially in light of what the jury if going to think.

I just can’t imagine why she thought it was a good idea to write another $10,000 check to herself after the same check bounced a day earlier. She could check the account balance and knew that money wasn’t in there. Was she just hoping she’d get lucky and the bank would let one slip through—and who cares if it tacks on another fee?

 

[arielilane]

The jury was shown numerous signatures dated March 5, 2022 with what's believed to be Kouri Richins' signature, purchasing the Midway Mansion one day after Eric Richins' death.

Karrington answered Mr. Bloodworth's question by saying Kouri would not have had a way to pay the $3.2 million within 6 months after the purchase of the home; based on her financial history.

https://twitter.com/x/status/2028942415143551138

 

[aamillaa]

I just can’t imagine why she thought it was a good idea to write another $10,000 check to herself after the same check bounced a day earlier. She could check the account balance and knew that money wasn’t in there. Was she just hoping she’d get lucky and the bank would let one slip through—and who cares if it tacks on another fee?

She was in too deep to do anything else. She thought she’d figure it out eventually and just had to keep things moving until then.

 

[Weki]

This is so long! We still have to get through cross. My lord!

 

[arielilane]

2:20 p.m. Karrington’s assets were $6.3-6.4 million in the months leading up to Eric’s death. She had loans on each of her properties, and the loans were worth more than the properties themselves. Kouri Richins’ liabilities were around $8 million on March 5, 2022, after she closed on the Midway mansion. Her network was -$1.6 million.


2:17 p.m. Bloodworth asks if Karrington found any evidence that money flowed to the Midway project. Karrington says it’s possible she invested maybe $3,000 into the mansion. Kouri tried to sell the mansion on March 12, 2022 – the week after she acquired it. It was a week and a day following Eric’s death. Kouri did not sell the property. Seven or eight offers were made before Kouri’s note was due, but all of them fell through. The foreclosure process then began.

2:12 p.m. Karrington says Kouri did not have the ability to repay the $3.2 million in loans within six months of closing.

Nate Eaton, EastIdahoNews.com​

 

[LNL]

What's with these bankers. Were any of them doing any due diligence? I just don't understand how she kept getting loans.

 

[arielilane]

KOURI RICHINS NET WORTH - March 5, 2022

Karrington says Kouri had a net worth of negative $1.6 million.

"It was imploading," Karrington said of Richins' real estate enterprise.

https://twitter.com/x/status/2028944849689559427

 

[aamillaa]

IMO, it makes all this so much more tragic that even if KR got away with this, ER’s total life insurance, etc wouldn’t be enough to get her out of debt. Completely pointless. MOO

 

[aamillaa]

What's with these bankers. Were any of them doing any due diligence? I just don't understand how she kept getting loans.

Agree!

I keep waiting for it to come out that she was using fraudulent documents for the banks or something.

 

[arielilane]

2:24 p.m. Eric had $2.2 million in life insurance policies when he died, Karrington says. We see an exhibit showing Eric’s life insurance policies. This does not include the $2 million life insurance policy that benefited Eric’s business partner.

2:23 p.m. When Eric died, Kouri’s financial situation was imploding, Karrington says. Even if Kouri had sold everything she had, it would not have been enough to get back to zero.

Nate Eaton, EastIdahoNews.com​

 

[Smelly Squirrel]

11:46 a.m. Karrington was able to track the $45,000. The money was wired to Kouri’s account from Chelsea on Jan. 12 in two separate transactions. The balance was in the negative when the money hit the account. Almost half of the money was then transferred to Kouri’s family joint checking account, Karrington says. The rest of the money was used to pay debt.


11:41 a.m. Chelsea says she needs to count her cash. She has 40. She needs to do her taxes. Kouri responds that if she can do 45, the rest can be wrapped up in the loan. Chelsea says she can do 45 – then follows up and says she has $45,000. Kouri tells her to deposit it into her bank account and then wire it to Kouri. Kouri will then wire it to the title company, she says. Kouri sends her the bank info. so Chelsea can wire the money. Then writes, “I’m kinda nervous. ha!” Chelsea responds, “I’m so excited but I’m scared as hell.” Kouri writes back that it’s “sooo much money.”

11:37 a.m. We now see a text stream between Chelsea and Kouri. It’s from early January 2022. They are talking about finances and down payment. Kouri asks what she wants to put down as down payment. Kouri says she needs $59,000 even though Chelsea only has $47,000. Kouri says they will be seller financing it from her. The home will be in Kouri’s name and then in two weeks, they will close to put it in Chelsea’s name.


11:34 a.m. Bloodworth asks Karrington about wire transfers in January 2022. Karrington says they were from Chelsea Barney to Kouri Richins for the purpose of buying the 299 Barney House. Defense objects to the exhibit. The judge is allowing the exhibit in.

Nate Eaton, EastIdahoNews.com​

So, KR defrauded her best friend Chelsea out of the $45,000? Did Chelsea ever acually own the house?

 

[Weki]

OMG the defense is so annoying! I'm a little behind on the feed and I just heard the defense object saying the question doesn't address what's on the exhibit and judge told her to make sure she listens to the question and she objected again!! Judge has lost all patience.