Archived Story

Foreclosure sale of senator’s property postponed

Published 12:43pm Friday, February 1, 2013

By John H. Walker

The Daily Southerner

TARBORO — The foreclosure sale by PNC Bank of property belonging to State Sen. Clark Jenkins and his wife, Mary, was postponed from noon Wednesday until noon on April 24.

Jenkins, who is serving his sixth term in the State Senate, represents Bertie, Chowan, Edgecombe, Hertford, Martin, Northampton, Tyrell and Washington counties. He is a member of six standing or select committees, including Finance and Commerce.

State Senator Clark Jenkins

Jenkins and his wife defaulted on a loan owned by PNC Bank and owe $488,800.36 — including $35,701.34 in past due payments, $1,235.52 in late fees and $225.50 in other related costs.

According to public records on file in the Edgecombe County Clerk of Court’s office, the couple took out a $750,000 adjustable rate mortgage with Centura Bank on May 19, 2000. The 30-year mortgage had a beginning interest of 8.25 percent and monthly payments were $5,679.64.

An affidavit submitted by PNC on Dec. 12, 2012 stated the last payment made on the loan was for the period ending Sept. 1, 2011.

While the loan was not considered a home loan under North Carolina G.S. 45-101 (1b), it did encumber the couple property at 6198 U.S. 258 North — which, according to records with the Edgecombe County Tax Assessor’s office, includes 215.05 acres and 17 buildings and carries an assessed value of $1,466,688.

The property, which is listed with the Raleigh real estate firm of Prudential York Simpson Underwood Realty as 522 Cabin Branch Lane, is currently on the market for $1.25 million. The agency website notes that the current selling price reflects a price reduction of $600,000.

The description of the property reads: “Magnificent 6000 sq ft Plantation Home (9 & 10ft ceilings) on 215 Acres. Price Includes: 2400 sq ft Cottage, 2/1 Guest House, Utility Garage & 7 Acre Stocked Pond. A hunter’s paradise: Quail, Deer, Turkey. Horse Lovers Dream w/Miles of Horse & ATV Trails. 70 min. from Raleigh, 35 min. from Rocky Mt.,10 min. to Tarboro. Reduced from $1,850,000.”

In addition to the foreclosed property, Jenkins is also listed as a property owner on six other parcels in Edgecombe County — 112 W. Church and 410 St. Andrew as Jenkins Real Estate; 2411 and 2501 Hope Farm Road, 2503 Hope Farm Drive and 6163 US 258 North as S. Clark Jenkins and 6198 US 258 North as Samuel Clark Jenkins.

Jenkins lists his occupation as “partner” in W.S. Clark Farm according to the Statement of Economic Interest required by state law

In Dare County, at 4042 S. Virginia Dare Trail in Nags Head, a 4,040 square foot beach home valued at $1.146 million is listed under S. Clark Jenkins and in Manteo, a 1,764 square foot condominium valued at $410,500 is listed under Samuel Clark Jenkins and Mary P. Jenkins. According to the Dare County Tax Department, the taxes are delinquent on the Nags Head property in the amount of $3,272.98, including interest.

(John H. Walker is Editor and Publisher of The Daily Southerner in Tarboro and granted permission for this story to be published.)

  1. ThomasJefferson

    Yep this is the way to go and I bet he will repurchase it at action for pennies on the dollar. Ahoskie’s high end real estate is prime for this tactic and if you rent the place for a year you can claim the amount owed to the bank as a loss!!!

    Lots of pluses here if you play your cards right….

    Suggest Removal

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