It's not often that the names Andy Warhol, Dolly Parton and Bank of America are mentioned in the same breath.
But a lawsuit filed in federal court in Atlanta names all three.
The lawsuit by Bank of America claims an Atlanta developer and an art collector defaulted on $4.5 million lent by the bank. The developer is Barry Real Estate Cos., which, according to its website, was given a Georgia Developer of the Year award in 2005.
According to the lawsuit, the collateral for the loan was artwork owned by Christian Schoen, who is also named as a defendant. Schoen has paid down approximately $1.7 million of the loan using a portion of $2.6 million in proceeds from the sale of six paintings, the lawsuit says.
But the bank claims Schoen won't give the bank $550,000 he made from a 2012 sale of a Warhol painting of Parton. The bank also says Schoen won't turn over to it four other paintings that auction house Christie's has appraised, collectively, at $3.1 million.
Thursday, April 25, 2013
Andy Warhol, Dolly Parton appear in Bank of America lawsuit
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