Negotiators handling the sale of Bernie Ebbers’ residentialproperty in Lincoln County expect to close a deal by the end of themonth, and the sale of part of the former WorldCom CEO’s localcommercial property is entering the final stages.

“We’ve gotten some of the bigger pieces down,” said JohnWheeler, a senior consultant with Development Specialists Inc., ofChicago, the company hired to act as trustees in thedisposition.

Bids have been accepted for the majority of Ebbers’ personalproperty in Lincoln County, and a qualifying bid of $17.75 millionhas been submitted for Columbus Lumber Co., said officials. Thequalifying bid will be accepted unless it is surpassed by anotherbid, which would be due next month.

A high bid of $7.5 million was presented on Ebbers’ mainresidence, which is located on the south side of Highway 84, andtwo other homes located on the north side of Highway 84 and acreagearound the homes.

Development Specialists Inc. recently ran an advertisement andsolicited for final bids on “approximately 2,146 acres of land andthree residences, one of which is larger than 11,000 square feet.”No additional offers were presented by the June 15 deadline for theproperty, Wheeler said.

“We expect to close the sale at the end of the month,” Wheelersaid.

Wheeler said he doesn’t know what the buyers intend to do withthe property once the sale is final, but thought that the buyer,Penn Properties of Louisiana, may have local ties to Brookhaven.Attempts to contact Penn Properties representatives wereunsuccessful.

Development Specialists was retained as trustees to sell Ebbers’assets, which also includes the Brookhaven County Club and ColumbusLumber Co.

“The only things left in Brookhaven are a vacant lot in town,the golf course and the sawmill,” Wheeler said of Ebbers’property.

Wheeler said several groups have been interested in ColumbusLumber Co.

“It is my understanding a purchase agreement has been signed,”Wheeler said of the sawmill. “The bid is just north of $17million.”

Joseph J. Luzinski, an associate with Development Specialists inMiami, confirmed the bid.

“The current bid for interest in Columbus Lumber Co. is $17.75million, which includes some specific debts,” said Luzinski, whodid not identify the bidder.

The offer would include 100 percent interest in the sawmill,said Luzinski, which is subject to further competitive bids.

Luzinski said advertisements would begin running June 25soliciting other offers on the sawmill. The final bids must besubmitted by July 17 at the offices of Burr & Forman LLP inJackson, he said.

According to the advertisement the business consists of “a stateof the art wide dimension southern yellow pine sawmill operationincluding a log yard, wet yard, sawmill equipment, planer mill,material handling equipment, kilns, a wood treating facility,rolling stock, sheds and buildings all situated on approximately 91acres of property. Assets also include inventory of timber tracts,logs, lumber and accounts receivable.”

“Since this is a much larger deal, the bidder must post adeposit at least five days beforehand,” Luzinski said.

Competitive bids will begin at approximately $18.5 million onColumbus Lumber Co., which is located on W.L. Behan Road and hasbeen in operation since 1943.

Luzinski and Wheeler agree that the offer is a viable one.

“The sawmill is a large employer for the town,” Wheeler said.”The deal we have struck will be beneficial for the town andeverybody.”

Luzinski recognizes the sawmill’s worth as well.

“Part of the value is its employees and management,” Luzinskisaid. “It’s what the buyer is buying.”

Wheeler said interest in all the properties has been good.

Several groups have come forward with interest in the countryclub, Wheeler said, but no one has made a formal offer.

“I would like to see $1- to $1.2-million go to the estate,”Wheeler said of the country club. “Bernie owed $2.4 million on theproperty when he deeded it over to us.

“We realize it’s probably not worth $2.4 million,” Wheelercommented.

The country club, which is located on Highway 51 North,currently operates an 18-hole golf course, swimming pool, clubhouse and eight tennis courts.

A class-action lawsuit brought against Ebbers called for theBrookhaven resident to pay $5 million up front and place theremainder of his assets in a trust that is expected to be sold foran estimated $25 million to $40 million. The lawsuit was brought onby investors who lost billions of dollars when WorldCom collapsedin 2002.

Development Specialists Inc. will continue the bidding processuntil all of the properties have been sold, Wheeler said.

All monies received from the sale of Ebbers’ property is placedinto a fiduciary fund that will be distributed to the plaintiffs inthe class-action lawsuit.