Thursday, April 25, 2013

Andy Warhol, Dolly Parton appear in Bank of America lawsuit

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.