Hard Times

Ouch.

Wachovia Bank is suing prominent Gwinnett County land investor Wayne Mason for defaulting on a $7.5 million loan he took out in 2004 to buy three units at a medical office building in Buckhead.

9 comments

  1. Chris says:

    So, is he the one sucking the —- of the current Gwinnett Chairman Bannister, or former Chairman Hill?

  2. Romegaguy says:

    We all know attacks on anything or anyone in Gwinnett found here in Peachpundit is code for Ox. When will these attacks on Ox stop?

  3. The AJC just couldn’t resist taking this story and lumping it together with the old Beltline project. “Mason sought to rezone the [Beltline] property to allow for several residential and commercial projects, including twin high-rises near Piedmont Park. That sparked the ire of local residents, who waged a bitter battle to kill the plans…”

    The AJC wants to make sure you understand that, not only is this guy an evil defaulter (although when a typical homeowner defaults, the AJC thinks it’s the mortgage industry’s fault), but he’s an evil developer, finally getting the lawsuit he deserves.

  4. B Balz says:

    Mr. Mason has done some good deals, but the land flip in DeKalb ripped off that County for millions. Of course, that deal could have been an evil kickback.

    Usually a rip off for the buyer also means the seller is saddled with the terms (consequences) of the deal. it usually takes time, but the market is self-correcting and folks know who to watch out for when dealing.

    Hubris and greed are not easily forgotten by those who find out they overpaid on a deal.

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