The home of late R&B legend Isaac Hayes has been foreclosed and will be auctioned to the highest bidder next month, according to a notice in Monday’s Memphis Daily News.
His estate is in default on a $1.1 million loan for the 7,205-square-foot home in Cordova, Tenn., a farming village east of Memphis. The house at 9280 Riveredge Drive sits on 2.88 acres.
In August, Hayes died of an apparent heart attack at the house while running on a treadmill. It was not immediately clear if Hayes’ estate was in default on the loan following his death, or if the default preceded his passing.
The soul icon bought the home in May 2002 for $1.4 million from Dorris E. Burchett and Lula R. Burchett. He financed the home with a $1.1 million loan through Regions Mortgage Inc., dated May 29, 2002. He modified that loan to an adjustable rate mortgage through Regions Bank in June 2003, and also filed a $100,000 open-end deed of trust through Regions in October 2003.
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