Federal authorities are holding an auction this Thursday, April 21, of the Leawood home of convicted payday loan tycoon Scott Tucker.
Why is it important: It’s the latest attempt by federal authorities to claw back a fraction of the ill-gotten gains Tucker has amassed running various online payday loan businesses.
Tucker was sentenced in 2018 to 16 years in prison. His modernist Leawood mansion was featured in the Netflix documentary “Dirty Money,” which featured Tucker’s story in an episode of its first season.
The background: Tucker was found guilty of 14 counts, including wire fraud and money laundering, for his involvement in a $3.5 billion online payday loan scheme.
According to US Department of Justicefrom 1997 to 2013, Tucker made small, short-term, high-interest unsecured loans, commonly known as “payday loans”, via the Internet.
His companies have charged up to 4.5 million people with predatory loans with illegally high interest rates of 700% and more.
The details: This week the auction will take place online 11 a.m. to 1 p.m. Thursday.
A Department of Justice flyer says the starting bid has been set at $420,000 and a deposit of $100,000 will be required.
Located at 2405 W. 114th St. in Leawood, the home is in the Hallbrook Farms subdivision overlooking the golf course.
The property: Built in 2003 on 42,000 square feet of land, the 4,500 square foot mansion features 4 bedrooms, 4.2 bathrooms, kitchen with breakfast nook, great room and office, two fireplaces, patio, a second-floor loft and a four-car garage, according to the flyer.
There is also a 4,200 square foot basement that includes a media room, office, exercise room, game room with a bar, patio, and an additional four-car garage.
A season one episode of Netflix’s “Dirty Money” featured views of the property as Tucker sat down for an interview inside the house.
Netflix teased the episode as a look “behind … Scott Tucker’s lavish lifestyle” and his “secret lending empire built on tribal perks and poor patron profits”.
Capture : The Internal Revenue Service seized Tucker’s property in March 2019 in a bid to recover some of the billions of dollars customers were defrauded by his payday loan business.
In June 2019, more than 1,000 people visited the Leawood home to purchase Tucker’s possession for $85,626 at an estate sale.