Jack Murphy said he was never worried about losing a 1-acre property in downtown Cumming to foreclosure.
The District 27 Republican state senator from Cumming, who also serves as Senate Banking Committee chairman, said he and the property’s holders are working out a deal on the site, which was scheduled to be auctioned Tuesday.
“I didn’t expect the foreclosure to occur,” Murphy said. “They got ahold of us and said ... that they’re not foreclosing on it. So like I’ve said all along, we’re going to work something out on it.”
The tract at 304 Tribble Gap Road was purchased from former state Rep. Tom Knox, who runs his law firm on the neighboring site.
Murphy has previously said the plan was to build office buildings on the property, but contracts fell through and the real estate market slumped.
To buy the property, Murphy took out a $228,000 loan with Integrity Bank in 2006, when he was still serving on its board of directors.
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