x
Breaking News
More () »

13 WTHR Indianapolis | Indianapolis Local News & Weather

Former money manager's Geist home sold

WTHR.com is the news leader for Indianapolis and Central Indiana. Get the best news, weather, sports and traffic information from Channel 13.
Former money manager Marcus Schrenker's Geist home was sold Tuesday.

Chris Proffitt/Eyewitness News

Fishers - Former Geist money manager Marcus Schrenker's opulent waterfront home was officially sold Tuesday.

The home was put up for sale to help pay off defrauded investors who lost millions of dollars to Schrenker. Real estate experts say the new owner snagged a deal with the house.

The $1.8 million home Schrenker shared on Geist Reservoir with his wife, Michelle, became a symbol of excess built on the fortunes of defrauded investors. By now, everyone knows the story of Marcus Schrenker ditching his airplane, his run from the law and lawsuits mounting personal problems.

Now in a Florida jail awaiting sentencing after pleading guilty to intentionally crashing his plane into northwest Florida, Schrenker's home was sold as part of the state's effort to recoup millions of dollars on behalf of the defrauded investors.

"Michelle was enormously cooperative, considering she had three kids she was moving before school starts. She was as gracious and dignified as we could have asked from a seller," said real estate broker Greg Cooper.

An unidentified woman swore at an Eyewitness News crew as she helped Michelle Schrenker move from the home last Friday, angered at the camera's presence. Michelle Schrenker was supposed to be out of the house in June, but was allowed to stay by a court-appointed receiver after the couple's assets were frozen earlier this year.

Real estate brokers Dick Richwine and Greg Cooper sold the Schrenker home, but wouldn't divulge the name of the buyer. The buyers name was listed on a purchase agreement filed with a Hamilton County court last week, but the courthouse is closed after storms cut electricity Tuesday afternoon.

However, Eyewitness News learned that the buyer is James Altman, who owns Babes Showclub in Indianapolis. Real estate experts say Altman paid considerably less than the $1.5 million asking price.

Indiana Secretary of State Todd Rokita issued a statement late Tuesday regarding the home's sale.

"This is one result of our ongoing efforts on behalf of victims in this case. The sale of the home will help complete the task of marshalling the assets that were the result of misused investor funds.  We continue to focus primarily on the victims and on returning as much money to them as possible," the statement read.