Back in May, the Acting U.S. Attorney for the Northern District of Texas indicted a good portion of the Rand family — patriarch Tony and sons Gregory, Mark, and Bill — for allegedly committing securities fraud, mail fraud, and wire fraud and trying to bilk investors of $56 million through their company, Aspen Exploration, Inc. The Rands told investors their money would go toward drilling a couple of oil wells. The first well became the subject of liens and litigation, and the second well was never drilled. The Feds allege the Rands instead used the cash for themselves, spending it on real estate, vehicles (Papa Rand was forced by the court to sell a 2005 Ferrari he purchased for $315,000), and a 2006 Sunseek Predator yacht, among other things. Oh, and Papa Rand spent seven years in federal prison in Arkansas for bank fraud and money laundering.
Which is relevant because you could have a shot at buying Greg’s former Russwood Acres digs (see second listing). Not sure whether this is because of the Aspen case (still open) or the unrelated $7.2 million Greg owes in federal income taxes, according to court documents. There’s an open house March 16 from 1 to 2:30 p.m. and another on March 31, same times. The auction itself is April 1. Doors open at 8 a.m., bidding begins at 9 a.m. But come prepared: the minimum bid is just over $1 million, 10 percent of which the winning bidder will have to cough up as a certified check or cashier’s check on the spot.
In a related note, brother Bill’s $4.9 million Preston Hollow home near Inwood and Walnut Hill was transferred to a Maryland bank on Feb. 10, according to county property records.