(Charleston, S.C.) – Four outstanding properties located in or near Charleston, S.C. — a massive Summerville estate; a three-story townhouse in the city’s Historic District; and two seaside residences on Edisto Beach – will be sold to the highest bidders Tuesday, February 26, at 11 a.m. All four properties will be sold to the highest bidders by Roumillat’s Estate & Business Auctioneers.

“By quarter past eleven, all four properties will be sold, and to some very happy bidders,” said Ed Roumillat auctioneer. “We don’t anticipate a very large crowd – the properties are of such an upscale nature they pretty much knock out anybody at the medium and low ends of the market – but everyone who will be there will be interested and qualified.”

Potential buyers will need to provide a $10,000 cashiers check deposit to bid, Mr. Roumillat pointed out. Also, a 6 percent buyer’s premium will be added to the amount of each winning bid. The properties are being sold to help settle the case of an embattled former economics professor turned businessman, Al Parish, who defrauded hundreds of unwitting investors. The houses are in his name.

summerville-estate.jpg The Summerville estate, located at 224 Rabbit Run Lane in Moody Plantation, is the crown jewel of estate houses. It is an architecturally designed, custom-built home, situated on 7 acres bordering a lagoon. Special features include a wet bar off a sunken living room; outdoor swimming pool with gazebo; a 5-car stable with guest apartment on one side, a two story in-law apartment on the other side and in between a chefs delight kitchen, sunroom, and children’s playroom that looks like a planetarium. The property also boasts a study and library; granite counter tops in a kitchen with state-of-the-art appliances; master bedroom with garden tub and Jacuzzi jets, exercise room, media room and more.

The downtown City of Charleston 3.5-story townhouse is located at 156-A Tradd Street, in the area South of Broad Street, considered to be the most desirable and prestigious residential neighborhood on the peninsula. The townhouse features 4 bedrooms, 4.5 baths and a total living area of 2,248 square feet. A one-car garage is included. The entrance has a stained glass window, and a bricked courtyard in the rear.

edisto-beach-home.jpg The first of two Edisto Beach properties is a 4-bedroom, 3-bath home with fantastic beach and river views overlooking rolling dolphin and bird sanctuary. Located at 3622 Yacht Club Road, the beachfront property features a family room and sitting area with beautiful hardwood floors and fireplace; a wraparound deck off the breakfast area that ties into the rear deck; and a spacious kitchen and sunroom. The house will be sold furnished.

The other Edisto property is a 3-bedroom 3-bath condominium, with 1,280 square feet of living space and limited views of the ocean. Highlights include parking and a 120-square-foot enclosed storage room underneath; outside shower; ceiling fans; a rear deck facing the Atlantic Ocean.
Mr. Parish used his influence and position to secure deposit money from as many as 600 trusting investors. He used the money to leverage the properties in order to get mortgage money from bankers – money he never repaid. He listed all four properties to be auctioned as collateral for a $2.5 million loan from the National Bank of South Carolina. To date, none of that loan has been repaid.

This auction will erase all the liens by special language in the court order. Roumillat says, “All four properties will be sold to the highest bidders”.

For over ten years, since 1997, Mr. Parish, now 50, collected more than $110 million from a pool of investors and businesses. But, according to court documents, he either spent or squandered $90 million of that money, meanwhile claiming huge returns on statements he sent to investors who entrusted him with their money. Mr. Parish pleaded guilty to three counts of fraud in early October.

Auctioneer Ed Roumillat said he anticipates the properties will sell for fair market value under current economic conditions. Interested parties should log on to the Roumillat’s website — for more details.