The scheduled foreclosure sale of a
267-acre property in Lenoir City has been postponed.
An attorney for the lender said Wednesday that the sale (originally scheduled for today) has been postponed until July 20, at 1 p.m.
According to the foreclosure notice, Tetra Investment Group 26 LLC had acquired the property from MZEE LLC, and assumed a loan in the original amount of $15.45 million, made by Tennessee Farmers Life Insurance Co. The notice indicates that Tetra subsequently executed a loan in the original amount of $9.7 million, as well as “equity conversion notes,” and that the debt is now in default.