Walton Sells Lakefront Property

by Talk Business & Politics ([email protected]) 128 views 

Vestamerica Inc., a Colorado corporation, received a $500,000 mortgage from McIlroy Bank & Trust of Fayetteville on June 2 to finance the purchase of 12.58 acres of land along Beaver Lake in Benton County.

The loan was signed by Bob L. Gaddy as president and sole director of Vestamerica and Linda Gaddy as vice president and assistant secretary. Jeff Gaddy is listed as vice president and secretary/treasurer of the company.

Vestamerica bought the land and a 1,302-SF home from Alice Walton for $420,000 on June 3. Walton had bought the property Aug. 20, 1992, from Joe and Laquita Freshwater for about $133,000.

The land and home were appraised in 1995 for $91,710. The value of the four-year-old home was placed at $27.31 per SF. A portion of the property borders the lake.