Hosemann opens bids for troubled cemetery

by

Published: September 2,2010

Tags: cemeteries, receivorship

VICKSBURG — The Secretary of State’s Office has opened three bids placed on the Green Acres Cemetery.

“Green Acres was the first cemetery to come under the Receivership of the Secretary of State and perhaps one of the most difficult to return to private ownership,” said Secretary of State Delbert Hosemann. “Initially, our office was successful in clearing a $2.2-million debt against the property, at no cost to the state. The release of this substantial debt helped clear the way for the sale of this property by public bid.”

Pending a financial review, the Secretary of State’s Office will make a recommendation to Warren County Chancellor Vicki Barnes, requesting the cemetery be confirmed to Harry Carter Sharp. Sharp offered $135,000 cash payment, plus 10 percent of the pre tax profits of the cemetery up to $100,000. In addition, Sharp’s bid includes approximately $51,000 in much needed improvements to the existing facilities and a 30 percent discount on memorials, opening charges and vaults.

Of the $135,000 in cash pledged on the cemeteries, approximately $37,000 will be paid to the State Tax Commission to pay back taxes for liens against the properties. After expenses, the remaining portion will go to the perpetual care trust for that cemetery. Furthermore, over $550,000 in insurance policies titled to the wife and daughter of the prior owner will be transferred to the perpetual care trust.

[RSS Feed] [del.icio.us]



To sign up for Mississippi Business Daily Updates, click here.

POST A COMMENT

 

FOLLOW THE MBJ ON TWITTER

Top Posts & Pages