Durham estate listed for sale at $5.5M - 13 WTHR Indianapolis

Durham estate listed for sale at $5.5M

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Chris Proffitt/Eyewitness News

Geist - A millionaire's home in Geist is up for sale even though one lawmaker says his assets should be frozen.

Tim Durham's Geist estate is a lavish home that housed the financier's vast car collection and became the symbol of his business empire. The home was very quietly listed for sale this week for $5.5 million.

The confidential real estate listing is raising concerns that perhaps Tim Durham is trying to collect money from the sale of his estate that investors say belongs to them. Eyewitness News met many of them in November outside of the closed Akron office of Fair Financial.

"A lot of people got money invested with these people and I turned some people on to it and they put what little money they had saved in here and they're out too," said Pete Dibona, Fair Financial investor.

Durham dropped out of sight in November when the FBI raided his Indianapolis offices headquarters and the Ohio offices of Fair Financial where Durham is CEO. Federal authorities have remained silent on their investigation into allegations that Durham ran an alleged Ponzi scheme defrauding Ohio investors out of nearly $200 million. There's now a class action lawsuit and that federal investigation.

Ohio Congressman John Boccieri, whose district includes many of Fair Financial's investors, moved to have the US attorney for the southern district of Indiana freeze Durham's assets fearing that the businessman would dispose of them. That request was denied.

Boccieri wrote a letter in February to US Attorney General Eric Holder expressing concerns about the pace of the federal investigation into Durham and frustration over what he called a lack of urgency by US Attorney Tim Morrison to share information in the case.

"The people I represent want answers and we have got to get answers to them. Their life-savings are hanging in the balance while we watch his assets, his boats, houses, antique cars, be sold-off and those monies could be used not to pay his attorney's fees, but to pay back my constituents if indeed, there is any wrong-doing. All we're asking is that these assets be frozen," said Boccieri (D-OH).

As for that confidential real estate listing for Durham's home, it's not confidential anymore. In all likelihood, there are many investors that will try to lay claim to their share of its $5.5 million asking price.

Eyewitness News was unable to contact the bankruptcy trustee in the Fair Finance matter who is trying to scrape together millions of dollars in Durham's assets. It's unclear whether the sale of the house is part of that proceeding.

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