The properties Dreamland Development LLC bought in southwest Little Rock have turned into a nightmare.
BancorpSouth Bank of Tupelo, Miss., has foreclosed on a $3.25 million loan made in November 2007 to the limited liability company led by Russell Huckaby and Jerome Atchley.
BancorpSouth alleges the loan is in default and was due May 28. The bank claims Dreamland owes the original loan value plus $100,000 in interest and court costs.
The bank wants to recover the properties securing the loans. The properties are Saddlebrook Stables at 12110 Stagecoach Road and a 20-acre tract on the north side of Baseline Road, a mile west of Stagecoach Road.
In 2007, Dreamland Development bought Saddlebrook from Saddle Brook LLC, led by Carl Orlando, for $1.2 million. Then it bought the 20-acre tract of land for $240,000 from Carroll and Juanita Rankin.
We couldn’t reach Huckaby or Atchley.