Brokers prepare Jack Brown's estate for auction - WRCBtv.com | Chattanooga News, Weather & Sports

Brokers prepare Jack Brown's estate for auction

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HAMILTON COUNTY, TN (WRCB) -

Jack Brown's estate now has a few new items on the property including an auction tent and a billboard in the front lawn.
     
"Everything here is for auction," broker and auctioneer, Flipper McDaniel says.

SEE THE ITEMS | Jack Brown's estate items for sale

That includes two homes and everything inside, a gymnasium, an RV garage, a barn and multiple vehicles and that's just what you can see outdoors.

"Here we have a 2008 Cadillac Escalade with around 76,000 miles on it, so that'll be a great car for somebody," explains McDaniel. "We've been back hard at work for the last two months gearing up to have the sale on February, 8."

In November, 2012. Brown closed his Soddy Daisy tax service amid allegations of a Ponzi Scheme.  Channel 3 obtained court documents that claim investors gave Brown more than $4 million for stocks and securities.

Brown later admitted he used the money given to him by investors to pay off other creditors, which are still owed more than $10 million in claims. He passed away from health problems in late August.

"Our job is to sell everything, convert it to cash and get the most money possible that we contender to the bankruptcy trustee so that then he can in turn move that money through the system and let the creditors recoup as much money as possible," McDaniel says.

Every item inside the two homes on Brown's estate will be sold, going anywhere from $20 to $20,000. However, the bankruptcy trustee has already said creditors will likely receive just pennies on the dollar.

Still, McDaniel anticipates this to be one of his largest auctions in years. "We're anticipating a crowd probably in the 600, 700, 800 bidder range," McDaniel says. 

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