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Fayette Promenade v. Branch Banking & Trust Co.

The fair market value of partially developed realty could be determined by using a bulk sale analysis.

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On April 7, 1999, Fayette Promenade, LLC, executed a security deed in favor of Branch Banking & Trust Co.’s predecessor in interest conveying an interest in three partially developed tracts of land totaling 30 acres in Fayette County as security for a loan of $5,000,000. Ronald L. Lozoff guaranteed the debt. One 3.15 acre tract of prime frontage was subsequently sold for $1,700,000.

Fayette Promenade then defaulted on the note. Branch Banking gave notice of default and intent to foreclose and properly advertised the pending sale of the remaining property. Pursuant to the power contained in the security deed, Branch Banking conducted the foreclosure sale of the property on July 3, 2001, and submitted the only bid, of $3,000,000. Branch Banking sought confirmation of the sale pursuant to OCGA § 44-14-161. Following a hearing, the superior court confirmed the sale. Fayette Promenade and Lozoff appeal from the order of confirmation, arguing that there was no evidence that the amount bid at the foreclosure sale was at least the true market value on the date of the sale. We disagree and affirm.

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