Items belonging to millionaire who killed self being auctionedPosted: Updated:
PHOENIX – Businessman Scott Coles’ suicide and the bankruptcy of Mortgages Limited left hundreds of investors in limbo and they have been waiting for repayment.
An auction was held Friday of some of Coles’ personal possessions.
There have been a number of auctions investors say they hope they can recoup some money.
Ann Graham is one of 2.700 investors who lost everything when Mortgages Limited went bankrupt in 2008. She says, “I need that money to live on and consequently, at 92, I had to go back to work.”
Coles was a Phoenix-based commercial real estate lender who financed some high-profile developments in Tempe, Glendale and Phoenix before experiencing financial troubles starting in 2007.
The millionaire owner and CEO committed suicide in June 2008 at his Phoenix home.
Graham admits, “I was angry. I thought ‘What a cowardly way to go’. He should have faced the music, done something.”
Since his death much of what Coles acquired has been auctioned off. Still available for sale in an online auction will be dining room chairs, a couch, sculptures and a chandelier. The bidding starts Friday night.
Mortgages Limited has re-emerged from bankruptcy and is selling off assets under the name ML Manager LLC.
Graham says she hopes that between the auctions and the sales, she might someday get some funds back.