Federal authorities are holding an auction this Thursday, April 21, of the Leawood home of convicted payday loan magnate Scott Tucker.
Why it matters: It’s the Feds’ latest attempt to recoup a fraction of the ill-gotten gains Tucker amassed while running various online payday lending businesses.
Tucker was sentenced to 16 years in prison in 2018. His modernist mansion in Leawood was given the spotlight in the Netflix documentary Dirty Money, which featured Tucker’s story in an episode of the first season.
The background: Tucker was convicted on 14 counts, including wire fraud and money laundering, for his involvement in a $3.5 billion online payday loan program.
According to the US Department of Justice, from 1997 to 2013, Tucker made small, short-term, high-interest, unsecured loans, commonly referred to as “payday loans,” over the Internet.
His companies charged up to 4.5 million people with illicit loans that resulted in illegally high interest rates of 700 percent or more.
The details: This week’s auction will take place online on Thursday from 11 a.m. to 1 p.m.
A Justice Department flyer says the starting bid has been set at $420,000 and a $100,000 deposit is required.
The home is located at 2405 W. 114th St. in Leawood in the Hallbrook Farms subdivision overlooking the golf course.
The property: Built in 2003 on a 42,000 sq ft lot, the 4,500 sq ft mansion features 4 bedrooms, 4.2 baths, kitchen with breakfast area, great room and office, two fireplaces, patio, second floor loft and attached garage for four cars, according to the flyer.
There is also a 4,200 square foot walk-in basement that includes a media room, office, gym, game room with wet bar, patio and an additional four-car garage.
An episode during the first season of Netflix’s “Dirty Money” showed views of the property when Tucker was inside for an interview.
Netflix teased the episode as a look “behind the lavish lifestyle of … Scott Tucker” and his “secret credit empire built on tribal perks and profits from poor customers.”
Confiscated: The Internal Revenue Service seized Tucker’s property in March 2019 to recover some of the billions of dollars his payday loan deal had swindled customers.
In June 2019, more than 1,000 people visited the Leawood home to purchase Tucker’s $85,626 property in a real estate sale.