The mandated sale of a Brookhaven resident’s property is nearingthe final stages, said a company representative hired to handle thedisposition.

A class-action lawsuit brought against former WorldCom CEOBernie Ebbers called for him to pay $5 million up front and toplace the remainder of his assets in a trust that is expected to besold for an estimated $25 million to $40 million. The lawsuit wasbrought by investors who lost billions of dollars when WorldComcollapsed in 2002.

John Wheeler, a senior consultant for Development SpecialistsInc., of Chicago, said he has received several offers on propertyowned by Ebbers in Lincoln County.

“We’ve been retained as trustees to sell the Bernie Ebbers’assets,” Wheeler said.

Ebbers owned several pieces of property in Lincoln County whichincluded pasture land, a home he built with 844 acres, 1,302 acreswith two homes and a lake, Brookhaven County Club and ColumbusLumber Co., Wheeler said. All of the property has been placed in atrust awaiting sale.

Ebbers also owned other property the company is auctioning off,including KLLM Transport Services Inc., Joshua Timberlands,Angelina Plantation and others.

Wheeler indicated he has had several offers on all of theproperty located in Lincoln County.

Once a suitable offer is submitted then the company advertisesfor additional bids on the property, he said. Advertisements arethen run in Brookhaven, Jackson, Birmingham, Ala., Atlanta, Ga.,and New Orleans, La.

An advertisement that ran in The DAILY LEADER May 7 and 10 wasfor approximately 823 acres in Lincoln County. The advertisementstated that Development Specialists Inc. has received a qualifiedbid on the property for $1,111,050. Any competing bids/offers mustcommence at $1,186,050.

Wheeler said the company will be accepting bids May 17 at theoffices of Burr & Forman LLP in Jackson on the piece ofproperty. Once a final bid is accepted, paperwork for the sale isstarted, Wheeler said.

“Many times the initial offer stimies any other offers,” Wheelersaid. “It’s a way to ensure a fair value for the property.”

All monies received from the sale of Ebbers’ property is thenplaced into a fiduciary fund that will be distributed to theplaintiffs in the class-action lawsuit, Wheeler said.

Wheeler said Ebbers has been very cooperative during the saleprocess.

Wheeler expects other advertisements to be run in the next monthon additional property held in the trust. Lincoln County propertieshave attracted a fair amount of interest in the area.

“Most of the offers have been by local people,” said Wheeler,mentioning bids that have come in from Lincoln County, Monticelloand Pike County. “Some have been from out-of-towners orinvestors.”

The Brookhaven County Club, which currently operates an 18-holegolf course, swimming pool, club house and eight tennis courts, hashad several offers, Wheeler said. Several local groups are tryingto keep the golf course open on Highway 51 North.

“This has been on ongoing process,” Wheeler said of theauctions. “We’ve been trying to sell this property for awhile.”